News Shots
- Dabur has announced a weak Q4 result with a 14% declined profit, which is lower than estimated
- India Ratings downgraded the rating of Vedanta Ltd to AA- with a negative outlook
- Ujjivan Financial Services has reported a nearly 80 percent jump in its consolidated net profit in the March 2020 quarter.
- Rumours of Microsoft investing Rs 15,000 crores in Reliance Jio #crazy
- Aditya Birla Fashion & Retail has reported huge losses! Also, they plan a Rs 1,000 crore rights issue, which will be fully subscribed to by the promoters/promoter group, in order to reduce debt and fuel growth
- NTPC Limited to foray into power distribution by buying 51% stake in BSES Rajdhani Power Ltd (BRPL) and BSES Yamuna Power Ltd (BYPL), the Delhi Distribution Business of Reliance Infrastructure Ltd
- Biocon subsidiary Biocon Biologics has received approval from the Drugs Controller General of India (DCGI) for the use of extracorporeal blood purification (EBP) device CytoSorb in the treatment of COVID-19 patients.
What to expect today?
- Great day in the global market yesterday. US, Europe and Asian markets have closed marginally higher. SGX NIFTY is also trading higher, indicating a positive opening for the Indian markets.
- Yesterday, NIFTY tested 9000 again and then went on a rally, crossed 9200 and closed above 9300. I’d like to recollect that we had discussed the possibilities of this in yesterday’s feed. Hope you have traded accordingly to your advantage.
- Similarly we had been expecting short covering in Bank Stocks for a few days. It finally happened yesterday. BANK NIFTY outperformed NIFTY again.
- NIFTY likely to trade between 9200 and 9450 today. There is a support at 9100 and a resistance at 9430
- It’ll be a good sign for the market if NIFTY could maintain the current levels and close above 9300
- Maximum Call Open Interest at 9500 and maximum Put Open Interest at 9000
