News Shots
The Delhi High Court upheld the Singapore Emergency Arbitrator’s (EA) order restraining Future Retail Ltd (FRL) from closing the Rs 24,713 crore deal with Reliance Retail. The court sided with Amazon in a big loss for Reliance and FRL.
Easy Trip Planners debuts in the market today. The issue was a big hit, receiving 159.33 times bids. Will list with a huge listing gain. Congrats for those who got the allotment.
Global investment firm TPG’s Rise Fund will invest $200 million (around Rs 1,450 crore) in Bharti Airtel’s Africa’s mobile money business, Airtel Mobile Commerce BV, at a valuation of $2.65 billion(Rs 19,263 crore).
Auto component maker Varroc Engineering said it has entered into a contract manufacturing agreement with Vancouver-based Delta-Q Technologies Corp.
Federation of Hotel & Restaurant Associations of India (FHRAI) and the IRCTC said they have partnered to offer hotel accommodations to tourists.
Shriram Transport Finance’s board met on March 25 to consider a second interim dividend for FY21. The record date for the same, if declared, will be March 31.
Zuari Agro Chemicals’ fertilizer plant of the company has been shut down due to delay in the arrival of raw materials.
Global IT firm Accenture’s second quarter revenue beats estimates with double-digit growth in its outsourcing business. The company has also revised its growth targets higher. Last quarter when this happened, IT stocks in India benefited, but remember that NASDAQ is 3% down.
Promoter Siddheshwari Tradex revoked pledge on 72 lakh shares of JSW Energy on March 17.
Indo Count Industries’ board has approved expansion and modernisation projects wortg Rs 200 crore.
What to expect today?
Yesterday, NIFTY fell heavily, owing to technical weakness and huge surge in US treasury bond yield, breaking many supports to close just above the major support of 14,500. You can read all about yesterday’s movements here.
Bank Nifty, which was more bearish, fell by breaking the support at 34,000 and closed just below it.
All sectors moved down yesterday, except FMCG which was supported by ITC.
Most Asian markets are in the red, with most of them trading more than 1% down. SGX Nifty is currently trading lower at 14,485 indicating a gap-down opening in the Indian market. Actually, a gap down opening is happening after a long time in the market.
As I mentioned in yesterday’s The Stock Market Show, 14,500 is a major support for NIFTY. If that is broken with strength, we might see a considerable correction in the market. Similarly, Bank Nifty has a medium support at 33,500, which if broken will take the index to below 33,000.
We also have to understand that FIIs have been buying in the last many days. If they also start selling, we might see NIFTY going to 14,000.
Moving up, NIFTY has strong resistances at 14,630 and 14,750.
The coming few days is going to be very action packed and decisive for the market. Please plan averaging/fresh long entries only after getting a bullish trend signal.
Interestingly, India VIX has further gone down to 20.08, even after such a fall yesterday.
Foreign institutional investors (FIIs) net bought worth Rs 1258 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 1116 crores in the Indian equity market.
Going to watch into today’s OI buildups to get an idea of what is coming up.
The Central bank of Japan will announce their rates and policies today. I know that does not hold much value now but let’s see if they’ll do anything different.
The plan is to understand the trend and capitalise it when we have the opportunity, just like I did yesterday. When markets fell yesterday, I sold many call options and even bought puts. So, let’s all be intelligent and make use of trending markets.
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