News Shots

Reliance Industries is reported to have held talks with Saudi Aramco on a cash and share deal for sale of a 20 per cent stake in its oil refining and petrochemical arm.

Adani Enterprises board to meet on May 5 to consider renewing limit for raising funds by issue of equity shares, convertible bonds through QIP, convertible securities etc.

Affle (India) has approved the opening of QIP of equity shares of face value of Rs 10 each from April 28. The floor price for the issue is Rs 5,422.94 per equity share.

Indiamart acquired stake in two companies, Shipway Technology and Truckhall, for about Rs 20 crore to strengthen its technology offering in logistics management.

Morepen Laboratories has approved raising over Rs 433 crore through issue of shares to Switzerland’s private venture capital firm Corinth Investment Holdings and Liquid Holdings.

Tata Communications posted a consolidated net profit of about Rs 299 crore for the fourth quarter ended March 2021 against a loss of Rs 275 crore a year ago, while a “strong operating performance” for FY21 drove the “highest profit” in the last 11 years.

Auto sector-focused software company KPIT reported a 23 percent jump in its March quarter net profit to Rs 47.04 crore, driven by a higher profit margin.

Major Q4 Result Announcements Today:

  • Hindustan Unilever
  • Titan
  • Bajaj Auto
  • Ambuja Cements
  • Motherson Sumi
  • Bajaj Holdings
  • Shriram Transport
  • AU SFB
  • IndiaMart InterMesh

What to expect today?

Yesterday, NIFTY opened with a gap up and moved up steadily throughout the day to close above 14,850. You can read all about yesterday’s movements here.

Bank Nifty, continued to outperform NIFTY by closing 3% up. It crossed the resistance of 33,200 and went up strongly to close at 33,662.

Banks, PSU Banks and Financial Services outperformed heavily yesterday.

Good Q4 results are helping the market. Bajaj Finance’s and Bajaj Finserv’s results hugely influenced the above sectors and helped fuel the rally.

The European markets closed flat, sightly in the green. The US markets closed flat, slightly in the red, after the Fed has maintained a near zero interest rate, as expected. Fed wants to see more evidence of a strengthening economic recovery before it would consider easing its support by raising the repo rate.

Asian markets are mostly up. European and US Futures are also up. SGX Nifty is currently trading higher at 14,977 indicating a gap up opening in the Indian market.

Looking at where NIFTY is now and the Open Interest, 15,000 was expected to act as an immediate resistance in NIFTY. Let’s see if the gap up opening is sustained.

NIFTY has rallied from the moment it touched 14,150 last week. NIFTY is up more than 700 points in just 5 days. NIFTY may see a selling pressure around 15,000 as it faced last time.

34,000 and 34,500 are the immediate resistances to be watched out for in BANK NIFTY.

The supports for NIFTY are at 14,800, 14,750 and 14,600 while for Bank Nifty, they are at 33,200 and 32,900.

The largest call OI buildup is at 15,000 followed by 15,100. The largest put OI buildup is at 14,000 followed by 14,500. There was good put OI buildup at 14,700 yesterday.

Foreign institutional investors (FIIs) net bought shares worth Rs 766 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 436 crores in the Indian equity market.

FIIs have also started buying which is an indication of strength.

Reliance was showing strength for a few days. It tried crossing 2000 yesterday but couldn’t do it. Today with the good news regarding the Aramco deal, Reliance can be in focus.

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