News Shots

  • Petrol, diesel prices on an exceptional bull run, even on the 17th consecutive day. In a historic turn of events, diesel crossed a long term resistance of Rs 80 and has become costlier than petrol in Delhi.
  • India may impose up to 25% import tax on solar modules, solar cells. (Adani is currently the largest manufacturer in India)
  • Fitch Ratings upgraded Reliance Industries’ long-term local-currency issuer default rating (IDR) to ‘BBB+’ from ‘BBB’, with a stable outlook. (IDRs opine on an entity’s relative vulnerability to default on financial obligations.)
  • ITC (Last 2 days’ cash cow :P) to announce their March quarter earnings today.
  • Hindustan Unilever to drop “Fair” from “Fair & Lovely”.
  • Vedanta has received shareholders’ approval for delisting after remote e-voting. Nearly 93% supported the delisting while only 7% was against it.
  • Public Sector Bank – Bank of India reported a standalone net loss of Rs 3,571.41 crore for the quarter ended March 31, 2020 due to higher provisions for bad loans. (Isn’t this exactly what we said regarding public sector banks is yesterday’s video? Which private sector bank would allow/tolerate such losses?)
  • Indian Hotels Company (IHCL) announced that it is foraying into new culinary offerings through the launch of a new brand called Qmin.
  • In Sumitomo Chemical India, promoter Sumitomo Chemical Company to sell 49,91,457 shares (1 percent) via offer for sale on June 26-29, with an option to sell additional 49,91,457 shares (1 percent)
  • Apollo Hospitals reported an over two-fold jump in consolidated net profit to Rs 209.60 crore for the March quarter, mainly on account of one-off gains. The revenue has increased only slightly.

What to expect today?

  • Yesterday, the Indian market opened gap down but was very volatile till the close. But the index clearly established a range with low of 10,200 and high of 10,360, thereby giving easy trading opportunities. Please watch for these levels for breakouts/breakdowns.
  • The Global Market has been mostly positive. Dow regained 300 points and NASDAQ is above 10,000 again. SGX NIFTY is currently trading at 10,270, indicating a flat to gap up opening in the Indian Market. 
  • NIFTY is likely to trade between 10,200 and 10,400 today. There is support at 10,200 and resistance at 10,370 and 10,450
  • Highest Call Open Interest at 10,500, followed by 10,400. Highest Put Open Interest at 10,000, followed by 10,200.  
  • Both FIIs and DIIs ended as net sellers in the market yesterday.
  • ITC continued the rally and Reliance failed to move past 1750.