Trade Setup for April 28: All eyes on 18,000 after Nifty 50 has best F&O series in six months

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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All eyes are now on the Nifty 50 heading towards the 18,000 mark after it wrapped its first positive F&O series in the last five on Thursday.

The index needed 15 points to register its best F&O series since October last year, ended up with gains of 100 points, and also closed above the mark of 17,915.

The last instance of the Nifty 50 closing above the mark of 17,900 was back on February 17. The index closed the April series with gains of 835 points, only second to October, during which it had gained 919 points.

Index heavyweights like Reliance Industries, Infosys and ITC contributed to gains in the Nifty 50 on Thursday. The index has now gained nearly 1,100 points from its March 20 low of 16,828.

For the first day of the May series, the index will react to poor numbers from the last two major IT companies in Wipro and Tech Mahindra. Axis Bank will also react to its one-time-charge-driven quarter. Among index constituents, UltraTech Cement will be reporting results today.

“We need to have some exposure to the rest of the world or the Make in India theme and I think the best place to play it is firstly the chemical names. Three names which come to my mind are Gujarat Fluorochem, Archean Chemical and Tatva Chintan Pharma. All three of them in terms of valuations, to us, are appealing,” Vinay Jaising of JM Financial spoke about the chemical sector to CNBC-TV18.

What do the charts suggest for Dalal Street?

Ruchit Jain of 5paisa capital said that the Nifty 50 RSI has surpassed the 70 mark, indicating rising momentum. “Hence, until we see any signs of reversal, traders should continue to trade with a positive bias and stay with the trend,” he said. Despite readings being in overbought zones, the index tends to do well when the trend is strong. He sees immediate support at 17,815 and 17,760 on the downside, with resistance at 17,970, 18,060 and 18,100.

“Presently buying the index on every dip will be a preferred strategy as prices are moving in a higher high higher low formation,” said Ashwin Ramani of SAMCO Securities. Immediate support for the index is seen at 17,600 – 17,500, while for the May series, Ramani finds 18,300 to be an achievable target for the Nifty 50.

The Nifty Bank index closed above the 43,000 mark for the first time since January 3 this year. Rupak De of LKP Securities expects the index to move towards levels of 43,300 and 43,500 in the near-term, while 42,750 on the downside will act as a key support zone.

Here are key things to know about the market ahead of the trading session on April 28:

SGX Nifty

On Friday, Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty 50 index — gained 57.5 points or 0.32 percent to 18,050.5, thereby pointing to a positive opening for the market.

Global Markets

Benchmark indices in the Asia-Pacific have opened higher on Friday after a strong overnight session on Wall Street.

The Nikkei 225 and the Topix are up 0.9 percent each, while the Kospi is trading with gains of 0.35 percent this morning.

Big Tech shares propelled benchmark indices on Wall Street higher on Thursday with the Dow Jones and S&P 500 registering their best single-day gain since January this year.

The DJIA gained over 500 points overnight, while the S&P 500 jumped nearly 2 percent. A 14 percent surge in shares of Meta Platforms pushed the Nasdaq higher by 2.43 percent. For the tech-heavy index, it was the best performance in a single day since March.

Meta ended at a 52-week high on Thursday after the company reported better-than-expected revenue in Q1 and issued upbeat guidance. The gains came despite a weaker-than-expected GDP print.

What to expect on Dalal Street

Nifty 50’s present chart pattern could open up a new bullish sequence of higher tops and bottoms in the near-term, said Nagaraj Shetti of HDFC Securities. Having crossed its crucial resistance of 17,865, the index may now move towards levels of 18,200 – 18,300 in the near-term. Immediate support is seen at 17,800.

Sameet Chavan of Angel One says that he will not be surprised to see the Nifty 50 index even heading towards levels of 18,500 in the first half of the May series. However, in the immediate term, it will have to cross a key resistance of 18,000 – 18,200 before moving higher. Downside supports are 17,800 – 17,700, and 17,600 – 17550.

LKP’s De has also observed an inverted head and shoulder pattern on Nifty 50’s daily chart, indicating a bullish reversal. “On the higher end, Nifty might move towards 18,000 – 18,100 over the near term,” he said. 17,800 will be a key downside support.

Key Levels To Track

For the first weekly options expiry of the May F&O series on May 4, the 17,800 strike call of the Nifty 50 index has added 27.3 lakh shares in Open Interest. The 17,900 call has added 18.39 lakh shares in Open Interest.

The 17,800 put has added 48.8 lakh shares in Open Interest, while the 17,900 put added 32.38 lakh shares.

Nifty 50’s put-call ratio is now at 1.20 from 1.21 on Wednesday. No stocks are in the F&O Ban after Zee Entertainment and GNFC exited the ban period.

FII/DII activity

Fresh Longs (Increase In Price and Open Interest)

Fresh Shorts (Decrease In Price and Increase In Open Interest)

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Dropbox to cut workforce by 16%, hire new talent for AI-powered products

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Cloud storage provider Dropbox Inc on Thursday announced that it would be downsizing its global workforce by 16 percent in order to save on costs due to a deceleration in cloud growth.

Instead, San Francisco based company plans to recruit new employees with expertise in artificial intelligence to bolster its AI offerings.

As the demand for AI products and services continues to surge, Dropbox joins a growing list of tech companies such as Microsoft Corp and Meta Platforms Inc, who are investing in AI in order to gain a foothold in this rapidly expanding market.

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According to Drew Houston, the CEO of Dropbox, the company’s cloud-based business growth has been facing a slowdown due to the economic challenges brought on by the downturn.

This has put pressure on the company’s customers and has resulted in some of its profitable investments becoming unsustainable. As a result, the company is facing difficulties in maintaining its core business growth.

As of the conclusion of 2022, the organisation had a total of 3,118 employees working for them on a full-time basis. Out of these employees, 2,583 were based in the United States.

The company has announced that it has recently rearranged its staff, transferring some individuals from one team to another to concentrate more heavily on its artificial intelligence projects.

However, the organisation has acknowledged that it requires more skilled professionals with varied abilities, particularly in the fields of AI and early-stage product development, to fill its workforce needs.

“We’ve been bringing in great talent in these areas over the last couple years and we’ll need even more,” Houston said in a memo to staff.

“The AI era of computing has finally arrived … The opportunity in front of us is greater than ever, but so is our need to act with urgency to seize it.”

On Wednesday, Meta Platforms, a company that owns Facebook and Instagram, announced that their use of artificial intelligence (AI) has been instrumental in increasing traffic to their platforms and generating higher revenues from ad sales.

It’s worth noting that Houston, who holds a position on the board of Meta Platforms, was involved in making this announcement.

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Why is Sawai Mansingh Stadium special to MS Dhoni?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Chennai Super Kings (CSK) captain MS Dhoni went down the memory lane to recall his special connection with the Sawai Mansingh International Stadium in Jaipur after his team’s loss to the Rajasthan Royals (RR) at the venue on Thursday.

The visitors fell short of the Sanju Samson-led team’s target by 32 runs but they were in for a pleasant surprise with a large majority of the attending crowd sporting yellow jerseys to offer their support to Dhoni.

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The former India World Cup-winning captain acknowledged the overwhelming backing that he received from the spectators as he reminisced his early days in international cricket and touched upon one of his most iconic knocks for the national team in this ground.

MS Dhoni said, “Sawai Mansingh Stadium is a special venue for me, that 183 made sure I get chances for a year for India. It’s very close to my heart”. pic.twitter.com/cKQALudvJc

— Mufaddal Vohra (@mufaddal_vohra) April 27, 2023

“This is a very special venue, my first ODI hundred in Vizag gave me 10 games but the 183 I made here gave me another one year in international cricket. It was great to be back here,” Dhoni said, talking about his mammoth 183-run knock against Sri Lanka in Jaipur on October 31, 2005.

Dhoni recalling his 2005 Jaipur knock. “Gave me 10 more games!”

More evidence he is on a farewell trip! #RRvCSK #IPL2023

— Chetan Narula (@chetannarula) April 27, 2023

Dhoni had smashed an incredible 183* off 145 deliveries against a Sri Lankan attack comprising the likes of Chaminda Vass, Muttiah Muralitharan, Dilhara Fernando amongst others. Chasing 303, he was promoted to number three by then skipper Sourav Ganguly and Dhoni repaid that trust by seeing off the game and taking India over the finishing line through his terrific ton.

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Till date, that knock continues to remain one of the highest individual scores by a batsman in ODI cricket and Dhoni quickly developed a cult status amongst the fans after that innings.

Meanwhile, CSK succumbed to their third loss of the current season of the Indian Premier League (IPL) and their second straight defeat to RR as they were outplayed in both batting and bowling by the home side. They next face the Punjab Kings at Chepauk on Sunday.

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I am in high spirits in jail: Amritpal Singh in letter to lawyer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Radical preacher and ‘Waris Punjab De’ chief Amritpal Singh, who is lodged at the Dibrugarh Central Jail along with his associates following their arrest in Punjab, has said he is in ‘chardi kala’ (high spirits) in prison, according to his lawyer Bhagwant Singh Siyalka.

Siyalka accompanied family members of arrested ‘Waris Punjab De’ activists, including Amritpal Singh, who arrived in Dibrugarh earlier in the day and met them at the jail. The radical preacher handed over a letter written in Gurmukhi to Siyalka inside the prison, in which he said: “With the blessing of the Almighty, I am in ‘chardi kala’ here.”

Referring to the cases registered against members of his outfit, Amritpal Singh accused the Punjab government of unleashing excesses and registering “several fake cases” against Sikhs.

“This whole matter is of ‘Khalsa Panth’ and I appeal to the ‘Panth’ that a panel of capable advocates be set up, which will pursue all these cases,” he said in the letter.

Siyalka, who is also an executive member of the Shiromani Gurudwara Prabandhak Committee (SGPC), told reporters in Dibrugarh that a special panel of lawyers will be formed, and its members will be solely responsible for conducting their judicial process.

Besides Amritpal Singh, nine other activists of ‘Waris Punjab De’ have been brought to the Dibrugarh Central Jail since March 19, after they were arrested from Punjab, following a crackdown on the outfit.

He and his associates have been booked under several criminal cases related to spreading disharmony among classes, attempt to murder, attack on police personnel and creating obstructions in the lawful discharge of duty by public servants.

Another lawyer, Simranjeet Singh, also travelled to Dibrugarh along with Siyalka and the family members.

They made their way to the northeastern state, after the Punjab and Haryana High Court allowed one family member of those arrested to meet them, an official said.

Simranjeet Singh later told reporters that the arrested persons have been booked under the National Security Act (NSA), with the same allegations against all of them.

He said even the annexures attached to their cases are the same and this seems to be ‘improbable’.

“There is no criminal background of those arrested. It is definitely a conspiracy as there is no reason for them to be booked under the NSA. Amritpal was campaigning against drug abuse and was also engaged in preaching the tenets of Sikhism.

“We have appealed in the high court to quash the charges under the NSA against them and the next date of hearing has been fixed for May 1′,” he said.

Siyalka added the arrested members of ‘Waris Punjab De’ were doing fine in jail.

“The Punjab government has put them in jail due to their frustration. They have not committed any crime,” he claimed.

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The family members checked into a local hotel, from where they went to a gurdwara before going to the jail in the afternoon, the official said.

A joint team of the Intelligence Bureau and Punjab Police had arrived in Dibrugarh on Tuesday to interrogate radical preacher Amritpal Singh, who has been kept in solitary confinement in the jail since he was brought here on April 23 following his arrest in Punjab.

The team questioned him about the sources of funds received and his links with foreign agencies, a senior police officer said.

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TN CM Stalin postpones visit to Delhi after flight develops technical snag

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A Delhi-bound flight in which Tamil Nadu Chief Minister M K Stalin was scheduled to travel on Thursday was cancelled due to a technical snag, airport sources said.

The Chief Minister was scheduled to leave for Delhi to invite President Draupadi Murmu on Friday for a hospital inauguration here.

The private carrier was cancelled due to the technical snag following which the Chief Minister returned home.

He is expected to leave early on Friday, the sources added.

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Polygon Vs Arbitrum: Differences between two popular ethereum scaling solutions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ethereum is believed to be the most popular blockchain for Decentralized Finance (DeFi) protocols, dApps (decentralized applications), and Non- Fungible Tokens (NFTs). But historically, the network has suffered from congestion issues, high fees, and relatively slow transaction speeds due to a steady increase in the number of users on the network.

Such reasons are why Ethereum scaling solutions have been developed. Although numerous layer 2 solutions have emerged in the past few years, let us examine the two most popular ones – Polygon and Arbitrum. In this article, we will break down the differences between the two from a fundamental perspective.

Technology

The main difference between the two is how they process transactions for the Ethereum network. For instance, Polygon is considered to be both a layer 2 solution and a sidechain. However, its structure is where Polygon stands out. It has a three-layer architecture and is connected to multiple sidechains. Each side chain handles its own transactions, which in turn increases throughput and lowers fees, and increases transaction speed for Ethereum.

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A quick reminder here is that sidechains employ their own consensus algorithms and operate independently, but parallel to the mainnet. Polygon is both a layer 2 solution and a sidechain since it uses its own consensus mechanism but also utilizes the main Ethereum layer for some features in its consensus mechanism to improve security. 

Meanwhile, Arbitrum is an optimistic rollup designed to enhance Ethereum’s scalability by interacting with the main chain. However, it achieves this through “off-chain execution”, which shifts the computational work required to execute a smart contract or dApp off of the Ethereum blockchain and onto a separate network.

However, Arbitrum inherits Ethereum’s security features and consensus mechanism, unlike Polygon, which employs its own consensus mechanism. The main advantage is that optimistic rollups allow developers to utilize existing Ethereum tooling, which streamlines the onboarding process for developers by making it easier for them to start building applications.  

Security

While Arbitrum is secured by Ethereum’s base layer, Polygon uses its “Proof of Stake” consensus mechanism to validate transactions.

In March 2023, Polygon launched its mainnet for the zkEVM solution, which bundles millions of transactions, and processes and validates them off-chain with minimal information while keeping the details hidden. It then sends a compressed summary to the Ethereum mainnet, which enhances scalability and security. 

In contrast, the Arbitrum network does not perform this process but assumes that aggregators and block producers in the ecosystem work without cheating. Therefore, it relies on fraud proofs, meaning that computations are only checked if someone complains that the data is invalid. If such a case is found, fraudulent transactions are rolled back, and the fraudster is ejected from the network. However, due to potential fraud challenges, on-chain transactions can have long wait times. On the positive side, it offers much lower computation costs. 

Some argue that Arbitrum is a more decentralized network since it is secured by Ethereum’s distributed network of miners whereas Polygon is secured through MATIC, which has a much smaller pool of capital. 

Consensus Mechanism and Tokens

Both Polygon and Abritrum have their native tokens, but both are used for different functions. As mentioned earlier, MATIC is used to govern and secure the Polygon network. Meanwhile, Arbitrum’s native token, ARB, is only used for governance of the Arbitrum Decentralized Autonomous Organization (DAO).  

There are a few other differences between the two networks. Let us consider withdrawal time, which refers to withdrawing tokens from a network. While Arbitrum withdrawals can take about two weeks, the network Polygon can approve withdrawals typically in just three hours. Furthermore, Polygon processes 65,000 transactions per second against Arbitrum, which allows 40,000 transactions per second.

However, Arbitrum does benefit from layer gas fees over Polygon, making it cheaper for people who want to engage with the Ethereum network.

Conclusion

Polygon and Arbitrum tackle the challenges of scalability and security on Ethereum networks in their own ways, but both are popular. While Arbitrum has over 200 live projects, Polygon has over 19,000 dApps. When it comes to greater scalability and building complex solutions, Polygon is the more reasonable choice. In contrast, when it comes to security, many prefer Arbitrum.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sebi bars Karvy Investor Services from taking new clients for flouting market norms

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Markets regulator Sebi on Thursday barred Karvy Investor Services Ltd (KISL) from taking new clients for allegedly violating regulatory norms.

The order came after Sebi carried out an physical inspection for the purpose of verifying its compliance status with various regulatory requirements while handling the public issues of debt securities during FY 2021-22.

In a 13-page ex-parte ad interim order, Sebi found that KISL neither has any physical infrastructure nor any employee working for it. Without any physical infrastructure and employees no merchant banking activity can be carried out.

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So, it is concluded that KISL is no longer in operation as a Sebi-registered merchant banker.

the necessary infrastructure and manpower to discharge its activities as a merchant banker, KISL has violated Merchant Bankers (MB) regulations, Sebi said in the order.

“Presence of such an entity (KISL) which is not in operation, and which is in breach of the eligibility conditions for being a Sebi registered merchant banker, could pose a serious threat to the integrity of the securities market and the interests of investors,” Sebi’s whole-time member Ashwani Bhatia said in the order.

KISL had also not paid the renewal fee for the block, December 2022 to December 2025, to the regulator as prescribed MB norms, Sebi noted.

Accordingly, KISL is restrained from taking any new clients or assignments till further orders.

The direction takes effect immediately and will be in force until further orders, it added.

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SBI raises $750 million via bonds to fund offshore business growth

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The country’s largest lender State Bank of India (SBI) on Thursday said it has raised $750 million through bonds to fund offshore business growth.

The bank said acting through its London Branch, priced a 5-year $750 million bond issuance at a coupon rate of 4.875 percent.

“The bonds are benchmarked against 5-year US treasury and priced at a spread of 145 bp over the benchmark. The bonds were issued under SBI’s MTN Programme and will be listed on Singapore SGX and the India INX, Gift City,” it said.

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The issuance received an overwhelming response and saw strong interest from investors across geographies with a final order book in excess of $2.9 billion across 181 accounts, the lender noted.

Dinesh Khara, chairman of SBI said the successful issue highlights SBI’s strong investor base in offshore capital markets, which enables it to effectively raise funds from the world’s leading fixed-income investors, especially during moments of increased volatility and uncertainty.

Citigroup, Emirates NBD Capital, HSBC, JP Morgan, MUFG, and Standard Chartered Bank acted as joint global coordinators and joint lead managers for this offering.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ACC net profit falls 41% to Rs 236 crore in Q4, auditor issues qualified opinion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Cement maker ACC Ltd on Thursday reported a 40.53 percent decline in its consolidated net profit to Rs 235.66 crore for the quarter that ended in March 2023.

In a filing to the Bombay Stock Exchange (BSE), the company stated that it had posted a profit of Rs 396.33 crore during the January-March quarter a year ago.

The company has said an independent law firm has reviewed the transactions referred to by Hindenburg and confirmed the company’s compliance with applicable laws.

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Furthermore, the company claimed that an auditor has issued a qualified opinion. However, due to ongoing proceedings before the SC and investigations, they are unable to comment on the potential impact of the transactions outlined in the Hindenburg reports on the financial results.

A qualified opinion is a written statement by a certified public accountant in an audit report, stating that the financial statements of a client are fairly presented, except for a specified issue.

Despite this, its total revenue from operations increased by 8.23 percent to Rs 4,790.91 crore in the quarter under review compared to Rs 4,426.54 crore in the same period the previous year. However, ACC’s total expenses increased by 14.10 percent to Rs 4,514.38 crore.

New York-based short-selling specialist firm Hindenburg Research on January 24 published a report making several adverse observations regarding accounting practices, related-party transactions, concentrated shares ownership by a few overseas investment firms and share price manipulation by the Adani Group of companies.

The Adani Group on January 29 gave a detailed response to the Hindenburg report, refuting the allegations and stating that most of the observations relate to matters that have been duly disclosed by the conglomerate in the past.

Jefferies has a Buy rating on the stock with target price of Rs 2,800. The brokerage attributes the strong beat on volumes to combined operations and an intergroup sale to Ambuja.

The stock opens the new day in trade on Friday losing 1 percent on the exchanges.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow