Stock Market Closing Report on 7 April 2021
MAX CALL OI : 15000
MAX PUT OI : 14000
PRICE RANGE : 14250 to 15000
50 DEMA : 14643
200 DEMA : 12755
TREND : Sideways to positive
OVERVIEW : Nifty opened on a very positive note and as the day progressed it witnessed strong buying interest at every decline as bulls managed to drag the index on their side. Although, it failed to surpass the resistance of 14900 levels, but managed to close above 14800 levels. It formed a bullish candle on daily chart and also is on the verge of giving breakout from the triangle. The traders are requested to take hedged positions and trade cautiously ahead of the quarterly result season. The support is at 14250 then 14000 levels while the bulls might be at relief only if the index manages to close above 14850 levels.
MAX CALL OI : 34000
MAX PUT OI : 32000
PRICE RANGE : 32200 to 33800
50 DMA : 33844
200 DMA : 28040
TREND : Sideways to positive
OVERVIEW : Banknifty although is trading below the support trend line and witnessed a relief rally after a volatile session. It after hitting a low of 32141 levels it witnessed buying interest and bounced towards 33000 zones. It has been making lower top lower bottom formation since last 8 weeks and now needs to move above 33200 levels to witness some positive price action. It made an attempt to bounce back but failed to hold the higher levels. The support is at 32200 then 32000 zones, while on the upside we might see relief only above 33800 zones. India vix is around 20-22 levels thus giving a sense of caution to the bulls. The support is at 32200 then 32000 while resistance is at 33800 then 34000.
STOCK OF THE DAY
- BHARTIARTL has been consolidating in a range since last five weeks and is now showing strength to breakthrough from the same.
- It formed a bullish candle and gave a close above its 50 DMA, thus giving signs of heading towards 550 and higher levels.
- RSI is supporting our view thus a possibility of bounce towards 550 and 570 levels cannot be ruled out, while support is at 525 levels.
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NEWS AND EVENTS
- INFO EDGE : Groww Raises $ 83 million at a valuation of over $ 1 Billion , Enters Unicorn club .Main investors Led by Tiger Global With existing investors such as Sequoi India , Ribbit Capital, YC Continuity & propel Venture . (Possitive For Info Edge s Zomato , policybazar Valutions )
- GUJARAT PIPAV PORTS: CONTAINERS 195000 TEU VS 197000 TEU (YOY) II DRY BULK 1.02 MMT VS 0.41 MMT (YOY), 0.77 MMT (QOQ)
- IDFC FIRST : IDFC First Bank releases business update for Q4.
- Customer deposits rise 7% QoQ & 43% YoY. CASA deposits increase 13% QoQ & 123% YoY.
- Avg CASA ratio up 557 bps QoQ & 2,251 bps YoY h (Possitive)
- JUBLIANT FOODWORKS , INFO EDGE ; BMC Commissioner tells us that an order is being issued to allow round-the-clock e-commerce & home delivery of food (Possitive)
- RAJESH EXPORTS: CO HAS BAGGED A FIRST MAJOR PRESTIGIOUS ORDER POST COVID WORTH RUPEES 7.45B OF DESIGNER RANGE OF GOLD JEWELLERY FROM GERMANY
- AB CAPITAL: AB Capital subsidiary AB Mutual fund IPO SOON ..Co. likely to File documents to SEBI .. Valuation at Rs 20000-25000 cr (Possitive)
- Vodafone IDEA : PRESS MEET TO LAUNCH CO'S NEW OFFERING ON APR 8 AT 11:45 AM
- BHARTI AIRTEL & RIL : JIO- Airtel deal will help RIL Jio to potentially save $400 mn on specturm charges , While allowing airtel to monetise unused spectrum asssts says analyst.
- Adding that deal is mutually beneficial for both telcos suggesting slight moderation of competitive dynamics (Possitive)