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Daily Reports

Daily report 16-Nov-21

Indian Market15-Nov-21
IndicesCloseChange% chg
Nifty18109.456.700.04%
Sensex60718.7132.020.05%
Banknifty38702.35-31-0.08%
Indian Market15-Nov-21
IndicesCloseChange% chg
Nifty Mid-Cap 10032028.30102.450.32%
Nifty Small-Cap 10011149.30-28.40-0.25%
India VIX15.470.251.62%
US Market15-Nov-21
IndicesCloseChange% chg
Dow 3036087.45-12.86-0.04%
S&P 5004682.81-0.04%-7.10%
Nasdaq15853.80-7.10-0.04%
Currency / Index15-Nov-21
IndicesCloseChange% chg
USD/INR74.45000.01000.02%
EUR/INR85.1850-0.01-0.01%
Dollar Index95.4480.420.45%
US 10-year bond1.61100.06003.67%
Disclaimer: The market view and updates we are sharing are true to the best of our knowledge and sharing just for information purpose and any action would be purely investor’s own responsibility. Investor are advised to take necessary guidance from certified adviser and hence we will not be responsible for any profit or loss incurred due it. We do not have PMS license and we are not recommending anything to buy or sell.

Trade Setup

  • Indian market gave up opening gain yesterday to end the day flat. Global cues remain stable and Wall Street ended the day flat.
  • With US 10-year bond yield near 1.60% & Dollar Index at fresh 14 months high above 95 are normally risk-off indicator but market is not witnessing any sell off
  • Taxes to be devolved to states for November will be doubled to help them meet their expenses, Union Finance Minister Nirmala Sitharaman has said.
  • Sitharaman said she took stock of the states' perspectives in the meeting, including their requirements for infrastructure, how far they've achieved their plans and their contribution to India's economic growth.
  • Bitcoin trading @ $61,755 & Gold trading @ $1869.75
  • US 10-year bond yield @ 1.608% & Dollar Index @ 95.403.
  • WTI Crude Oil @ $80.39 & Brent Crude Oil @ $82.86.
  • FII & DII Activity on 15-Nov-21: FII bought 424.74 crores & DII bought 1524.67
  • SGX Nifty @ 18191 up 52 points at 8:25 AM.

Stock Updates

  • Macrotech Developers: The company launched its Rs 4,000 crore qualified institutional placement on Monday. It plans to issue about 3.4 crore shares. The floor price is set at Rs 1,184.70 per which is at a discount of 7.8% to last close of Rs 1,284.60. Proceeds to be used for capital expenditure including acquisition of land, land development rights or development rights, deleveraging and general corporate purposes.
  • The Phoenix Mills: The company and Canada Pension Plan Investment Board have entered into an agreement to develop an office-led mixed-use asset in Lower Parel, Mumbai. CPP Investments will invest up to Rs 1,350 crore in tranches, for an ultimate equity stake of 49% in Plutocrat Commercial Real Estate Private Limited, the entity that will own the asset. The target completion date for the development is 2026.
  • Jindal Steel & Power: Steel production up 7% to 6.24 lakh tonnes in October 2021 compared to 5.85 lakh tonnes during the same period in the previous year. Steel sales down 1% YoY at 5.93 lakh tonnes versus 6 lakh tonnes. Exports accounted for 23% of sales volumes as the Company prioritised domestic demand.
  • Escorts: Board to meet on November 18 to consider fundraising options. Further Escorts Agri Machinery will be increasing the prices of its tractors effective November 21. The company cited steady rise in commodity prices as the reason behind price hike. The increase in prices would vary across models and variants.
  • Cipla: The company has been selected in the S&P Dow Jones Sustainability Index for the Emerging Markets for 2021.
  • SBI Cards and Payment Services: Approved allotment of 5,000 unsecured NCDs of face value of Rs 10 lakh each aggregating to Rs 500 crore on private placement basis. The coupon rate is set at 5.75% per annum.

Technical View

  • Nifty attempted towards 18225, made yesterday high at 18210. Nifty might see more strength above 18225 level is crossed.
  • Nifty, immediate support level comes at 17991. Range on Nifty is getting narrower and Indices might see break-out going into final F&O expiry next week.
  • Banknifty, immediate support at 38375 and resistance level at 39517, Banknifty has been underperforming Nifty and we expect to end it soon.
  • Nifty 20-DMA @ 18068 & 50-DMA @ 17815. Banknifty 20-DMA @ 39676 & 50-DMA @ 38353.
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Daily Reports

Daily Report 15-Nov-21

Indian Market12-Nov-21
IndicesCloseChange% chg
Nifty18102.75229.151.28%
Sensex60686.69767.001.28%
Banknifty38733.35173.150.45%
Indian Market12-Nov-21
IndicesCloseChange% chg
Nifty Mid-Cap 10031925.85143.700.45%
Nifty Small-Cap 10011177.7032.100.29%
India VIX15.22-1.13-6.94%
US Market12-Nov-21
IndicesCloseChange% chg
Dow 3036100.31179.080.50%
S&P 5004682.8533.580.72%
Nasdaq15861156.701.00%
Currency / Index12-Nov-21
IndicesCloseChange% chg
USD/INR74.43750.00250.00%
EUR/INR85.191-0.13-0.15%
Dollar Index95.023-0.23-0.24%
US 10-year bond1.5540-0.02-1.15%
Disclaimer: The market view and updates we are sharing are true to the best of our knowledge and sharing just for information purpose and any action would be purely investor’s own responsibility. Investor are advised to take necessary guidance from certified adviser and hence we will not be responsible for any profit or loss incurred due it. We do not have PMS license and we are not recommending anything to buy or sell.

Trade Setup

  • Indian market on Friday recorded over 1 percent gain on indices on back of IT & Metal stocks bouncing back from lower level.
  • Market will react to IIP data, CPI Inflation data. IIP data was mildly below expectation and Inflation data was above estimates.
  • Many companies came out with their result on Friday post market hours and over the weekend, Q2 result season ends today.
  • Global cues are stable to positive on back of declining crude oil prices and risk sentiment indicator US 10-year bond yield & Dollar Index remain stable.
  • Bitcoin trading @ $65,848 & Gold trading @ $1862.25.
  • US 10-year bond yield @ 1.554% & Dollar Index @ 95.023.
  • WTI Crude Oil @ $79.16 & Brent Crude Oil @ $81.59.
  • SGX Nifty @ 18220 up 86.50 points at 8:25 AM.

Stock Updates

  • Maruti Suzuki India: The company has received clearance from Haryana government to set up a new plant over 900 acres of land at Kharkhoda in Sonipat district of the state.
  • Wipro: The company has joined CargoWise Service Partner Network to enable global supply chain transformation. Wipro CargoWise experts will help transportation and logistics companies transform digitally.
  • Gati: Rohan Mittal has stepped down as the CFO and Chief Transformation Officer of the company with effect from the close of business hours on November 12.
  • Indian Oil Corporation and NTPC have signed a Memorandum of Understanding to collaborate and mutually explore opportunities in the field of renewable energy.
  • Shriram Transport Finance Company: Allotted 21,000 secured NCDs of face value of Rs 10 lakh each aggregating to Rs 2,100 crore. The coupon rate has been fixed at 8.37% per annum for a period of 10 years.
  • PB Fintech, SJS Enterprises and Sigachi Industries will make their debut on the BSE and NSE today.

Technical View

  • Nifty on Friday closed at 18102.75, above 20-DMA at 18079. Today’s indicative opening around 18225 level 61.8% retracement level of correction which started on Nifty after making high on 18604.45.
  • Nifty sustain above 18225 level, could break downward pattern and it could open upside to 18600 level.
  • Banknifty continues to underperform, which could be in focus post IIP & CPI inflation data released on Friday. Banknifty took support at 50-DMA at 38310 level.
  • Banknifty could test 20-DMA at 39708 level, Nifty already above its 20-DMA.
  • We expect Banknifty to play catch-up rally and it could perform in par or outperform Nifty in near term.
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Daily Reports

Daily Report 12-Nov-21

Indian Market11-Nov-21
IndicesCloseChange% chg
Nifty17873.60-143.60-0.80%
Sensex59919.69-433.13-0.72%
Banknifty38560.20-463.05-1.19%
Indian Market11-Nov-21
IndicesCloseChange% chg
Nifty Mid-Cap 10031782.15-262.30-0.82%
Nifty Small-Cap 10011145.60-57.35-0.51%
India VIX16.350.040.29%
US Market11-Nov-21
IndicesCloseChange% chg
Dow 3035921.23-158.71-0.44%
S&P 5004649.272.560.06%
Nasdaq15704.3081.600.52%
Currency / Index11-Nov-21
IndicesCloseChange% chg
USD/INR74.440.070.10%
EUR/INR85.316-0.62-0.72%
Dollar Index95.2520.280.30%
US 10-year bond1.5720.0020.13%
Disclaimer: The market view and updates we are sharing are true to the best of our knowledge and sharing just for information purpose and any action would be purely investor’s own responsibility. Investor are advised to take necessary guidance from certified adviser and hence we will not be responsible for any profit or loss incurred due it. We do not have PMS license and we are not recommending anything to buy or sell.

Trade Setup

  • Indian market after gap-down opening manage recovery the loss and turned to green before ending the day with minor cuts.
  • UPL, BHARTIARTL & M&M were major Nifty gainers, metals and financials as expected corrected.
  • Wall Street ended the day as Nasdaq was down more than 1.5%. US CPI & Core CPI data were higher led to risk-off sentiment.
  • Dollar Index at fresh 14-month high at 94.968 & US 10-year bond yield @ 1.570%. Fear of rate by US Fed sooner than earlier expected triggered risk-off sentiment.
  • Bitcoin trading @ $64,473 & Gold trading @ $1845 before making high of $1866.90 post US inflation data.
  • WTI Crude Oil @ $81.61 & Brent Crude Oil @ $82.91.
  • SGX Nifty @ 17962 down 53.50 points at 8:30 AM.

Stock Updates

  • Tata Motors: To plan for 20% EV penetration in 5 years. To expand portfolio of offering India specific products with different body styles and driving range. Tata Motors eyes 10 EVs by FY26.
  • Yes Bank: Moody's Investors Service has upgraded Yes Bank's rating to B2 from B3 and changed outlook to positive from stable. Moody's upgraded the bank's long-term foreign currency issuer rating and long-term foreign and local currency bank deposit ratings to B2 from B3. It has also upgraded the bank's Baseline Credit Assessment and Adjusted BCA to b3 from caa2.
  • MOIL: Board approved buyback of up to 3.38 crore equity shares at Rs 205 each for an aggregate consideration Rs 693 crore.
  • Power Grid Corporation of India: Approved capital expenditure for procurement of telecom equipment at an estimated cost of Rs 429.24 crore. It also approved Regional System Strengthening Scheme to mitigate the overloading of 400 kV NP Kunta-Kolar S/C line at an estimated cost of Rs 122.71 crore including IDC of Rs 3.39 crore.
  • Wipro: The company has been chosen as a strategic partner in the transformation of Aggreko’s Finance and Procurement function.
  • Earnings: Tata Steel, NMDC, Godrej Consumer Products, Hindustan Aeronautics, Zee Entertainment Enterprises, Balkrishna Industries, NHPC, Natco Pharma, Acrysil, Cesc, Minda Industries, NLC India, Novartis India, Page Industries, Piramal Enterprises, Power Finance Corporation, Aptech, Astral, Bajaj Hindusthan Sugar, Bharat Dynamics, Brigade Enterprises, Clean Science and Technology.

Technical View

  • Nifty continues to trade in narrow range and as consolidation continues, technically Nifty is showing weakness on chart. 50-DMA at 17756 is next major support.
  • 20-DMA at 18088, Indices may turn bullish only once this level is broken on upside.
  • Banknifty would continue to underperform Nifty, 38220 remains immediate support and expected to test.
Categories
Daily Reports

Daily Report 11-Nov-21

Indian Market10-Nov-21
IndicesCloseChange% chg
Nifty18017.20-27.05-0.15%
Sensex60352.82-80.63-0.13%
Banknifty39023.25-345.55-0.88%
Indian Market10-Nov-21
IndicesCloseChange% chg
Nifty Mid-Cap 10032044.45-141.90-0.44%
Nifty Small-Cap 10011202.95-10.05-0.09%
India VIX16.310.311.91%
US Market10-Nov-21
IndicesCloseChange% chg
Dow 3036079.94-240.04-0.66%
S&P 5004646.71-38.54-0.82%
Nasdaq15622.70-263.80-1.66%
Currency / Index10-Nov-21
IndicesCloseChange% chg
USD/INR74.36750.310.41%
EUR/INR85.9380.080.10%
Dollar Index94.9680.981.04%
US 10-year bond1.570.1510.18%
Disclaimer: The market view and updates we are sharing are true to the best of our knowledge and sharing just for information purpose and any action would be purely investor’s own responsibility. Investor are advised to take necessary guidance from certified adviser and hence we will not be responsible for any profit or loss incurred due it. We do not have PMS license and we are not recommending anything to buy or sell.

Trade Setup

  • Indian market after gap-down opening manage recovery the loss and turned to green before ending the day with minor cuts.
  • UPL, BHARTIARTL & M&M were major Nifty gainers, metals and financials as expected corrected.
  • Wall Street ended the day as Nasdaq was down more than 1.5%. US CPI & Core CPI data were higher led to risk-off sentiment.
  • Dollar Index at fresh 14-month high at 94.968 & US 10-year bond yield @ 1.570%. Fear of rate by US Fed sooner than earlier expected triggered risk-off sentiment.
  • Bitcoin trading @ $64,473 & Gold trading @ $1845 before making high of $1866.90 post US inflation data.
  • WTI Crude Oil @ $81.61 & Brent Crude Oil @ $82.91.
  • SGX Nifty @ 17962 down 53.50 points at 8:30 AM.

Stock Updates

  • Tata Motors: To plan for 20% EV penetration in 5 years. To expand portfolio of offering India specific products with different body styles and driving range. Tata Motors eyes 10 EVs by FY26.
  • Yes Bank: Moody's Investors Service has upgraded Yes Bank's rating to B2 from B3 and changed outlook to positive from stable. Moody's upgraded the bank's long-term foreign currency issuer rating and long-term foreign and local currency bank deposit ratings to B2 from B3. It has also upgraded the bank's Baseline Credit Assessment and Adjusted BCA to b3 from caa2.
  • MOIL: Board approved buyback of up to 3.38 crore equity shares at Rs 205 each for an aggregate consideration Rs 693 crore.
  • Power Grid Corporation of India: Approved capital expenditure for procurement of telecom equipment at an estimated cost of Rs 429.24 crore. It also approved Regional System Strengthening Scheme to mitigate the overloading of 400 kV NP Kunta-Kolar S/C line at an estimated cost of Rs 122.71 crore including IDC of Rs 3.39 crore.
  • Wipro: The company has been chosen as a strategic partner in the transformation of Aggreko’s Finance and Procurement function.
  • Earnings: Tata Steel, NMDC, Godrej Consumer Products, Hindustan Aeronautics, Zee Entertainment Enterprises, Balkrishna Industries, NHPC, Natco Pharma, Acrysil, Cesc, Minda Industries, NLC India, Novartis India, Page Industries, Piramal Enterprises, Power Finance Corporation, Aptech, Astral, Bajaj Hindusthan Sugar, Bharat Dynamics, Brigade Enterprises, Clean Science and Technology.

Technical View

  • Nifty continues to trade in narrow range and as consolidation continues, technically Nifty is showing weakness on chart. 50-DMA at 17756 is next major support.
  • 20-DMA at 18088, Indices may turn bullish only once this level is broken on upside.
  • Banknifty would continue to underperform Nifty, 38220 remains immediate support and expected to test.
Categories
Daily Reports

Daily Report 10-Nov-21

Indian Market9-Nov-21
IndicesCloseChange% chg
Nifty18044.25-24.30-0.13%
Sensex60433.45-112.16-0.19%
Banknifty39368.80-69.45-%0.18
Indian Market9-Nov-21
IndicesCloseChange% chg
Nifty Mid-Ccap 10032186.35367.701.16%
Nifty Small-Cap 1001121354.550.49%
India VIX16.00-0.34-2.06%
US Market1-Oct-21
IndicesCloseChange% chg
Dow 3036319.98-112.24-0.31%
S&P 5004685.25-16.45-0.35%
Nasdaq15886.50-95.80-0.60%
Currency / Index9-Nov-21
Dollar IndexCloseChange% chg
USD/INR74.0625-0.0125-0.02%
EUR/INR85.82600.1760.21%
Dollar Index93.99-0.052-0.06%
US 10-Year bond 1.425%-0.055%-0.06%
Disclaimer: The market view and updates we are sharing are true to the best of our knowledge and sharing just for information purpose and any action would be purely investor’s own responsibility. Investor are advised to take necessary guidance from certified adviser and hence we will not be responsible for any profit or loss incurred due it. We do not have PMS license and we are not recommending anything to buy or sell.

Trade Setup

  • Indian market on Tuesday: : Market remain sideways with negative bias and closed with negative bias facing resistance at 20-DMA.
  • • Auto stocks continue to do well and Banking and financials taking a beating as inflation worriers keep the market momentum in check.
  • • Wall Street indexes slid on Tuesday, bringing a multi-day rally of record closing highs to a wrap as profit-taking and worries over ongoing inflation fueled a broad selloff.
  • • Crude Oil rises near to fresh high as Brent Crude oil crosses $85 mark again, rises nearly $4 in last 2 – 3 trading session.
  • • SGX Nifty indicating gap down opening by 100 points on yet another default by Chinese real estate company and inflation fear.

Stock Updates

  • Adani Green Energy has set a target of achieving 45 GW renewable energy capacity by 2030, with the average tariff below the average power purchase cost at the national level. The company will also invest $20 billion in renewable energy development over the next decade and develop a 2 GW per year solar manufacturing capacity by FY23.
  • Adani Transmission, which distributes electricity in parts of Mumbai, is on course to increase the share of renewables in its power procurement to 30% by FY23 and to 70% by FY30 from the current 3%.
  • Cipla: The company’s unit Cipla Technologies LLC will continue to reimburse Pulmatrix Inc for 50% of all third-party costs for the development of Pulmazole, which would include 40% of dedicated personnel and consulting costs and another 10% upon the timely achievement of certain development milestones.
  • Housing Development Finance Corporation: To raise Rs 3,000 crore by issuing secured, redeemable NCDs on a private placement basis. The coupon rate has been fixed at 7.10% per annum. The issue will open for subscription on November 11, and close on the same day.
  • IDFC: Board, as part of simplification of corporate structure, has approved the merger of IDFC Alternatives, IDFC Trustee Company and IDFC Projects into IDFC subject to regulatory approvals from various authorities, as applicable.
  • Earnings: Pidilite Industries, Zomato, Oil India, Bank of Baroda, Berger Paints India, Birla Corporation, Crisil, Gujarat Fluorochemicals, Metropolis Healthcare, Alembic Pharmaceuticals, Glenmark Life Sciences.

Technical View

  • Nifty facing selling pressure at 20-DMA of 18085 and important support level will come at 50-DMA at 17730.
  • Nifty continue to trade in narrow range and breakout on either side will provide further cues on next directional move.
  • Banknifty could find support at 38375 & 50-DMA comes at 38152 level.
  • SGX Nifty indicating weak opening, it will be important to watch whether after gap-down opening, selling continues.
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Daily Reports

Daily Report 26-Oct-21

Indian Market26-OCt-21
IndicesCloseChange% chg
Nifty18268.401430.79
Sensex58765.58-360.78-0.61%
Banknifty37225.9-119.20-0.53%
US Market1-Oct-21
IndicesCloseChange% chg
Dow 3034326.46482.541.43%
S&P 5004357.0549.051.15%
Nasdaq14556.7108.100.75%
Other Indian - Indices1-Oct-21
IndicesCloseChange% chg
Nifty Next5034326.46482.541.43%
Nifty Midcap 1004357.0549.051.15%
Nify Samllcap 10014556.7108.100.75%
Currency /1-Oct-21
Dollar IndexCloseChange% chg
USD/INR34326.46482.541.43%
EUR/USD4357.0549.051.15%
Dollar Index14556.7108.100.75%
Disclaimer: The market view and updates we are sharing are true to the best of our knowledge and sharing just for information purpose and any action would be purely investor’s own responsibility. Investor are advised to take necessary guidance from certified adviser and hence we will not be responsible for any profit or loss incurred due it. We do not have PMS license and we are not recommending anything to buy or sell.

Stock Updates

  • SBI: Invests in digital payments firm Cash free.
  • InterGlobe Aviation: Expect domestic travels to reach February levels by year end, said CEO Ronojoy Dutta. International travel recovery pushed to fourth quarter of FY22. Net cash burn up to Rs 19 crore per day in Q4 compared to Rs 15 crore per day in Q3.
  • Bharat Petroleum: Shuts crude unit at Kochi; Oil-processing dips to 76%-78%
  • Infosys: Announced a collaboration with Archrock, Inc. to integrate digital technologies and mobile tools for its field service technicians. Infosys will leverage its pre-configured accelerator for Microsoft Dynamics 365 Field Service Application to streamline and enhance the efficiencies of Archrock’s field services and operations.
  • Shriram Transport Finance Company: Approved raising of funds by issuance of equity shares and warrants to Shriram Capital, promoter of the company, on a preferential basis. To issue 17,36,100 shares and warrants separately at Rs 1,440 per share/warrant.
  • Earnings: Bajaj Hindusthan, Suven Pharmaceuticals, Max Financial Services, Petronet LNG, Prestige Estates Projects, Engineers India, Galaxy Surfactants, Hester Biosciences, Ion Exchange (India), PTC India Financial Services, Titagarh Wagons, Wonderla Holidays.

Trade Setup

  • COVID-19 Updates: India recorded 87,345 fresh cases and active cases are at 13.08 lakh cases.
  • Indian market recorded yet another 52-week high closing on Nifty as Indices gain around half a percent. Action seems to be outside index and re-opening theme is playing out.
  • Narendra Modi Speech Highlights: The Indian government will procure 75% of the Covid-19 vaccines and distribute it to states for free—a reversal of its earlier policy that asked the states to buy the doses for the 18-44 age group.
  • The central government will extend free foodgrain transfers under its Pradhan Mantri Garib Kalyan Anna Yojana until Diwali, Prime Minister Narendra Modi said on Monday.
  • Wall street ended flat with DOW30 closing lower by 0.36 percent whereas Nasdaq recorded minor gains.
  • US data in focus: CPI & Core CPI data due on 10-Jun will be in focus now ahead of 15-16 June FOMC meeting.
  • Bitcoin trading @ $32542 down 10% today & Gold @ $1898.75.
  • US 10-year bond yield @ 1.565 & Dollar Index @ 90.02.
  • WTI Crude Oil @ $68.67 & Brent Crude Oil @ $70.88.
  • SGX Nifty @ 15757 down 22.50 at 8:55 AM.

Technical View

  • Nifty looks like in distribution pattern, seeing supply at higher level. RSI is above 70 and no signs of short covering is seen yet. We would prefer dip to go long on Nifty.
  • Banknifty broader range remains 34864 – 35888. Currently Banknifty spot trading at 35443.65. Technically trend remains positive with medium term view, short term we are expect correction.
Categories
Daily Reports

Daily Report 8th June 2021

Indian Market1-Oct-21
IndicesCloseChange% chg
Nifty17532.05-86.10-0.49%
Sensex58765.58-360.78-0.61%
Banknifty37225.9-119.20-0.53%
US Market1-Oct-21
IndicesCloseChange% chg
Dow 3034326.46482.541.43%
S&P 5004357.0549.051.15%
Nasdaq14556.7108.100.75%
Other Indian - Indices1-Oct-21
IndicesCloseChange% chg
Nifty Next5034326.46482.541.43%
Nifty Midcap 1004357.0549.051.15%
Nify Samllcap 10014556.7108.100.75%
Currency /1-Oct-21
Dollar IndexCloseChange% chg
USD/INR34326.46482.541.43%
EUR/USD4357.0549.051.15%
Dollar Index14556.7108.100.75%
Disclaimer: The market view and updates we are sharing are true to the best of our knowledge and sharing just for information purpose and any action would be purely investor’s own responsibility. Investor are advised to take necessary guidance from certified adviser and hence we will not be responsible for any profit or loss incurred due it. We do not have PMS license and we are not recommending anything to buy or sell.

Stock Updates

  • SBI: Invests in digital payments firm Cash free.
  • InterGlobe Aviation: Expect domestic travels to reach February levels by year end, said CEO Ronojoy Dutta. International travel recovery pushed to fourth quarter of FY22. Net cash burn up to Rs 19 crore per day in Q4 compared to Rs 15 crore per day in Q3.
  • Bharat Petroleum: Shuts crude unit at Kochi; Oil-processing dips to 76%-78%
  • Infosys: Announced a collaboration with Archrock, Inc. to integrate digital technologies and mobile tools for its field service technicians. Infosys will leverage its pre-configured accelerator for Microsoft Dynamics 365 Field Service Application to streamline and enhance the efficiencies of Archrock’s field services and operations.
  • Shriram Transport Finance Company: Approved raising of funds by issuance of equity shares and warrants to Shriram Capital, promoter of the company, on a preferential basis. To issue 17,36,100 shares and warrants separately at Rs 1,440 per share/warrant.
  • Earnings: Bajaj Hindusthan, Suven Pharmaceuticals, Max Financial Services, Petronet LNG, Prestige Estates Projects, Engineers India, Galaxy Surfactants, Hester Biosciences, Ion Exchange (India), PTC India Financial Services, Titagarh Wagons, Wonderla Holidays.

Trade Setup

  • COVID-19 Updates: India recorded 87,345 fresh cases and active cases are at 13.08 lakh cases.
  • Indian market recorded yet another 52-week high closing on Nifty as Indices gain around half a percent. Action seems to be outside index and re-opening theme is playing out.
  • Narendra Modi Speech Highlights: The Indian government will procure 75% of the Covid-19 vaccines and distribute it to states for free—a reversal of its earlier policy that asked the states to buy the doses for the 18-44 age group.
  • The central government will extend free foodgrain transfers under its Pradhan Mantri Garib Kalyan Anna Yojana until Diwali, Prime Minister Narendra Modi said on Monday.
  • Wall street ended flat with DOW30 closing lower by 0.36 percent whereas Nasdaq recorded minor gains.
  • US data in focus: CPI & Core CPI data due on 10-Jun will be in focus now ahead of 15-16 June FOMC meeting.
  • Bitcoin trading @ $32542 down 10% today & Gold @ $1898.75.
  • US 10-year bond yield @ 1.565 & Dollar Index @ 90.02.
  • WTI Crude Oil @ $68.67 & Brent Crude Oil @ $70.88.
  • SGX Nifty @ 15757 down 22.50 at 8:55 AM.

Technical View

  • Nifty looks like in distribution pattern, seeing supply at higher level. RSI is above 70 and no signs of short covering is seen yet. We would prefer dip to go long on Nifty.
  • Banknifty broader range remains 34864 – 35888. Currently Banknifty spot trading at 35443.65. Technically trend remains positive with medium term view, short term we are expect correction.
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