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Market Watch (ETMarkets.com)
04:54 Min | May 07, 2021, 6:56 PM IST
Tune in as we discuss why D-Street is ignoring earnings downgrade, what Nifty charts are suggesting, and more!
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Transcript
Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Nikhil Agarwal and here are the top headlines at this hour.
New Covid cases jump 4.14 lakh in 24- hours
Petrol price hits Rs 102-mark in Rajasthan, MP
Fitch says India may breach FY22 fiscal deficit target
HDFC Q4 profit rises 42% YoY, beats estimates
Study says Pfizer-BioNTech vaccine effective against variants
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Mumbai: Shares of drug makers and healthcare companies were among the top performers on Wednesday boosted by the Reserve Bank of India’s move to provide an on-tap liquidity window of Rs 50,000 crore for the sector to fight Covid-19. Analysts said the announcement could push investors to raise their stakes in defensive sectors like pharma and technology as the second wave of the pandemic has reduced their appetite for cyclicals.
The Nifty Pharma index rallied 4 per cent on Wednesday as against the 1 per cent gains in the Nifty.
Sun Pharma, Lupin, Cadila Healthcare, Aurobindo and Torrent Pharma among others rallied more than 5 per cent.
SGX Nifty points to a positive opening
April 27, 2021
News related to Covid spread and Q4 results will drive the market sentiment After a strong beginning for the week, Indian markets are expected open on a cautious note with minor gains on Tuesday. With global cues remaining mixed, shut-down worries in some States due to Covid pandemic will keep then domestic market on the edge, said analysts.
The SGX Nifty at 14,542 (8 am IST) indicates a positive opening for Nifty futures, which on Monday closed at 14,537 points (May futures) and at 14,486 points (April futures). Most markets in the Asia-Pacific region such as Japan, Korea, China, Australia and the Philippines are in the red marginally while Taiwan market is up by about by 0.2 per cent.
Synopsis
Tata Elxsi, Amrutanjan Healthcare, JSW Steel, Greenlam Industries, Suven Life Sciences, Vinati Organics and Jindal Steel & Power witnessed strong buying interest from market participants as they scaled their fresh 52-week highs on Friday, signalling bullish sentiment.
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Nifty formed a Doji on both daily and weekly scales.
NEW DELHI: After trading on a volatile note in Friday s session, headline index Nifty formed indecisive candles similar to Doji formations for both Friday s session and for the week gone-by.
Rohit Singre of LKP Securities said Nifty50 has created a good base near the 14,250-14,200 range. “As long as these levels hold up, the structure will remain positive. A stiff hurdle lies in the 14,450-14,500 zone. The index may find fresh strength only above the 14,500 level,” he added.
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NEW DELHI: Nifty opened gap down on Thursday, but made a rebound from the initial hiccup and saw substantial buying. The index formed a bullish candle. The headline index formed a Piercing Pattern in the two-day candlestick pattern, which suggests a possible short-term trend reversal.
Chandan Taparia of Motilal Oswal Securities said, Nifty needs to decisively hold above 14,400 level to witness a bounce towards 14,600 and 14,700 levels, while on the downside, support exists at 14,250 and 14,150 levels. The market has been going through a correction phase following increasing Covid-19 cases despite the optimism about the vaccination drive. Though the earnings outcome is expected to trigger stock-specific movements in the coming days, the broader movement in the market will depend on fall in Covid cases, said Vinod Nair, Head - Research, Geojit Financial Services.