The NIFTY had a choppy day on Monday, when the index finally closed with minor losses, giving up 118 points, about 1.3% down. In the process, the NIFTY closed just below 9000, at 8993.
Among sectoral indices, NIFTY PHARMA was up 2.8% and NIFTY METAL was up 2%. NIFTY REALITY remained the top sectoral loser, ending with losses of 4.9%.
With all the minor correction that we saw yesterday, the NIFTY was well above 8900. so far, the trend remains up, and therefore, the trade is to buy on dips.
We believe that the final lows have not been made. Therefore we are treating this rally as a bear market rally. But, bear market rallies are eminently tradable. This is why we have been suggesting a buy on dips strategy for many days.
Buy on a dip towards 8920-8950 with a stop just below 8880.
Buy on a breakout above 9150 with a stop just below 9090.
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To cash in on cheap funds flooding the debt market through the targeted long-term repo operations route, Reliance Industries Ltd. will raise Rs 9,000 crore through a non-convertible debenture sale to refinance the existing high-cost rupee debt. India’s most cash-rich company is also one of the most indebted corporates sitting on debt pile of over Rs 1.54 lakh crore as of March 2020.
India plans to completely fill its strategic petroleum reserve (SPR) by the third week of May by moving about 19 million barrels into the sites by then, the managing director of the country’s SPR said on Tuesday. India is moving the oil to the SPR to help the country’s refineries reduce their excess crude as the lockdown to contain the outbreak of COVID-19, the respiratory disease caused by the new coronavirus, has dented transportation and industrial fuel consumption in Asia’s third-largest economy.
Moody’s Investors Service on Tuesday said it has placed JSW Steel Ltd.’s ratings under review for downgrade. The ratings outlook has been revised to under review from stable. Moody’s Investors Service has placed under review for downgrade JSW Steel Limited’s Ba2 Corporate Family Rating and the Ba2 senior unsecured rating.
The coronavirus pandemic may turn out to be a blessing in disguise for India’s auto industry, which was going through its worst-ever slump in sales even before the outbreak.
Source: Economic Times, Moneycontrol ,Business Today, Business Standard, Bloomberg Quint
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