Confusing News but the Markets Steady; 17,250 or 17,500? Share Market Today

News Shots

Tata Consultancy Services announced a partnership with MATRIXX Software to offer a comprehensive next-gen subscription management platform for communication service providers.

Best Agrolife subsidiary Best Crop Science (previously known as Best Crop Science LLP) has received a licence for indigenous manufacturing of spiromesifen technical, from Central Insecticides Board and Registration Committee.

Southern Petrochemicals reported that their consolidated profit of the company in Q3FY22 grew significantly by 832 percent year-on-year to Rs 59.6 crore compared to Rs 6.4 crore in Q3FY21. Consolidated revenue grew by 15 percent to Rs 492 crore from Rs 427 crore during the same period.

Compuage Infocom received approval from the board of directors for fundraising up to Rs 50 crore through a rights issue.

Wipro received a five-year contract to drive transformation for ABB’s information systems digital workplace services. The agreement, worth over $150 million, will help ABB’s information systems deliver enhanced, consumer-grade digital experiences for its 1,05,000 employees in over 100 countries.

Infosys has been named a foundational partner for the launch of the Google Cloud Cortex Framework. Infosys will help clients accelerate digital transformation and power new business capabilities with its market-leading data, analytics and AI expertise. The company will take advantage of Google Cloud Cortex Framework, along with its strong experience in SAP and Google Cloud ecosystems, to deliver better business outcomes.

What to expect?

NIFTY opened the day with a gap-up at 17,415 and moved down. The index bounced back from 17,280 and moved up to face resistance at 17,500. NIFTY was affected by the last hour negativity and closed the day at 17,322, down 30 points or 0.17%.

BANK NIFTY opened with a gap-up at 38,311. There was bearishness in the beginning but the index moved higher. BANK NIFTY started moving down after filling the gap and closed the day at 37,954, down 216 points or 0.57%.

NIFTY PHARMA moved up by 0.5%.

The US markets were bearish in the first half but accelerated towards the end closing the day flat. The European markets consolidated, closing slightly in the red.

The Asian markets are trading in the green except NIKKEI. The U.S. Futures and the European futures are flat.

SGX NIFTY is trading at 17,374 indicating a gap-up opening.

NIFTY has supports at 17,280, 17,210, 17,150 and 17,100. We can expect resistances at 17,380, 17,435, 17,500, 17,540 and 17,610.

BANK NIFTY has supports at 37,800, 37,550, 37,300. Resistances are at 38,400, 38,600 and 38,800.

NIFTY has the highest call OI build-up at 17,700. The highest put OI build-up is at 17,000.

BANK NIFTY has the highest call OI build-up at 38,500 and the highest put OI build-up at 37,000.

INDIA VIX stays at 20.6.

Foreign Institutional Investors net sold shares worth Rs 1,900 crores. Domestic Institutional Investors net bought shares worth Rs 1,200 crores.

BANK NIFTY followed the same Tuesday price action by moving below the previous day close and rallied up. But the global negativity killed the rally towards the close. NIFTY had moved better than the banks in the first half.

Russia said that they withdrew troops from the border. But NATO said that they see an increase in the strength of the Russian troops in the region for which Russia reacted by saying that NATO has got no evidence. The market participants were confused by the chain of events and there was a sell-off. The latest update is that the US officials also are of the view that Russia has increased troops which Russia has dismissed as ‘hysteria’.

UK CPI inflation came out at 5.5%, nearing a thirty-year high. The UK was the first nation to hike the interest rates to control inflation.

Fed Minutes were released yesterday and it said that the Fed will go for a rate hike in March and though this is expected, it can be a concern as to how much the rate hike will be.

News continuously makes impact on markets in a situation like this when the world is worried about a war. So, make sure that you trade with extra caution. If 17,280 is broken, we may see a fall. Let us watch 17,500 on the upside.