News Shots

The union government has decided to increase the fertilizer subsidy outlay for the year by 14,775 crore. Fertilizer stocks are to be watched.

State-owned construction firm NBCC has bagged a contract worth about Rs 597 crore in Uttarakhand, for construction and development of infrastructural facilities in the main campus of National Institute of Technology, Uttarakhand at Sumari (Pauri Garhwal).

SEBI imposed a total fine of Rs 14 lakh on Biocon and its designated person for trading in the company’s securities when the trading window was closed.

IDBI Bank announced the launch of its fully digitised loan processing system, offering over 50 products to MSME and agriculture sector.

Co-founder S D Shibulal purchased shares worth Rs 100 crore of Infosys through an open market transaction.

Indiabulls Housing Finance reported a two-fold jump in its profit after tax to Rs 276 crore in the latest quarter.

JK Tyre and Industries reported a consolidated profit after tax of Rs 194.96 crore for the March quarter of the previous fiscal against a consolidated loss of Rs 52.78 crore in the year-ago period.

Cloud communications firm Tanla Platforms reported a consolidated net profit of Rs 102.54 crore for the fourth quarter ended March 2021. The company had posted a consolidated net loss of Rs 89.12 crore in the year-ago period.

TCI Express reported a 123.9 per cent rise in net profit at Rs 42.57 crore for the quarter ended March 31.

Indian Oil Corporation reported a better-than-expected net profit of Rs 8,781.30 crore in the March quarter, helped by a surge in refining margins as higher crude prices boosted the inventory value.

Some major Q4 result announcements today:

  • Havells India
  • Bosch
  • HPCL
  • Relaxo Footwears
  • Torrent Power
  • ZEE Entertainment
  • KNR Constructions
  • JK Lakshmi Cement
  • Meghmani Organics
  • Usha Martin

What to expect today?

Yesterday, NIFTY opened with a huge gap down around 15,050 and moved up strongly to consolidate till the previous day’s high of 15,140, taking resistance there multiple times. The weakness in the global markets hit NIFTY by noon and NIFTY fell steadily till 15,000 by closing. You can read all about yesterday’s movements here.

BANK NIFTY also opened with a gap down and moved up but 34,000 acted as a stiff resistance. As it moved down towards the close, 33,600 provided very strong support.

Metals remain very volatile as the index moved down strongly yesterday. Banks, PSU Bank and Financial Services were especially weak.

The whole global markets took a hit yesterday. The US has been falling for 3 days now. The crypto market saw a fall CRASH where major coins fell more than 20% in a day. After the crypto fall, all global equity and commodity markets also fell showing that the world of investments are all connected.

The European markets closed more than 1% down. The US markets opened with a huge gap down but then moved up strongly throughout the day, but still closed slightly in the red.

The Fed meeting’s minutes revealed the strength of the economy and concerns regarding the rising inflation. Interest rates not to be changed immediately but may happen sooner than later. So, as discussed, it turned out to be a non-event for now. Also, the 10 year treasury bond yield shot up yesterday.

Asian markets are mostly down. European futures are positive and US futures are negative. SGX NIFTY is currently trading lower at 15,038 indicating a flat opening in the Indian market. 

The immediate supports for NIFTY are at 15,000, 14,950 and 14,900. If 14,900 is broken with strength today, then there will be more weakness in the market.

15,100, 15,140, 15,200 and 15,270 are important resistances for NIFTY. 

34,000 and 34,400 are the immediate resistances to be watched out for in BANK NIFTY. It can go up strongly if 34,400 is broken.

BANK NIFTY has supports at 33,600, 33,500 and 33,300. 

There is a huge call buildup at 15,300 and 15,100. Major put buildups are at 14,900 and 14,700. NIFTY PCR remains at 0.9. 

Foreign institutional investors (FIIs) net sold worth Rs 697 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 852 crores in the Indian equity market. 

VIX is still very low and we have been seeing super steady movement in the market this week. Will we see some volatility today because of the expiry?

The initial movement after opening will be interesting. If NIFTY moves down, I will wait to see if 15,000 support is taken or not. If that is broken WITH STRENGTH, there are high chances NIFTY will expire below 15,000 or 15,050.

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