Nifty Likely to open positive with a 130+ point gap up following how US marketsPremkumar Ramachandran (Author) Published Date : May 05, 2020 09:27 IST
Nifty Yesterday Close 9293.5. Nifty Likely to open positive with a 130+ point gap up following how US markets closed yesterday. SGXNifty is hovering around 9380 also suggesting a strong opening while holding the upsides has to be seen. Yesterday for most time Nifty swung only 9300 till 9380 while BankNifty 19700-20100 so these levels are to be watched for FII and DII net turned sellers.
Global Corona cases are increasing above 3.6mn worldwide with 0.25mn deaths, US tops with >1.2mn cases & >69k deaths. US-Iran, US-China & Palestine-Israel Tensions are though being closely watched out. Delhi following Andhra governments 25% increase on liquor prices by had decided on increasing 70% from today, though yesterday's crowding is something to get concerned about in most places.
S&P had reaffirmed HDFCBank's rating at BBB+/A3/Stable outlook is a big positive for the bank, M&M is scheduled to meet A.B.Sun Life Insurance and Manappuram to meet Edelweiss AMC today and these big names are declaring their results today, ICICIBank, NIITTech, Marico, SBILife & Persistant.
Critical resistances for Nifty today are placed at 9387 & 9480 while supports lie at 9201 & 9107. Watch out for these stocks for today based on OI & our proprietary model Cipla, Airtel, DrReddy, M&M and Wipro are looking positive while BajFinServ, HDFC, HUL may come under pressure on downsides.