The NIFTY opened with a gap up of more than 100 points and then actually went lower in negative territory. Around mid-afternoon, the buyers came in and from that point onward the market began a rally that took it all the way to 9400, a gain of 98 points. This is more than a percent gain. The market continous to remain in the grip of buyers. Traders should be looking to buy on dips.
NIFTY on the verge of breaking from trading range
The NIFTY is on the verge of a breakout from a large trading range. Which has support at 8900 and resistance at 9400. With Today’s close, there is a strong chance that the index is willing to move up, out of this range. If there is a range breakout tomorrow, traders should buy above 9400 with a tight stop just below 9300.
Buy on a dip towards 9335 with a stop just below 9300.
Buy on a breakout above 9400 with a stop just below 9365.
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Axis Bank Ltd. reported a surprise loss in the quarter ended March as the private lender increased provisions for bad loans in a virus-struck economy. Net loss stood at Rs 1,387.8 crore compared with a profit of Rs 1,505 crore in the same quarter last year. Gross non-performing assets ratio fell to 4.86 percent from 5 percent in the preceding quarter. The net NPA ratio, too, moderated to 1.56 percent from 2.09 percent earlier.
IDFC First Bank Ltd. is considering a $200 million share sale to bolster its capital, people familiar with the matter said, as the lockdown in India raises the risk of loan defaults. The private-sector lender is waiting for the five-week lockdown to end before firming up the route for fundraising.
The government has extended the deadline to bid for Air India by two months till June 30, as the COVID-19 fallout has disrupted economic activity globally. This is the second extension in the deadline to submit bids by investors for Air India since it initiated the process of stake sale in the debt-ridden national carrier on January 27.
The Securities and Exchange Board of India (Sebi) on Tuesday extended the timelines for mutual funds to comply with upper limits on unlisted debt in their portfolios. The regulator also allowed mutual funds to transact in old unlisted debt investments made before its October 2019 circular, which originally laid out the timelines.
Source: Economic Times, Moneycontrol ,Business Today, Business Standard, Bloomberg Quint.
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