News Shots
Campus Activewear will make its debut on the bourses on Monday. Its IPO was open for subscription between April 26-28 as the company raised Rs 1,400.14 crore by selling its shares in the range of Rs 278-292 per equity share. The issue was overall subscribed 51.75 times.
Reliance Industries reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business.
HCL Technologies UK-based subsidiary has acquired Switzerland-based digital banking and wealth management specialist Confinale AG, for 53 million CHF (Swiss Francs). The said acquisition is likely to be completed by July 1, 2022.
Federal Bank reported its highest quarterly net profit at Rs 540.54 crore for the March 2022 quarter, up 13.13 per cent year-on-year, on improved asset quality and higher loan sales. It also guided towards 15 per cent asset growth and matching deposit mop-up this fiscal.
Happiest Minds Technologies reported 44.5 per cent rise in net income at Rs 52 crore for March quarter, on a 39 per cent growth in revenue amid record-high attrition that has almost doubled over the previous fiscal year.
What to expect?
NIFTY opened with a huge gap-down at 16,440 and moved down. 16,350 acted as a proper support and Nifty consolidated within a range. The index closed the day at 16,411, down by 271 points or 1.63%.
BANK NIFTY opened with a gap-down at 34,676 and then consolidated within a range. 34,400 acted as a good support and BNF finally closed the day at 34,591, down by 642 points or 1.82%.
All the sectors closed in the red.
The US markets fell on Friday. The European markets moved down significantly.
The Asian markets are trading lower. The U.S. Futures and the European futures are trading deep in the red.
SGX NIFTY is trading at 16,220 indicating a gap-down opening.
NIFTY has supports at 16,340, 16,250, 16,000 and 15,850. We can expect resistances at 16,450, 16,660, 16,880 and 16,950.
BANK NIFTY has supports at 34,400, 34,000 and 33,500. Resistances are at 34,800, 35,000 and 35,250.
NIFTY has the highest call OI build-up at 17,000 followed by 17,400. The highest put OI build-up is at 16,000 followed by 16,400.
BANK NIFTY has the highest call OI build-up at 36,000 and the largest put OI build-up is at 34,000.
INDIA VIX is at 21.3.
Foreign Institutional Investors net sold shares worth Rs 5,500 crores. Domestic Institutional Investors net bought shares worth Rs 3,000 crores.
The Western markets have fallen again. It is worth noting that we have fallen much more than the other markets. But considering our high, we have corrected by 10% only whereas the US markets have fallen even more.
The IT stocks were rather volatile in the last days following NASDAQ. Infosys has a major support at 1530.
The eyes should be on inflation, effects of interest rate hikes and withdrawal of accommodative policies, Ukraine war, and Crude oil prices in the coming days.
The market will first react to the Reliance results. There was a growth of 22% YoY, which is really good for a large MNC. However, it is short of the estimates and it will be interesting to see how the stock moves today.
I will be watching 16,000 on the downside. Will there be a consolidation after the opening or will it fall further?
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