News Shots

Global pharma giant Roche has received emergency use authorization in India for its investigational antibody cocktail (Casirivimab and Imdevimab) used in the treatment of Covid-19. It will be marketed and distributed in India through a strategic partnership with Cipla.

The Reserve Bank of India’s measures to make easy liquidity available to the healthcare sector, including vaccine and medical equipment makers and companies offering COVID-19 emergency services was welcomed by the industry, hospitals and analysts. Pharma sector can be watched.

The Competition Commission has ordered a detailed probe against Tata Motors for alleged abuse of dominant position with respect to dealership agreements.

Maruti Suzuki’s total production in April 2021 stood at 1,59,955 units, down 7 per cent from March this year.

Apollo Hospitals is setting up emergency oxygen storage points within 30 minutes distance of all hospitals, saying supply of the gas continues to be a challenge amid the devastating second wave of the pandemic.

Cabinet Committee on Economic Affairs has approved the strategic divestment of IDBI Bank, along with a transfer of management control.

Godrej Industries board has approved the issuance of up to 7,500 listed, unsecured NCDs of the face value of Rs 10 lakh each, aggregating to Rs 750 crore on a private placement basis.

Indian Bank has declared Saravan Stores (Gold Palace) bad loan account as fraud and reported it to the RBI. 

Tata Steel has reported a stellar result of a consolidated net profit of Rs 7,161.91 crore for the quarter ended March 2021, mainly on account of higher income.

Adani Green Energy posted a nearly 86 percent rise in consolidated net profit to Rs 104 crore for the quarter ended March 2021, mainly due to higher revenues.

Major Q4 Result Announcements Today:

  • Adani Power
  • Hero MotoCorp
  • Tata Consumer
  • Coforge
  • Adani Transmission
  • CreditAccess Grameen
  • Blue Star
  • Raymond

What to expect today?

Yesterday, NIFTY opened with a gap up and then consolidated between 14,500 and 14,600. There was positivity after the RBI Governor’s speech and thus, NIFTY could move up towards the end and close at 14,617. You can read all about yesterday’s movements here.

Bank Nifty, also opened with a gap up and showed more bullishness than NIFTY. It was helped more by the RBI speech, thus closing 1.59% up at 32,783.

All the sectoral indices except NIFTY REALTY closed in the green yesterday.

The European markets closed very strongly in the green, up 1-2%. The US markets traded flat but there was weakness towards the end.

Asian markets are almost all up. US Futures are down and European Futures are flat. SGX Nifty is currently trading higher at 14,700 indicating a gap up opening in the Indian market. 

SGX NIFTY was at nearly 14,800 at 7 am. We are seeing a sharp fall in SGX NIFTY. So, if NIFTY opens with a huge gap up, we might see NIFTY falling from there, exactly as we saw last Thursday. If the gap up is small, NIFTY will consolidate, like it has been doing for the last 3 days.

Banks and Pharma will continue to be in focus.

NIFTY has immediate resistance at 14,750, 14870-14900 and the main resistance at 15,000. 14,700 was tested multiple times day before yesterday but couldn’t be broken.

33,000 and 33,500 are the immediate resistances to be watched out for in BANK NIFTY, with 33,000 tested rigorously day before yesterday.

The immediate supports for NIFTY is at 14,600, 14,500, 14,450 and 14,350. 

Bank Nifty has supports at 32,000 and 31,500. Slipping below 32,000 can cause weakness in Bank NIFTY.

The highest call OI buildup is at 15,000 followed by 14,800. The highest put OI buildup is at 14,000 followed by 14,500.

There was net call unwinding and huge put buildup yesterday increasing the PCR to 0.7 indicating less bearishness in the market. 15,000 has a massive call OI buildup indicating another expiry below 15,000. There are good call OI buildups at 14,700, 14,800 and 14,900. There are good put OI buildups at 14,600, 14,500 and 14,400. 

Open Interest buildups have just turned tables with RBI speech changing the direction of the market.

India VIX had fallen yesterday taking down the option premiums. We might see a spike in that with today’s gap up opening.

Foreign institutional investors (FIIs) net sold shares worth Rs 1110 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 240 crores in the Indian equity market. 

So, chances are high that the market will consolidate today also but with volatility. Expecting expiry between 14,500 and 14,800.

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