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Sensex plummets 984 points on bank selloff, weak global cues; Nifty snaps 4-day winning run, ends at 14,631; HDFC twins tank 4% each

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Topic :- Time:3.00 PM

RELIANCE Result and Election outcome are due. So traders are advised to avoid open short positions for the next trading session and use this fall as an opportunity to go long in the market.

Nifty spot if holds above 14640 on closing basis then expect some pullback in the market in coming sessions and if it closes below above-mentioned level then some sluggish movement is further expected.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 4770. If it breaks and trades below the 4765 levels then expect some further decline in it and if it manages to trade and sustain above the 4785 levels then some pullback can be seen in it.

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Topic :- Time:2.10 PM

Nifty slides from its higher level. Nifty spot if breaks and trade below 14680 level then expect some further decline in the market and if it manages to trade and sustain above 14720 levels then some upmove can be seen in the market.

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 46744. If it manages to trade and sustain above 46820 levels then some upmove can be seen in it and if it holds below the above-mentioned level then some bearish trend is expected in this bullion.

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Topic :- Time:1.20 PM

Nifty is declining from higher levels. Nifty spot if breaks and trade below 14740 level then some decline can be seen in the market and if it manages to trade and sustain above 14800 levels then some upmove can follow in the market.

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Topic :- Time:12.50 PM

Just In:

Ambuja Cements reports standalone profit at Rs 665 crore.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 757.80. If it manages to trade and sustain above 758 level then some upmove can be seen and if it breaks and trades below 756 level then some decline can be seen in it.

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Topic :- Time:12.10 PM

Nifty is rangebound. Wait for movement before taking big positions. 

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex drops 400 pts; metal, IT stocks outperform

2. Wipro share price hits 52-week high on revised Q1 FY22 growth guidance

3. Coronavirus India NewsUpdates: India sees record high of 3.86 lakh new cases, 3,498 deaths

4. Auto firms to halt production for up to 15 days amid a raging second wave

5. New Sebi norms on compensation: Mutual fund houses fear losing talent

6. Sebi gives India Inc more time to report earnings amid second Covid-19 wave

7. Info Edges early investment in Zomato set to deliver sweet returns

8. RIL to announce Q4 numbers today: Revenue expected to grow in double digits

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Topic :- Time:11.00 AM

Nifty is quite rangebound. Nifty spot if manages to trade and sustain above 14780 levels then some decline can be seen in the market and if it manages to trade and sustain above 14820 levels then some upmove can follow however 14850 levels will act as immediate resistance for it.

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Topic :- Time:10.10 AM

After a negative opening nifty is showing some recovery however it is trading in red zone only. Nifty spot if breaks and trade below 14780 level then expect some further decline in the market and if it manages to trade and sustain above 14820 level then some pullback can follow.

Results Today:

ATUL, CanFin Home, Indian Hotel, IndusInd Bank, Marico, Reliance Ind, Trent, Yes Bank

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Topic:- Nifty Opening Bell

Indian Stock Market Trading View For 30 April 2021:

Geopolitical development will have an impact on the market along with global cues. Good stock-specific action is expected in the Indian share market.

April F&O series is over and now it's time for May Series. Nifty spot if manages to trade and sustain above 14950 levels then expect some quick up move in the market and if it breaks and trade below 14840 levels then some decline can be observed in the Nifty. Please note this is just an opening view and should not be considered as the view for the whole day. 

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A Delhi High Court order dated April 28 directed IRDAI to advise insurers to communicate their cashless approvals to hospitals within 30-60 minutes.

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In instruction to field offices, the Central Board of Indirect Taxes and Customs (CBIC) said in the wake of the extraordinary situation arising out of the COVID pandemic, the issue of providing seamless clearance to such relief material received from foreign governments and imported by the Indian Red Cross Society was discussed in a meeting chaired by the Cabinet Secretary on April 27.

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Benchmark indices ended higher for the third straight session on April 28 with Nifty above 14800.

At close, the Sensex was up 789.70 points or 1.61% at 49733.84, and the Nifty was up 211.50 points or 1.44% at 14864.50. About 1730 shares have advanced, 1180 shares declined, and 170 shares are unchanged.

Bajaj Finance, IndusInd Bank, Eicher Motors, Bajaj Finserv, and Kotak Mahindra Bank were among top gainers on Nifty, while losers were Britannia Industries, Hindalco Industries, Nestle, Divis Labs, and HDFC Life.

Except for metal and pharma, all other sectoral indices ended in the green. BSE Midcap and Smallcap indices rose 0.7-1 percent.

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Topic :- Time:3.00 PM

A nifty spot close above 14840 levels then expects some further up move in coming sessions and if it closes below above-mentioned level then some sluggish movement is possible in the market. Avoid open positions for tomorrow.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 4694. If it manages to hold above 4680 levels then expect some pullback in it and if it breaks and trades below 4680 levels then some decline can further follow in it.

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Topic :- Time:2.00 PM

Nifty is still going well. Nifty spot if manages to trade and sustain above 14880 levels then expect some further up move in the market and if it breaks and trade below 14840 levels then some decline can be seen in the market.

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Topic :- Time:1.25 PM

Just In:

Goa could be staring at another tourism crisis.

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Topic :- Time:1.10 PM

Just In:

Indias second COVID-19 wave may impede economic recovery: S&P

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Topic :- Time:1.00 PM

Nifty is showing good momentum however selling from higher levels can be seen so a cautious approach is required as of now. Nifty spot if manages to trade and sustain above 14860 levels then some further up move can be seen in the market and if it breaks and trade below 14820 levels then some decline can be seen in the market.

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Topic :- Time:12.30 PM

GOLD Trading View:

GOLD is trading at 46950. If it breaks and trades below the 46900 levels then expect some decline in it and if it manages to trade and sustain above the 46980 levels then some upmove can be seen in GOLD.

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Topic :- Time:12.10 PM

Nifty is still going strong. Nifty spot if manages to trade and sustain above 14800 levels then some upmove can be seen in the market and if it breaks and trade below 14760 levels then some decline can follow in the market.

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Topic :- Time:10.30 AM

COPPER Trading View:

COPPER is trading at 751.70.If it breaks and trade below 751.00 level then some decline can be seen in it and if it manages to trade and sustain above 752.20 level then some upmove can follow in it.

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Topic :- Time:10.10 AM

After a positive opening nifty is still trading in the green zone. Nifty spot if manages to trade and sustain above 14780 level then expect some upmove and if it breaks and trade below 14740 levels then some decline can be seen in the market.

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Topic:- Nifty Opening Note

Indian Stock Market Trading View For 28 April 2021:

Nifty to trade volatile and is likely to follow global cues.

Gap up opening expected. Nifty spot if manages to trade and sustain above 14740 levels then expect some upmove and if it breaks and trade below 14600 levels then some decline can be seen in the market. Please note this is just an opening view and should not be considered as the view for the whole day.--------------------------------------------------------------------------------------------

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Net interest income grew 11 percent to Rs 7,555 crore in Q4 FY21 compared to Rs 6,807.7 crore in Q4 FY20.

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The RBI’s state of the economy report enlists Franklin, Dostoyevsky, Paulo Coelho, Barack Obama, Shakespeare, and a number of lesser luminaries to drive home a message of relentless positivity

Back in January this year, RBI’s state of the economy report prognosticated that India will have a ‘glorious summer’. Seen in heartless hindsight, that remark was gloriously off the mark.

Has the devastating second wave of the pandemic changed the RBI’s tune? Well, it can hardly ignore reality. Its state of the economy report for April 2021 acknowledges the ‘ferocious rise of latest infections and mortalities’ and therefore the strained hospital facilities and vaccine supplies. But it then enlists the rather unlikely melange of Franklin, Dostoyevsky, Paulo Coelho, Barack Obama, Shakespeare, and a number of lesser luminaries to drive home a message of relentless positivity. Oh, it also has Valmiki.

Benjamin Franklin, says the state of the economy report, wont to say that energy and persistence conquer all things and once we strive to become better than we are, everything around us becomes better too.

Dostoyevsky, the guy who wrote ‘Crime and Punishment’ and ‘The Possessed’, is quoted by the report as saying that the key of man’s being isn't only to measure but to possess something to measure for. What then should we live for? The report clarifies: ‘India features a lot to measure for; among them is that the strong likelihood of being the world’s fastest-growing economy in 2021 and 2022.’

Paulo Coelho said there are some ways of going forward, but just one way of standing still. Barack Obama makes a cameo appearance within the report back to utter this homily: ‘hope within the face of difficulty. Hope within the face of uncertainty. The audacity of hope.’ Shakespeare talks of April’s spirit of youth.

If all this sounds a touch like ‘Chicken Soup for the economy’s soul’ from RBI, the state of the economy report also has Valmiki’s lyrical combat the monsoons, “the sky ‘will drink the waters of the ocean and provides birth to a liquid offspring, the elixir of life. The scorched earth will wear a robe of brilliant green.’ ’’ then, the report’s saying the forecast of excellent monsoons this year is that the ‘icing on the cake’ sounds rather flat.

What exactly is that the purpose of this quote fest? Infusing positivity into these dark times, of course. The message is to seem beyond the perilous present and transport ourselves into an excellent future. The report’s summation of the present horror show? ‘This too shall pass.’

What is the idea of the central bank’s positivity? It says, ‘It is noteworthy that economic activity in India is holding up admirably against COVID -19’s renewed onslaught. Much attention has been drawn to the wilting of incoming data within the face of the second wave and localized restrictions. Yet, it's important to notice that it's the sentiment indicators that have moderated. aside from contact-intensive sectors, activity indicators largely remained resilient in March and grew beyond pre-pandemic levels on the rear of strong momentum instead of statistical base effects.’ Yes, but that was in March. Isn’t this report alleged to provides a more up-to-date picture of the economy?

It is perfectly legitimate to supply optimistic combat the economy. There are signs that infections have peaked in some parts of the country. Analyzing seroprevalence surveys could yield some excellent news. A forecast about the pace of vaccinations would help. But the RBI report does none of that. It resolutely ignores the negatives—the lack of credit growth, or the downturn in industrial growth even before the second wave hit. All it does is say that the majority indicators were flashing green in March, but that was before the second wavelet loose havoc across the country. rather than analysis, the report offers bromides.

It is much more pessimistic when it talks of worldwide conditions, remarking that, ‘The near-term outlook remains fragile as rapid mutations of the virus, concerns over vaccine efficacy with reference to newer strains, mounting vaccine vacillation and uneven vaccine availability across economies pose downside risks. Furthermore, rallying commodity prices on demand-supply imbalances, alongside continued monetary and monetary support, entails upside risks for inflation, especially for EMEs, which squeezes policy headroom to support the recovery, going forward.’

To be fair, a couple of negatives on the domestic economy also slip through. The report says, as an example, that the growing infections and restrictions on businesses have ‘imparted high uncertainty to the outlook.’ It also warns that if the second wave isn't contained soon and therefore the restrictions linger, disruptions in supply chains could lead on to inflationary pressures.

It has the standard statutory warnings for bond vigilantes, remarking that GSAP 1.0, which it calls a Brahmastra, is simply the start, which suggests there are weapons bigger even than the Brahmastra in RBI’s arsenal. Its message for the bond markets is that they should hear central banks.

The writers of the state of the economy report know all right that it'd encounter as rather over the highest. that's why they assert, ‘one view is that we are too optimistic. Yes, confronted with a once-in-a-lifetime pandemic with no known cure thus far, with infections and deaths that have drawn comparison to the Spanish flu of 1918, we've dared to stay the religion and dream a few COVID-vanquished worlds.’

To those poetic words, they ought to perhaps have added a few of lines from Wordsworth, to form it truly epic: ‘And then my heart with pleasure fills/And dances with the daffodils.

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Experts fear the restrictions will hit economic activity and earnings of India Inc in the upcoming June quarter. Though the impact will be felt on a sequential basis, on a YoY basis, the results will be strong, they say.

 Many state governments, over the weekend, have extended lockdown as COVID-19 cases rise across the country to hit a record 3.49 lakh cases in a single day, as on April 25.

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To enable ministries/departments expedite capital expenditure, it said, the cash management guidelines issued by the Ministry of Finance under the OM of 2017 have been relaxed.

In a bid to boost the economy grappling with the fresh COVID-19 wave, the Finance Ministry has relaxed the spending guidelines to enable ministries and departments to undertake capital expenditure totalling Rs 44,000 crore envisaged in the budget for 2021-22.

According to an office memorandum (OM) issued by the Finance Ministry on Thursday, the monthly/quarterly expenditure plan (MEP/QEP) ceilings and restrictions will not apply for expenditure under the capital heads under the budget.

To enable ministries/departments expedite capital expenditure, it said, the cash management guidelines issued by the Ministry of Finance under the OM of 2017 have been relaxed.

"Monthly Expenditure Plan (MEP) or Quarterly Expenditure Plan (QEP) ceilings and restrictions on bulk expenditure items referred in the OM dated August 21, 2017, shall not be applicable for expenditure under the capital heads under the Budget. These relaxations shall take immediate effect and shall apply until further orders," it added.

According to the guidelines, the bulk expenditure items of more than Rs 2,000 crore were timed in the last month of each quarter to utilise the direct tax receipt inflows in June, September, December and March.

Similarly, big releases of Rs 200 crore to Rs 2,000 crore were timed between the 21st and 25th of a month to take advantage of the GST inflows. These restrictions have been removed with the latest OM.

Finance Minister Nirmala Sitharaman in the Budget 2021-22 had announced a sharp increase in capital expenditure and provided Rs 5.54 lakh crore, which is 34.5 per cent more than the Budget Estimate (BE) of 2020-21.

"Of this, I have kept a sum of more than Rs 44,000 crore in the Budget head of the Department of Economic Affairs to be provided for projects/ programmes/departments that show good progress on Capital Expenditure and are in need of further funds," she had said.Over and above this expenditure, the government would also be providing more than Rs 2 lakh crore to states and autonomous bodies for their Capital Expenditure, she had said.

In the BE 2020-21, the government provided Rs 4.12 lakh crore for Capital Expenditure. It was revised upwards to 4.39 lakh crore.

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This is a big transaction and the size of the IPO is likely to be around Rs 7,700 crore, with a primary component of around Rs 4500 crores and the balance making up the secondary component. The price band is likely to be announced on April 29, sources said.

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Stocks like Apollo Hospitals rose over 4 percent, Cadila Healthcare rallied over 5 percent, and Max Healthcare witnessed profit booking after hitting a fresh 52-week high on Tuesday.

Indian markets registered a negative close for the second consecutive day in a row on Tuesday which pushed the Sensex below 48000 and Nifty50 below 14300 levels.

Selling pressure was seen in IT, FMCG, finance, and banking stocks. Pharma sector outperformed and the S&P BSE Healthcare index closed with gains of 1.2 percent on Tuesday.

Stocks like Apollo Hospitals rose over 4 percent, Cadila Healthcare rallied over 5 percent, and Max Healthcare witnessed profit booking after hitting a fresh 52-week high on Tuesday.

Here's what Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today:

Apollo Hospitals: Hold

This counter appears to be in a multi-week consolidation phase as it is moving in a broader range of Rs 3284 – 2787 levels for the last 8 weeks.

Hence, for the further sustainable rally, it needs a breakout above Rs 3284 levels on a closing basis. In that scenario, a bigger target of Rs 3580 can be expected.

However, failure to get past Rs 3284 may force the bulls to give up some of the gains. Nevertheless, a dip close to Rs 3000 can be a good opportunity to create fresh longs.

For time being, traders are advised to hold with a stop below Rs 3181 on a closing basis whereas, a breakout above Rs 3284 can also be considered as a fresh buying opportunity for a target of Rs 3580.

Cadila Healthcare: Book Profits

This counter registered a new lifetime high with a test of Rs 560 registered in 2017. However, momentum on the weekly charts seems to be dwindling down with indecisive formations.

Hence, short-term traders should book profits, if this counter fails to register a sustainable close above Rs 560 by the end of this week.

Any weakness from current levels may drag it down towards Rs 535 which can be considered as a buying opportunity to create fresh long positions.

If it manages a sustainable close above Rs 560 levels, then based on long-term charts a higher target of Rs 670 can be projected over a period of time.

Max Health Care: Books Profits

This counter appears to be in a short-term consolidation phase as it is moving sideways between the range of Rs 237 – 212 levels.

Even in the last trading session, it managed to get past the said resistance point on an intraday basis but encountered selling pressure at the higher end of the range. Hence, failure to register a breakout above Rs 240 on a closing basis may drag it down towards Rs 220 where one can consider fresh long positions with a stop below Rs 217 on a closing basis.In case if it manages a close above Rs 240 then a higher target of Rs 270 can be expected. For the time being, traders will be better off to book profits and wait for either a dip towards Rs 220 or a breakout above Rs 240.

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