According to pivot charts, the key support levels for the Nifty are placed at 14,781.47, followed by 14,712.13.
This is due to the ratings agency believing that the quality of India’s growth has also declined, alongside a marked slowdown in the rate of economic expansion in recent years.
Faster-than-expected recovery from the pandemic induced disruptions and the resultant improvement in balance sheets in the second half of FY21 have helped India Inc promoters to redeem their pledged shares, according to a brokerage analysis.
Four stocks – Canara Bank, NALCO, Punjab National Bank and Sun TV Network – are under the F&O ban for May 12.