News Shots
Reliance Industries has gotten approval from shareholders and lenders for hiving off its oil-to-chemical (O2C) business into a separate unit.
Tata Motors has completed the sale of its Defence business to Tata Advanced Systems Ltd. for an upfront deal of Rs 227.7 crore.
Adani Enterprises has won a Rs 1,169.10 crore highway project in Odisha from the National Highways Authority of India (NHAI). The was won by a wholly-owned subsidiary Adani Road Transport Ltd (ARTL).
Reliance Retail Ventures, the retail arm of Reliance Industries, has extended the timeline for completing its Rs 24,713 crore deal with Future group to buy its retail and wholesale business by six months.
Dalmia Bharat said securities worth Rs 344 crore have been credited back to the demat account of its arm by IL&FS Securities Services after a Supreme Court order.
Steel Authority of India(SAIL) recorded its best ever quarterly sales at 4.27 million tonnes (MT) during the March quarter, up 14% YoY.
V-Mart Retail has opened six new stores as part of the expansion of its retail sales network. Four stores in the state of UP, one store in Bihar and one store in Rajasthan.
MCL, a subsidiary of Coal India, has posted a record production of 148.01 million tonne and achieved the highest-ever dispatch of 146 million tonne in the 2020-21 fiscal.
SBI has increased its home loan rates to 6.95%, effective April 1.
Infra major GMR Group launched a new business vertical for driving innovation – GMR Innovex – with a vision to enable innovation across all aspects of the business.
Dixon Technologies has formed two wholly-owned subsidiaries Dixon Electro Manufacturing Pvt Ltd and Dixon Technologies Solutions Pvt Ltd for business purposes.
What to expect today?
On Thursday, NIFTY moved down in the beginning, took support at 14,700 and moved up sharply to close above 14,850. You can read all about Thursday’s movements here.
Bank Nifty also managed to move up more than 500 points to close above 33,850.
Metals were on steroids on Thursday. The NIFTY METAL index moved up by more than 5%.
The European markets closed positively. The US markets also moved up and closed well in the green mostly because of great jobs data that was reported.
China, Hong Kong, Australia etc are still in Easter break. Other Asian markets are slightly up, owing to the positivity in the US. US and European Futures are strongly up. SGX Nifty is currently trading higher at 14,900 indicating a gap up opening in the Indian market. But at 6.30 am SGX NIFTY was above 15,000. It has been moving down since then.
NIFTY has strong resistances at 14,900, 15,000 and 15,100. NIFTY has to cross at least 14,900 to gain back upwards momentum. Sustaining and staying above 14,900 is going to be crucial today.
BANK NIFTY has good resistances at 34,400-34,600 and 35,000. BANK NIFTY has to sustain above 35,000 to be back into bullish momentum.
The next supports for NIFTY are at 14,750, 14,650, 14,600 and 14,500 while for Bank Nifty, they are at 33,200, 33,000 and 32,500.
Foreign institutional investors (FIIs) net bought worth Rs 149 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 296 crores in the Indian equity market.
Since the market was not open on Friday, we do not have much OI data to analyze.
The market is in a tricky situation. There are positive cues globally and locally. Global – US jobs data, new stimulus package etc. Local – good auto sales data, best ever GST collection etc. But there is the large negative cue of the COVID situation in Maharashtra. Let’s see how it goes.
Today will be all about 14,900. If NIFTY manages to stay above 14,900, we may see an upmove in the coming days.
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