outlookNIFTY:

The Nifty opened at 14716.45 with a gap up of 33 points. Within the first 5 minutes of trading, the index moved down sharply and recorded its intraday low at 14649.85 and then quickly recovered from that loss. The index rallied more than 220 points from the intraday lows and recorded its intraday high at 14879.90 and then spent the rest of the day moving choppy and narrow. The index finally closed at 14819.05 with a gain of 135.55 points. All the sectoral indices have closed with gains led by Auto, Bank and IT. It was a trend day on the upside. The index ended above 14800 and now heading towards 14900 resistance. Yesterday we have mentioned two ongoing patterns in the Nifty both with a resistance level of 14900. A breakout from this pattern may give us a trade on the long side.

We should look to buy the index above 14900 with a stop at 110 points and target of 220 points.

BANK NIFTY:

Bank Nifty opened at 32529.70 without much of a gap. Prices have recorded its intraday low at 32141.55 and then started moving on the upside. The index recorded its intraday high at 33191.70 and then spent the next 2 hours trading sideways and choppy. Prices have finally closed at 32991. PSU and Private Banks both have performed well and closed higher by 1.95% and 1.53% respectively. Within the index, in terms of points, ICICI Bank contributed highest followed by SBIN.

It was a trend day on the upside where the index closed higher above near 33000 levels.  

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
MOTHERSON SUMI 214.15 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 210 and for the target 221.
FEDERAL BANK 79.05 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 77 and for the target 83.50

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
APOLLOHOSP 3100 CE BUY 140.05 CMP 120 180 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
PIIND.21.04 Apr 2430.2 4.61 45.67 496750 MPHASIS.21.04 Apr 1740.55 -0.99 29.37 682825
CHOLAFIN.21.04 Apr 580.25 6.78 26.15 6705000 AMARAJABAT.21.04 Apr 835.05 -1.87 23.32 3120000
VEDL.21.04 Apr 238.8 1.62 26.03 86818600 LALPATHLAB.21.04 Apr 2997.95 -1.4 12.08 322500
FINNIFTYW.21.04 Apr 15565 0.9 20.24 4040 LICHSGFIN.21.04 Apr 421.65 -0.09 11.84 6708000
NAM-INDIA.21.04 Apr 343.1 1.22 16.73 982400 GLENMARK.21.04 Apr 505.3 -1.18 9.66 7469250
                                                                        Short Covering Long Unwinding
Stocks Price Price% OI% OI Stocks Price Price % OI % OI
CUMMINSIND.21.04 Apr 891.4 1.14 -6.1 1846800 TATACONSUM.21.04 Apr 669.4 -1.31 -1.13 16260750
TORNTPOWER.21.04 Apr 423.85 1.01 -5.13 2331000 NATIONALUM.21.04 Apr 59.6 0 -0.44 73882000
RBLBANK.21.04 Apr 216.85 1.62 -4.22 21274400 HINDUNILVR.21.04 Apr 2409 -0.3 -0.21 5962800
BAJFINANCE.21.04 Apr 5093.6 1.55 -4.13 3526250 GRANULES.21.04 Apr 332.5 -0.72 -0.1 6370500
PFIZER.21.04 Apr 4639.95 0.15 -3.67 75500 BHARATFORG.21.04 Apr 616.5 -1.16 -0.08 5605500

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hindustan Unilever Ltd 2405.25 -0.13 1713970 2880067 78.19 Nifty Auto 9937 1.59 91212
Nippon Life India Asset 340.45 0.98 1021997 407441 71.23 Nifty Bank 32991.2 1.51 91212
Godrej Cons Products Ltd 739.5 1.61 2369890 600038 59.43 Nifty it 26831 1.13 91212
United Spirits Limited 543.45 0.45 1383196 1157507 59.31 Nifty Realty 331.4 0.96 91212
Petronet Lng Limited 230.9 1.21 2420861 1390953 56.67 Nifty 50 14819.05 0.92 91212
Hdfc Ltd. 2482.7 0.42 3511527 1619826 56.19 Nifty Metal 4325.45 0.9 91212
Vedanta Limited 236.85 1.41 42365445 9799993 55.52 Nifty Media 1538.95 0.77 91212
Colgate Palmolive (india 1550.85 -1.13 627405 214406 55.01 Nifty Energy 18333.35 0.64 91212
Max Financial Services l 889.9 0.07 740186 734130 54.16 Nifty Fmcg 34835.3 0.62 91212
Nestleind 17409.85 1.92 178465 34034 53.02 Nifty Pharma 12616.35 0.54 91212

Upcoming Economic Data

   Domestic                                                                                                                                                  International
INR:  Deposit Growth on  9th  April 2021

INR:  Bank Loan Growth on 9th  April, 2021

•USD : Initial Jobless Claims on  8th April, 2021

•USD:  PPI (MoM) (Mar) on 9th April, 2021

News Updates

•The Indian currency fell to a four-month low during trade on April 7, driven down by unwinding of positions in the offshore markets and chatter over the Reserve Bank of India’s new bond-buying programme being akin to quantitative easing. The rupee fell 1.5% to 74.55 against the U.S. dollar, the steepest one-day drop seen since August 2019, according to data available from BloombergQuint.

•The initial share sale of Macrotech Developers Ltd. received muted response from investors on the first day of its offering. The Rs 2,500-crore issue was subscribed 0.26 times as of 5 p.m. on April 7 led by qualified institutional buyers, according to exchange data. The IPO will close on April 9.

•Telecom operator Bharti Airtel on Wednesday announced an integrated platform that enables enterprises to leverage the power of the Internet of Things (IoT) and gear up for the emerging era of ‘connected things’. ‘Airtel IoT’ is an end-to-end platform with the capability to connect and manage billions of devices and applications in a highly secure and seamless manner, the company said in a statement.

•The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 25 crore on the Ambani family and firms linked to the promoter group for violation of takeover code regulations in the year 2000. In January 2000, the promoter stake in Reliance Industries (RIL) had increased by 6.83 per cent following conversion of warrants issued in 1994.

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

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Board Meetings

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
BANKINDIA General 08-Apr-21 EVEXIA General;Stock  Split 09-Apr-21
GOLKONDA General;Preferential Issue of shares 08-Apr-21 ICSL Audited Results;General 09-Apr-21
INFRATRUST General 08-Apr-21 KALPACOMME General 09-Apr-21
MINALIND Quarterly Results 08-Apr-21 MEHTAHG General 09-Apr-21
SALORAINTL General 08-Apr-21 PRAKASHSTL General 09-Apr-21
SELMCL General;Quarterly Results 08-Apr-21 YASHCHEM General 09-Apr-21
SPECMKT Increase in Authorised Capital 08-Apr-21 INDITALIA General 10-Apr-21
SUNRAJDI A.G.M.;Audited Results;General 08-Apr-21 MINALIND General;Quarterly Results 10-Apr-21
AGARIND Issue Of Warrants;Preferential Issue 09-Apr-21 SHANGAR Audited Results;Quarterly Results 10-Apr-21
CHEMCON General 09-Apr-21 CALSOFT Audited Results 12-Apr-21
DHANADACO General 09-Apr-21 CUPIDTR Quarterly Results 12-Apr-21

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
BRITANNIA 08-Apr-21 Interim Dividend – Rs. – 62.00 SIS 08-Apr-21 Buy Back of Shares
GOVINDRU 08-Apr-21 Resolution Plan -Suspension INLANPR 09-Apr-21 Consolidation of Shares
INDNIPPON 08-Apr-21 Interim Dividend – Rs. – 6.00 PRITIKAUTO 09-Apr-21 Stock  Split From Rs.10/- to Rs.2/-
KAMAHOLD 08-Apr-21 Interim Dividend – Rs. – 108.00 RAMAPHO 09-Apr-21 Interim Dividend – Rs. – 1.00
PREMCO 08-Apr-21 Interim Dividend – Rs. – 2.00 ROTO 09-Apr-21 Interim Dividend – Rs. – 1.40
RVNL 08-Apr-21 Interim Dividend – Rs. – 1.1400 STYLAMIND 12-Apr-21 Stock  Split From Rs.10/- to Rs.5/-

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