Indian benchmark indices are likely to open in red on Tuesday, May 11, as suggested by trends in SGX Nifty indicate a gap-down opening for the index in India with a 205 points loss. Nifty futures were trading 216 points or 1.42 percent lower at around 14,775 levels on the SGX. The key support levels for the Nifty are placed at 14,900.9, followed by 14,859.5. If the index moves up, the key resistance levels to watch out for are 14,975.3 and 15,008.3.
Top stock to look for the day:
Punjab National Bank: The second largest government owned bank said its board has approved raising equity capital from Qualified Institutional Investors to enhance its capital base. The bank has fixed the floor price at Rs 35.51 per equity share for the Qualified Institutional Placement (QIP) purposes.
HFCL: The telecom company reported a higher consolidated profit at Rs 84.67 crore in Q4FY21 against Rs 5.78 crore in the same quarter last fiscal. Its revenue increased to Rs 1,391.4 crore from Rs 663.19 crore YoY.