Global Stock Market Analysis 6th May 2021

The US moving forward with the Covid vaccine patent waiver plan. This will help a lot of developing nations like India, which are in the midst of the Covid crisis.

Indian stock market rallied after RBI provided the support yesterday. It will interesting to see if Bank Nifty can hold the level of 32000 in further weeks.

Kotak Bank is providing good support. Any dips will good opportunity to invest in the stock.

SBI stock is range-bound between 350-365. If it breaks the 370 level with 100k volume, then we might see the rally.

Prestige has shown some buying volume. It would be better to observe the stock for few days.

Auropharma has the highest volatility compared to yesterday’s market movement.

In Crypto trading, bitcoin giant NYDIG may soon offer debit card rewards to be compensated in the form of bitcoin. This will be FDIC insured.

In the US stock market( Nasdaq/ DowJones), Sunrun stock surged as it was able to cut down quarterly losses. Sunrun runs a business of home solar panels at an efficient cost.

JCVI issues the latest advisory on ASTRAZENECA’S covid vaccine. JCVI believes to continue the advisory for Asstrazaneca’s vaccine that it is linked to blood clots.

Uber and GoPuff collaborate and working together to deliver essential food groceries. GoPuff is funded by the soft bank.

Reliance industries missing lackluster in the stock market due to falling to expectations in last quarter results. Although the company posted a profit of Rs 13,227 crore.

Surprisingly Bandhan bank fell 2% despite the Bank Nifty was up. The reason is not yet clear, although some analyst speculates due to West Bengal election outcomes.

Jet airways still battling its way for getting slots and revival plan approval. Currently trading at Rs 94 at National Stock Exchange. It can be a good stock for future investment. Whether Jet airways, will fly in 2021, is still a question as court proceedings are still in progress.

Sector wise, Metal, Auto, and PSE have surge in volume compared to yesterday. Whereas banking has been lagging behind the other market segments. Pharma has also seen getting sold with high volume in today’s market. Fertilizers segment hasn’t shows gains either.

Bank Nifty Future rollover is 6.39% compared to previous month 11.24%, almost 100% less than previous month. This is bad if you are long term buyer.

On the other hand Nifty Future rollover is 7.15% compared to previous roll over 8.54%, little less. This indicates, range bound for nifty in current month.

ITC has highest rollover for current month, and subjected to change further until month expiry.

Apollo Hospitals is trading above VWAP level and looks to be bullish considering long term investment.

Silicon Valley Crypto currency exchange, Coinbase, has announced to go fully remote and closing its head quarter in San Francisco. Coinbase fell to $269 on Wednesday. The quarterly reports are due on May 13, 2021.

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