Stocks

SGX Nifty indicates NSE Nifty may scale 15,000 again

K.S. Badri Narayanan Chennai | Updated on April 29, 2021

Markets are, however, likely to remain volatile due to monthly derivative contracts on the NSE

SGX Nifty at 15,053 (8 am IST) signals that Nifty may cross the pshchological 15,000-mark once again. The Nifty May futures on Wednesday closed at 14,907, indicating a gap-up opening of about 150 points.

However, domestic markets are likely to remain volatile in the second half on account of monthly derivative contracts on the NSE, said analysts. The US markets overnight closed in the red while Asian markets are ruling just a tad higher.

According to CLSA, parallels from Covid second wave pattern in 12 countries indicated that India is likely to see a peak in mid-June and if one excludes Maharashtra, the country will see a peak in June-end. The seven-day moving average of daily case addition during the second wave in these countries peaked when reported cumulative infections hit a median level of 2.5 per cent of the population in the respective country.

After a long bout of selling, foreign portfolio investors too turned buyers on Wednesday, This signals buying may emerger at lower levels due to the vaccine programme and relatively better quarterly numbers.

Mohit Nigam, Head, PMS, Hem Securities, said: "We expect the momentum to continue with a stronger movement across small- and mid-caps, especially in the Chemicals segment. The 15,000-level becomes a psychologically important resistance for the markets to break for further upside, 1,4650 becomes the fresh support."

However, another foreign brokerage firm UBS warns, foreign portfolio investors (FPIs) have pulled out $2 billion from Indian equities as they are getting fidgety amidst surging pandemic caseloads and are likely to withdraw $ 3-4 billion more in the short-term.

According to Rohit Singre, Senior Technical Analyst at LKP Securities, the index has given descending channel pattern breakout on the daily chart which hints if current levels are held then we may see good northward move in the near term, immediate support is shifted to 14,750-14,650 zone and resistance is placed at 14,950-15,000 zone also fresh breakout again can be seen above 15k mark which acted previously as strong hurdle"

STOCKS TO WATCH

Affle India: The board of directors of Affle (India) Limited has approved the opening of the Issue on Wednesday. The floor price for the issue has been fixed as ₹5,422.94 a Equity Share.

Carbogen Amcis Limited's subsidiary, Carbogen Amcis AG, a pharmaceutical process development and Active Pharmaceutical Ingredient (API) and drug products manufacturing company, has announced a joint funding agreement with a longstanding Japan based customer to build a site extension at the Bubendorf site in Switzerland. The expansion will be created adjacent to an existing manufacturing facility on the Bubendorf Switzerland Site. This important expansion will incorporate a new production line comprising of two 850 L reactors and one agitated filter drier.

Gayatri Highways has proposed to sell up to 36.99 per cent of equity share held by the company in HKR Roadways Limited to Kotak Special Situations Fund (represented by its investment manager, Kotak Investment Advisors Limited) (the "Purchaser/Investor") under OTS (Onetime Settlement) Scheme for ₹ 1.71 crore.

RattanIndia Enterprises Ltd announced today that it is venturing into Electric vehicle space by acquiring substantial strategic stake in Revolt Intellicorp Pvt Ltd. Revolt Intellicorp is a next-gen mobility company, created for the smart world, promoted by Rahul Sharma, co-founder of Micromax. Revolt is working with a vision of democratising clean commutes using next-gen mobility solutions and a mission to create a future of next-gen mobility with 100% accessibility and 0% fuel residue. With technology at its roots and class-apart products, Revolt has introduced India's first Al-enabled motorcycle without compromising on the performance or aesthetics of a regular ride.

Results Calendar: Aavas Financiers, AU Bank, Ambuja Cements, Bajaj Holdings & Investment, Bajaj Auto , Cigniti, Coromandel, Dalmia Bharat, Embassy Office Parks REIT, Equitas Small Finance Bank, Exide Industries, Hindustan Unilever, India Mart, Inox Leisure, Kirloskar Pneumatic, L&T Finance Holdings, Mahindra CIE, Mahindra Logistics, Laurus Labs, Motilal Oswal Financial Services, Sterlite Technologies and Zensar among the others will declare their quarterly results on Thursday.

Published on April 29, 2021

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