News Shots
Vodafone Idea announced foray into integrated Internet of Things (IoT) space for enterprises segment as it looks to transform itself from a traditional connectivity service provider to a technology company.
Tata Power’s total outstanding borrowing stood at Rs 16,504.41 crore at the end of March 31.
Amazon has moved the Supreme Court challenging the Delhi High Court’s division bench order that had vacated a stay on Kishore Biyani-led Future Group proceeding with its Rs 24,713 crore asset sale to Reliance Industries.
Dhanlaxmi Bank witnessed over 7 per cent year-on-year growth in its total deposits during the financial year ended March 2021, while advances rose over 4 per cent.
ArcelorMittal has announced a strategic long-term collaboration with Infosys for digital transformation.
Ashok Leyland’s subsidiary Switch Mobility Automotive and Siemens have entered into a Memorandum of Understanding towards building a co-operative technological partnership in electric commercial mobility segment and execute eMobility projects in India.
Zensar Technologies has announced a strategic partnership with US based Claimatic. The collaboration will enable the company to offer insurers digital solutions that will help them remain competitive and differentiate themselves.
What to expect today?
Yesterday, NIFTY consolidated with a positive bias above 14,900 in the first half and then fell in the second half and closed below 14,900. You can read all about yesterday’s movements here.
Bank Nifty was the villain who dragged NIFTY down in the second half. Bank Nifty closed 0.63% down compared to NIFTY which closed 0.37% in the green.
Metal had another blockbuster day where NIFTY METAL moved up by more than 5%! IT stocks also moved up ahead of the results announcement.
FTSE continues having great strength in Europe. The US markets continued to move up after Jerome Powell reassured that the Fed will act in case of any problems in the economy. S&P 500 again hit all time high.
Asian markets are mixed with most of the indices trading in the red. US and European Futures are mostly up. SGX Nifty is currently trading higher at 14,903 indicating a flat opening in the Indian market. SGX NIFTY was above 15,000 at 6.30 am. That is, it is falling sharply in the last hour.
We know how strong resistance 14,900-15,000 range is. It couldn’t be crossed yesterday and it was mainly because banks did not support.
As I have already said, Banks are hugely underperforming other sectors. They have to move up to help NIFTY cross 15,000 easily and scale to fresh highs.
FIIs have remained net buyers in the market which is positive.
NIFTY has strong resistances at 14,900, 15,000 and 15,100. BANK NIFTY has good resistance at 33,200-33,300. BANK NIFTY has to sustain above 33,800 to be back into bullish momentum.
The next supports for NIFTY are at 14,750, 14,650 and 14,600 while for Bank Nifty, they are at 32,500 and 32,300.
Foreign institutional investors (FIIs) net bought worth Rs 110 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 552 crores in the Indian equity market.
The highest call OI build up is at 15,000 followed by 15,500. The highest put OI buildup is currently at 14,000 followed by 14,500.
I will not attribute yesterday’s fall in the second half as weakness in the market. That is regular expiry madness. I still think that market has up momentum now.
Only concern I have is the PM’s meet with Chief Ministers where COVID issue was taken up very seriously. Ideally, market need not react to it but markets. But practically, I worry we might see days like last Monday in the coming days again!
Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!
