News Shots

TCS will report its March quarter results today. Analysts so far are anticipating a 2.8-4 per cent sequential growth in sales and 5-10 per cent QoQ growth in profit.

Infosys will decide on a buyback programme, along with March quarter earnings, in its next board meeting on April 14.

After year-long negotiations, the Tatas have terminated their near $2- billion investment deal with Malaysian state owned oil and gas company Petroliam Nasional Bhd (Petronas) in Tata Power’s proposed renewable energy infrastructure investment trust (InvIT).

Sugar firm Balrampur Chini Mills has approved a higher investment of Rs 425 crore for a new distillery plant of 320 kilolitres per day (KLPD), which is expected to commence by December 2022.

Mahindra & Mahindra will put in fresh investments to the tune of Rs 3,000 crore on its electric vehicles business in the next three years, while it looks for more alliances and partnerships in the vertical.

Ambuja Cements is on track to expand capacity to reach 50 MTPA. Its upcoming facilities in Marwar Mundwa, Rajasthan, will enhance clinker capacity by 3 MTPA and improve cement sales by 5 MTPA. The greenfield integrated plant, which will involve a total investment of Rs 2,350 crore, will commence operations by Q3CY21.

Tata Communications has extended its partnership with Bahrain Internet Exchange to offer high speed internet connectivity with very low latency for a superior quality and seamless viewing, gaming and download experience for customers in Bahrain.

In wake of the new restrictions announced to curb the spread of Covid-19 infections in Maharashtra, Westlife Development Ltd owned – McDonald’s restaurants will operate contactless McDelivery till 3 am from select stores in Mumbai.

What to expect today?

Friday, NIFTY could not break the resistance at 14,900, consolidated heavily and closed at 14,832. You can read all about Friday’s movements here.

Bank Nifty is so bearish that it is struggling to close above even 32,500.

Pharma had an amazing day on Friday as the Govt asked multiple pharma companies to increase the production of remdesivir. Also, rupee has weakened so much that Pharma and IT companies are benefiting a lot.

Both the European and US markets moved up and closed in the green on Friday. Dow Jones and S&P 500 hit all time high!

The result season is starting in the US also and traders are optimistic regarding them. This week we can see major results like JPMorgan, Goldman Sachs, Bank of America etc.

Though there is a lot of positivity in the global markets, our market is concerned about the 15 days complete lockdown announcement plan in Maharashtra. The final decision on this might be made today. ‘

We should understand that more than 1.5 lakh new COVID cases are being reported every single day.

Asian markets are mixed with most of the indices trading in the red. US and European Futures are mostly down. SGX Nifty is currently trading lower at 14,600 indicating a gap down opening in the Indian market. SGX NIFTY was above 14,870 at 6.30 am. That is, it has fallen more than 200 points in the last 2 hours.

We know how strong resistance 14,900-15,000 range is. It couldn’t be crossed in the latest attempt also and it was mainly because banks did not support.

As I have already said, Banks are hugely underperforming other sectors. They have to move up to help NIFTY cross 15,000 easily and scale to fresh highs. This week as we are expecting good move from the IT stocks, if banks can also support NIFTY can go up.

NIFTY has strong resistances at 14,750, 14,900, 15,000 and 15,100. BANK NIFTY has good resistance at 33,000 and 33,200-33,300. BANK NIFTY has to sustain above 33,800 to be back into bullish momentum.

The next supports for NIFTY are at 14,600, 14,500 and 14,370 while for Bank Nifty, they are at 32,300.

If 32,300 is broken in Bank Nifty, which I think might happen today, then we  might see major fresh lows in the index.

Foreign institutional investors (FIIs) net sold worth Rs 650 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 270 crores in the Indian equity market. 

The highest call OI build up is at 15,000 followed by 15,500. The highest put OI buildup is currently at 13,500 followed by 14,500. 

To be honest, this is going to be a tricky week. Locally we have positive and negative cues like good IT results and the COVID situation. We might see a good fight between bulls and bears this week leading to a volatile market. Let’s see.

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