News Shots

Indiabulls Housing Finance (IBH) and HDFC have entered into a strategic co-lending partnership to offer housing loans at competitive rates. IBH will originate retail home loans as per jointly drawn up credit policy and retain 20 percent of the loan in its books, and 80 percent will be on HDFC books.

Mahindra Lifespace Developers has agreed to buy 3.2 acre land in Pune from parent company Mahindra & Mahindra as part of its expansion plan.

Tata Steel BSL posted a manifold jump in its consolidated net profit to Rs 1,913.73 crore for the fourth quarter ended March 31, mainly on account of higher income. The company had reported a consolidated net profit of Rs 5.93 crore in the year-ago period.

SpiceJet has planned to lay off 300 out of the 590-strong staff. These largely comprise loaders and drivers who have been employed for 3 to 15 years on fixed-term contract.

Wockhardt Pharma will raise up to Rs 150 crore through issue of non-convertible debentures on private placement basis.

DCB Bank announced a 9 per cent stake buy in Techfino Capital, a Bengaluru-based NBFC providing education and healthcare-related loans, for an undisclosed amount.

Den Networks has decided not to proceed with the composite scheme of arrangement in which TV18 Broadcast, Hathway Cable & Datacom and Den Networks were to merge into Network18 Media & Investments.

The country’s largest two-wheeler maker Hero MotoCorp is temporarily stopping operations at all its manufacturing facilities across the country, including its Global Parts Center (GPC), in the wake of a surge in COVID-19 cases across India.

Tata Steel has received a “blockchain-enabled transaction”, a global first for the steel industry, from a UAE-based firm for a steel export order.

Lupin has incorporated a wholly-owned subsidiary in the US. The new unit, Lupin Oncology Inc (LOI), will be engaged in development/co-development and commercialisation of multiple oncology products globally.

Media firm TV18 Broadcast reported a 77.03 per cent increase in its consolidated net profit to Rs 251.08 crore for the fourth quarter ended in March 2021.

Allcargo Logistics is transporting 500 oxygen concentrators by air from Singapore to cater to the increased demand for medical oxygen in Maharashtra amid the second wave of the COVID-19 pandemic.

What to expect today?

Tuesday, NIFTY opened with a huge gap up above 14500, couldn’t sustain and fell throughout the day. It even tested 14,200 and then moved up to close just below 14,300. You can read all about Tuesday’s movements here.

Bank Nifty, also moved down throughout the day after the gap up opening. 31,000 was breached at one point of time. But it managed to recover and closed just above 31,100.

Though all the indices fell throughout the day, most of them ended in the green due to the large gap up opening. IT hugely underperformed on Tuesday being the only sector close more than 1% down.

Both the European and US markets moved down strongly on Tuesday but we can see that they have started moving up yesterday.

Most of the Asian markets are in the green with Japan’s NIKKEI trading 2% up. European Futures are up while US futures are trading flat or slightly in the red. 

SGX Nifty is currently trading lower at 14,194 indicating a gap down opening in the Indian market.  SGX NIFTY had made a low of 14,016 yesterday!

Last Thursday, when our markets opened after Wednesday holiday, SGX NIFTY was well over 14,700 indicating a huge gap up opening but NIFTY opened at 14,550. On Tuesday, NIFTY opened at 14,550 and then fell to 14,200. There is weakness in our market.

PM Narendra Modi’s speech on Tuesday was more of a warning than a relief, that the nation can go into lockdown if things go worse.

Maharashtra has again taken stricter measures across the state to curb the situation, thereby making it a lockdown like condition in the state.

There was a slight relief when the number of new cases started slowing down but it has rapidly risen again. Yesterday we crossed 3 lakh cases a day. 3,16,000 cases were reported yesterday. Kerala alone reported more than 22,000 cases.

NIFTY can be extremely volatile.

I have been talking a lot about NIFTY’s support at 14,200. Finally that can be broken with strength today. The next stop for NIFTY will be 14,000.

Similarly, if BANK NIFTY breaks 30,500, next supports are at 29,500 and 29,000.

The resistances for NIFTY are at 14,350, 14,450 and 14,500 while for Bank Nifty, they are at 31,650, 32,000 and 32,350.

Foreign institutional investors (FIIs) net worth sold Rs 1082 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1323 crores in the Indian equity market. 

The largest call option buildup in NIFTY is at 15,000 followed by 14,500. The largest put option buildup in NIFTY is at 14,000 followed by 14,300. There was a huge call option buildup in the market on Tuesday.

Today will be very decisive for the days coming up. 14,200 has been respected for more than a month now and if today is the day that is going to be breached successfully, then today should be considered very important. Let’s see if DIIs kick in and take the markets up towards the end of the day, as we saw last Thursday!

Watch the markets to see if the support at 14,200 is kicking in again or if it broken completely. Trade accordingly.

Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!