500 points breakout target reached in just one day
The NIFTY broke out of a trading range on Thursday morning. Earlier we had suggested buying the NIFTY if it breaks and move above 9400. This event happened on Thursday morning, and traders should be long. The market opened with a 200 points gap up on Friday, at 9753, giving a 300 points profit on Thursday trade. If you book profit at this level, it was a sensible act.
PVT BANKS have outperformed on Friday and closed higher by 2.51%. Within the Index, In terms of points, HDFCBANK contributed highest while INDUSIND BANK contributed lowest.
The trend is up, but markets are probably over extended. Traders should look for significant dips to buy. With the NIFTY in a firm trend, it is possible to take swing trades on the buy side. During intraday dips, buy at The Money CALLS.
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Reliance Strategic Mukesh Ambani-led Reliance Industries Ltd. plans to raise another $6 billion from sale of shares in its newly created subsidiary Jio Platforms soon after selling a stake to social media giant Facebook. The amount we got from Facebook for Jio Payments is 50 percent of the targeted value unlocking in our minds, V Srikanth, deputy chief financial officer of RIL said in a conference with journalists and analysts on April 30.
ITC Ltd has ramped up personal care production to meet the demand for sanitisers. The company which retails Savlon range of sanitisers, has stepped up production at the facility in Himachal Pradesh to produce an additional 1.25 lakh litres. It also has slashed prices of Savlon sanitisers and working overnight to make sure the new stocks reached the market. Tata Motors and Ashok Leyland have said a well-defined and financial incentives-based scrappage policy can help create demand in the commercial vehicles (CV) segment which has come come to a grinding halt. A vehicle scrappage policy is in the works for some time now.
Yes Bank on Saturday said it has appointed Neeraj Dhawan as its Chief Risk Officer with immediate effect. The board of directors, vide their resolution dated May 1, 2020, appointed Neeraj Dhawan as the chief risk officer of the bank for a period of three years, Yes Bank said in a regulatory filing.
Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint.
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