News Shots
- Airtel rallied towards yesterday’s closing based on the rumors that Amazon is investing 2 Billion USD in the company. Later, Airtel had officially stated that it continuously looks for opportunities to engage with all OTT and digital players as partners, but has “no other activity to report”.
- The Supreme Court had proposed the banks to waiver interest for business loans, following which banks fell yesterday. RBI has asked the Supreme Court to reject the plea.
- Abu Dhabi sovereign fund Mubadala Investment Company will inject Rs 9,093.6 crore in Jio Platforms in exchange for 1.85 percent, the sixth investment in the RIL digital unit
- DLF has reported a huge loss to the tunes of Rs 1857 crores. NIIT reported a 97% fall in profits.
- SRF has reported an 8% decrease in revenue but a 4% increase in profits.
- HCL Technologies has announced the expansion of their strategic partnership with Google to bring HCL’s software offerings, starting with HCL Commerce, to the Google Cloud.
- Tata Power prepares to launch rights issue. SBI is planning to raise 1.5 Billion USD
- RITES’s subsidiary Railway Energy Management Company has secured its largest mandate from Indian Railways. BPCL cutting CAPEX by 36% for FY 2020-21
- The Government has issued guidelines for how to open offices, malls, restaurants and religious places, as a part of easing lockdown.
What to expect today?
- US and European markets were mixed yesterday. Asian markets have performed mostly positive. SGX NIFTY is trading slightly higher, indicating a nearly flat to a slightly positive opening in NIFTY.
- Yesterday, banks stocks and BANK NIFTY fell heavily and this affected the whole market’s momentum
- In a broader view, we can expect NIFTY to consolidate between 9,800 and 10,200, before giving another huge movement, either up or down.
- NIFTY likely to trade between 9,940 and 10,150 today. There is a support at 9940 and a resistance at 10,120.
- Maximum Call Open Interest at 10,000 and maximum Put Open Interest at 9,500. Significant call writing is seen at 10,500 and put writing at 9,600.