outlook-2020-04-20

 

NIFTY:

The NIFTY opened above 9300 today with a gap up of 331 points. However in the first half prices have seen a decline and made its intraday low at 9091.35. In the second half, prices have recovered all its intraday losses and finally closed at 9266.75 with a gain of 273.95 points. FINANCIALS and AUTO were the biggest gainer among the sectoral indices.

Narrow Range Breakout In The NIFTY

Yesterday, we had identified a narrow range inside 9150-8850. This range has seen a breakout today. Target for this breakout comes near 9350. Traders can look for a long trade with a stop just below 9250.

Trading

Carry forwards or swing traders can take a long trade with a stop just below 9250 and a target around 9350.

Intraday traders should also look for buying opportunity on any intraday dips or consolidation breakout.

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News Updates

  • The Reserve Bank of India’s (RBI) measures to help facilitate funds to the NBFC sector is unlikely to boost the credit flow to the broader economy as NBFCs would shore up their own liquidity rather than on-lending to customers, Moody’s Investors Service said on Sunday. Moody’s Investors Service Vice-President (Financial Institutions Group) Alka Anbarasu said the measures will soften the near- term credit negative impact on non-banking financial companies’ (NBFCs) funding and liquidity.
  • HDFC Bank Ltd.’s fourth-quarter profit rose despite the the disruption caused by the Covid-19 outbreak. Net profit for India’s largest private lender rose 17.7 percent year-on-year to Rs 6,927 crore in the three months ended March. Asset quality improved on a sequential basis. Gross Non-Performing Assets stood at 1.26 percent as compared to 1.42 percent in the quarter ended December, while Net NPAs stood at 0.36 percent compared to 0.48 percent in the three months ending December.
  • The home ministry on Sunday revoked permission given to e-commerce players to sell non-essential commodities from 20 April. These companies can only sell essential items .
  • Zydus Cadila Ltd. said it has received the final nod from the U.S. health regulator to market Baclofen tablets, used to treat muscle spasms caused by certain conditions, in the America. Baclofen is used to treat muscle spasms caused by certain conditions such as multiple sclerosis and spinal cord injury/disease. It works by helping to relax the muscles.

Source: Economic Times,  Moneycontrol  ,Business Today, Business Standard, Bloomberg Quint

BOARD MEETINGS

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Corporate Action

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