News Shots

Ashoka Buildcon received a letter of acceptance from National Highways Authority of India for development of Memmadpur (Ambala) – Banur (IT City Chowk) – Kharar (Chandigarh) Corridor for a bid price of Rs 726 crore.

FDC launched India’s first oral suspension of Favipiravir – Favenza Oral Suspension, used to treat mild to moderate cases of COVID-19.

Piramal Enterprises approved the allotment of 1,020 non-convertible debentures aggregating to Rs 102 crores on private placement basis.

Reliance Industries invested Rs 1 lakh in Reliance New Energy Solar, a newly incorporated wholly owned subsidiary.

Kirloskar Industries reported a 32% decrease in revenue in FY21 at Rs 58.11 crore. Profit before tax is also 50% lower at Rs 32.45 crore.

Suven Life Sciences ended FY21 with revenue 6% lower at Rs 13.5 crore as compared to Rs 14.41 crore last fiscal year. Losses narrowed to Rs 72.15 crores versus Rs 94.2 crore.

Major Q1 result announcements today:

  • Tata Metaliks
  • Mindtree

What to expect today?

Yesterday, NIFTY opened with a good gap up and consolidated between 15,750 and 15,790, and then fell heavily to 15,650 before closing below 15,700. You can read all about yesterday’s movements here.

BANK NIFTY also opened with a gap up and consolidated throughout the day but the major catch there is that BANK NIFTY showed more strength than NIFTY and took a major support at 35,000 and closed above it at 35,198.

NIFTY REALTY moved up strongly yesterday. NIFTY IT continued to disappoint.

The European markets were all down after they opened but all of them recovered and closed in the green. The US markets had steady up moving day, closing at all time highs.

US consumer price inflation data will be out today evening.

Asian markets are almost all trading well in the green. US and European futures are also trading higher and looking positive.

SGX NIFTY is trading much higher at 15,824 indicating a gap up opening in the Indian market.

The immediate supports for NIFTY are at 15,750 and 15,700. 

The immediate resistance for NIFTY will be 15,800, 15,840 and 15,900.

35,250, 35,400 and 35,500 are the important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 35,000.

Foreign institutional investors (FIIs) net sold worth Rs 745 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 447 crores in the Indian equity market. 

In NIFTY, the number of calls have gone drastically up than number of puts, because of the fall yesterday. Lot of them will be in trouble today as the market is opening with a gap up.

NIFTY’s highest call OI buildup is at 15,800 followed by 15,700 and 15,900. Highest put OI buildup is at 15,700 followed by 15,600 and 15,500. 15,700 has a lot of straddles. PCR is 0.6, indicating bearishness in the market.

BANK NIFTY has the highest call OI at 36,000 and highest put OI at 35,000, thereby indicating there is strength in BANK NIFTY.

Corporate results like that of Infosys, WIpro etc will come put this week. Let’s see of they can have an impact on the market.

Also, US consumer price inflation data is coming out tonight. Chances are high that it might end up being a non event.

So, we are going to witness another gap up opening like yesterday. 15,790-15,800 acted as a strong resistance yesterday in NIFTY.

So, NIFTY crossing 15,800 and BANK NIFTY crossing 35,400-35,500 today and sustaining above them will be signs of bullishness/strength in the market. I will be watching out for that.

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