Daily-market-outlook-6aprilNIFTY:

Nifty opened 30 points down at 14837 from previous day close. After opening, a sharp decline brought the prices down almost 400 points from day high. NIFTY found support around 14450 level and recovered almost 200 points before closing at 14637. IT sector has continued to outperform and perform well. Metals as well opened strongly in the green and continued to close in the green with Jindal Steel being the top performed.

Bank Nifty has led the bears and closed lower sharply.

For today, 14680-14700 will act as strong resistance point. If prices open below 14600 level, then the down move will continue towards 14400 level.

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BANK NIFTY:

Bank Nifty opened almost 200 points down at 33649 from previous day close. After opening prices declined sharply and a breakdown is witness from 4 days of consolidation. Prices found intraday support around 32330 level and recovered some losses before closing at 32678.For today, if we open above 32850-32900 level, then price may consolidate between 32600-33200. Price will be very weak below 32400 level. Among the sectoral indices. The PSU Bank index was the top sectoral laggard, ending 4.1% lower.

TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
ADANIPORTS 742.25 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 735 and for the target 765
HCLTECH 1033.5 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1015 and for the target 1055

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
LTI 4400 CE BUY 164 CMP 130 210 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
LALPATHLAB 119 6 32.1 3493000 FINNIFTY 60 -3.6 16.6 3493000
LTI 85 3.6 17.8 19399900 MGL 31 -4.5 11.1 19399900
PFIZER 12 0.8 10.1 60125 PVR 360 -7.4 10.4 60125
MPHASIS 4 0.2 9.8 2401350 AARTIIND 37 -2.6 9.6 2401350
SHREECEM 154 1.2 9.5 346775 BAJFINANCE 106 -6 9.2 346775
                                                                        Short Covering Long Unwinding
Stocks Price Price% OI% OI Stocks Price Price % OI % OI
SAIL 46 6.4 -8.2 3493000 TVSMOTOR 40 -1.3 -11.6 3493000
NAUKRI 60 3.5 -4.2 19399900 SRTRANSFIN 16 -3.6 -10 19399900
TATASTEEL 7 0.7 -3.4 60125 GUJGASLTD 42 -0.3 -9 60125
MINDTREE 13 0.4 -3.4 2401350 CONCOR 20 -3.7 -8.6 2401350
VEDL 1 0.2 -1.3 346775 HINDALCO 28 -0.1 -7.2 346775

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
UBL 226.85 1.96 16219649 19886405 2008 Nifty Metal 3855.3 3.68 80610
DIVISLAB 873.95 1.14 1194885 1714275 398 Nifty Fmcg 33818.45 1.82 80610
PFC 1400 0.85 227045 318068 339 Nifty Realty 328.6 1.69 80610
WIPRO 2317.9 3.61 1929236 1515423 296 Nifty 50 14507.3 1.27 80610
SHREECEM 1336.2 0.18 4922071 5246781 277 Nifty Auto 9771.5 1.24 80610
INDIGO 2272.75 -0.94 198453 145108 259 Nifty Bank 33318.2 0.94 80610
MFSL 2532.75 2.51 3272534 2734430 234 Nifty it 25385.1 0.59 80610
VOLTAS 710.25 4.48 3079702 890087 213 Nifty Pharma 11883.2 0.56 80610
PVR 224.05 1.49 3014213 2562192 211 Nifty Energy 18217.65 0.46 80610
M&MFIN 214.6 -0.83 14166489 6275324 184 Nifty Media 1544.5 0.06 80610

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Upcoming Economic Data

   Domestic                                                                                                                                                  International
INR:  Nikkei Services PMI (Mar) on  7th  April 2021

INR:  RBI  Interest Rate Decision  on 7th  April, 2021

•USD : EIA Short-Term Energy Outlook on 6th April, 2021

•USD:  Crude Oil Inventories on 7th April, 2021

News Updates

  • Coal India Ltd (CIL) arm NCL has said it supplied 87 per cent of its total coal to electricity producers in the last fiscal year, thereby fulfilling the power aspiration of the country in these unprecedented times. There was also about 14 per cent increment year-on-year in the average supply of coal rakes to upcountry consumers, the PSU said in a statement.

 

  • Infosys saw its market value go past the Rs 6-trillion mark on Monday. Shares of the Bengaluru-based firm finished at a record high of Rs 1,140, valuing the company at Rs 600,817 crore. Infosys’ shares have outperformed the benchmark Sensex both on a year-to-date (YTD) and one-year basis, with a gain of 12.3 per cent and 2.2 times, respectively.

 

  • The stricter norms put in place in the wake of rising coronavirus cases in Maharashtra would lead to a dip in gross value added (GVA ) growth by 0.32 per cent at the overall domestic economy level in the financial year 2021-22 (FY22), believes CARE Ratings. It had earlier estimated growth of 10.24 per cent in GVA for FY22 for the Indian economy towards the March-end, where it was assumed that there would be return to normalcy during the year.

 

  • HDFC Bank’s advances portfolio grew by 14 per cent year-on-year (YoY) to Rs 11,320 billion at the end of March 31, 2021 (Q4FY21). Sequentially, the loan book grew by 4.6 per cent over the December quarter. Deposits grew by 16.3 per cent YoY to Rs 13,350 billion in Q4FY21 from Rs 11,475 billion over the same period last year.

 

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

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