Nifty Pre-Open Update: US Bio-Tech Moderna reports positive data on Human Trials for COVID-19

19052020: Pre-Open-Update: US Bio-Tech Moderna reports positive data on Human Trials for COVID-19 FED Powel say's no limit to Fed firepower, Germany and France proposes EU recovery fund of Euro540bn, China makes recovery in Auto Sales in April, Laurus Labs gets FDA approval for generic of Symfi Lo.

Nifty50 Open- 9158.3, High- 9158.3, Low- 8806.75, Close-8823.25 (-313.6). Nifty as expected during the last hour trade (Refer to open higher following cues from SGXNifty which is trading higher at 8990 levels with US and Europe closing higher by 3%, HangSeng, and Nikkei are also trading strong.

US Bio-Tech Moderna reports positive data on Human Trials for COVID-19, Diago, plans in buying out delisting and buying out minority stakes in UnitedSpirits. TataConsum will buy the stake of NourishCo from PepsiCo.

On Results Front: Bharti reported net loss of Rs. 5237Cr against the profit of Rs. 107.2Cr. GSKPharma Reported Rs. 138Cr against Rs.147Cr. TorntPower Reported Loss of Rs. 273Cr against Profit of Rs. 24.8Cr, the company also reported that it is due to an exceptional item. Top Gainers from Nifty200 were Cipla 5.29%, LTTS 3.67%, Mindtree 3.22%, TCS 2.78% and Infratel 2.27%.

Top Losers were MandMFin  -18.2%, CholaFin -16.3%,LICHsg -13.29%, IBulHsgFin -10.87% and SRTRANSFIN  -10.17%. Prestige, IndHotel, BOB, SBI and IOC hit a fresh 52 week low.  Today we have BajFinance, Ujjivan, TataPower, ApolloTyres, JMCProjects and Sanofi Reporting Results today.

Though Volumes in Both Nifty and BankNifty surged up yesterday than the past 2 sessions, majority of the volumes were seen in the 2nd half of the day. IndiaCem and AlembicPharma hit Upper Circuit while INOX, PVR, CHALETHottel, ShopperStop and Prestige Estates hit the Lower Band.

Midcap Index lost heavily which closed at around -4.5%. All Sectoral Indices except IT were bleeding with Media being the top loser followed by BankNifty and Fin-Service, IT alone was the positive sector at close. Long Build-Up witnessed in ApolloTyre, PageInd, Infratel, Cipa and HCLTech while Short Built-up seen in Equitas, Ujjivan, CholaFin, RamcoCem and MuthootFin.

Based on monthly OI Distribution, we reckon that Nifty would broadly move only between 8600 – 9500. Inside Nifty50 we had 11 closing in Green and 39 Closing in Red. From Next week Expiry we have Nifty9200CE, 9000CE and 9100CE which traded most in Calls while Nifty8800PE, 8900PE, 8500PE traded heavily.

FIIs were net sellers to the tune of 2512.2CRs while DIIs also sold 152.42Cs in Cash. PCR is down to 0l95% against 1.11%. Looking at yesterday and the past weeks trend it is important for Nifty to reclaim that 9300 level and unless that is breached there could be slippages in the Index.

Based on our Proprietary Algorithm, we see Critical Resistances for Nifty at 8912, 8999, 9088 and 9176 while Supports are placed at 9734, 8646, 8558 and 8470. For BankNifty Resistances are at 17748, 17925, 18100 and 18275 while Supports are at 17395, 17221, 17046 and 16868. TCS, HCLTech, HeroMotoCo, Baj-Auto, UltraCemCo, BajFinServ, TCS, Britannia, HDFCBank, PvR and HUL  are stocks to watch out. For more details stay tuned to our website, Twitter, Facebook, Telegram.