News Shots

IRCTC recorded a 106 percent year-on-year growth in profit at Rs 213.8 crore in the quarter ended March 2022 driven by strong topline and operating performance. Revenue surged 104 percent to Rs 691 crore compared to the same period last year.

Dilip Buildcon posted loss of Rs 41.09 crore for March 2022 quarter against profit of Rs 186.2 crore in the corresponding period last year, impacted by operating loss and lower topline. Revenue declined 15 percent YoY to Rs 2,663.7 crore in Q4FY22. The company appointed Sanjay Kumar Bansal as Chief Financial Officer in place of Radhey Shyam Garg, who has been designated as President – Finance.

Lemon Tree Hotels has signed a Licence Agreement for a 40-room hotel at Chirang, Assam under its brand ‘Keys Select, by Lemon Tree Hotels’. The hotel is expected to be operational by June 2026. Subsidiary Carnation Hotels Private Limited will be operating this hotel.

PC Jeweller posted a loss of Rs 173 crore in March 2022 quarter against a profit of Rs 60 crore in the same period last year on lower revenue. Revenue from operations declined sharply to Rs 189 crore in Q4FY22, compared to Rs 868 crore in the corresponding period last year.

Sun Pharma recorded loss of Rs 2,277.2 crore for the quarter ended March 2022 dented by exceptional loss, against profit of Rs 894.1 crore in the same period last year. EBITDA increased by 14.6 percent YoY to Rs 2,279.7 crore in Q4FY22.

What to Expect? 

NIFTY opened with a huge gap-up at 16,529 and moved higher. There was no exhaustion till 12 PM when the market started consolidating with bearish bias for a while. The uptrend continued and NIFTY closed at 16,661, up by 309 points or 1.9%.

BANK NIFTY opened with a gap-up at 35,979. The index tried breaking 36,000 for long failing which there was a down move. The index closed at 35,827, up by 214 points or 0.6%.

IT moved up by 3.9%.

The US markets were on holiday on account of Memorial day The  European markets closed in the green.

The Asian markets are trading less than 0.5% higher. The U.S. Futures and the European futures are trading lower.

SGX NIFTY is trading at 16,597 indicating a gap-down opening. 

NIFTY has supports at 16,625, 16,600, 16,530 and 16,490. We can expect resistances at 16,700, 16,800, 16,850 and 16,920.

BANK NIFTY has supports at 35,700, 35,400, 34,800 and 34,400. Resistances are at 36,000, 36,400 and 36,800.

INDIA VIX is at 19.98.

Foreign Institutional Investors net bought shares worth Rs 500 crores. Domestic Institutional Investors net bought shares worth Rs 1,500 crores. 

A huge gap-up and no profit booking! The market rallied without exhaustion and closed high with the help of Reliance and IT stocks. Banks, which were the star performers of the previous week did not make a move as big as NIFTY.

FIIs have turned net buyers! That’s happening after a very long time. I know that many of you would have been waiting for a heavy sell-off in the second half but there wasn’t any. Short covering has triggered a massive rally.

The US markets remained closed and as a result we will derive cues from the European markets and the Asian markets. China Manufacturing PMI at around expectations, at 49. The Non Manufacturing PMI rose to 47.6 from 41.5 last week which shows contraction only, but a less sharp contraction.

Germany CPI inflation came out at 7.7%, which is a 50 year high. Our quarterly GDP data will be out today.

VIX has fallen below 20. Hope our market gets back to sanity mode. But you can see heavyweights making huge intraday falls as Kotak Bank did yesterday.

I will be watching 16,700 on the upside and 16,500 on the downside.

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