outlook

NIFTY:

The NIFTY had a random, volatile and completely unpredictable trading session on Friday, with the index itself moving up and down repeatedly. Eventually the index closed significantly lower, losing 159.5 points and ending up at 9154.40. With Friday’s close, the week has also closed with losses. Yet, with all the sound and fury, the NIFTY continues to remain inside a trading range, and it also remains above 9000.

Trading range in the NIFTY

The NIFTY has a large trading range inside which it has been moving for many days. Resistance comes in at 9400, and support at 8900. Inside a trading range, markets can move almost randomly. The best and safest trade is to wait for the range to breakout in one or the other direction.

Second trade comes in if the NIFTY falls towards 8900. In such a case it is possible to buy the dip with a tight stop just below 8900. The exact opposite is also possible if the NIFTY goes towards 9400. Then, we can go short in the NIFTY, with a tight stop just above 9400.

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News Updates

  • Reliance Industries Ltd. started testing its online shopping portal three days after Facebook Inc. said it will invest $5.7 billion in digital assets controlled by billionaire Mukesh Ambani. JioMart, an e-commerce venture of Reliance Retail, went live in three neighborhoods surrounding Mumbai, leveraging a deal that gives it access to WhatsApp’s 400 million users in India currently under the world’s most expansive lockdown.

  • Housing Development Finance Corporation Ltd. has acquired 6.43 percent stake in debt-trapped Reliance Capital by invoking pledged shares.

  • ICICI Prudential Life Insurance Company on Saturday reported a 31.33 per cent decline in the net profit for the quarter ended March 2020 as it recorded losses on investments. The private life insurer reported a net profit of Rs 179.49 crore in the fourth quarter of fiscal 2020 compared with Rs 261.37 crore a year ago.

  • Steel’s UK arm is seeking an estimated GBP 500-million government financial package to survive through the coronavirus lockdown period, according to UK media reports. Tata Steel, which owns the UK’s largest steelworks in Port Talbot in Wales, is holding discussions with the Welsh government as well as the UK Treasury as it seeks the GBP 50-million cap set on loans being offered under the UK’s Coronavirus Large Business Interruption Loan Scheme (CLBILS) to be lifted.

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

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