US Moves Higher; 17,000 Or 17,500 First? Share Market Today

News Shots

Tata Consumer will consider preferential issue of equity shares representing 1.5% of the paid-up share capital to a foreign company on March 29.

Punjab and Sind Bank will consider approval for the exercise of the Call Option on the Additional Tier I Bond Series on March 29.

SEBI levied a penalty of Rs 5 lakh on Axis bank for violation of debt issuance norms. The matter related to issue of debt securities between 2016 and 2019, where the bank acted as a merchant banker.

Zen Technology received a project order sanction from the Indian Army for design and development of a prototype of the Integrated Air Defence Combat Simulator. The equipment will help in imparting training to gunners at unit level.

Yes Bank will consider redemption/interest payment date of bonds on April 12.

What to expect?

NIFTY opened with a gap-down at 17,114 but started moving higher. There was resistance at 17,300 and NIFTY started fell to 17,150. There was some volatile moves and NIFTY closed the day at 17,223, down 23 points or 0.13%.

BANK NIFTY opened with a gap-down at 35,696 and moved up. Resistance at 36,000 pushed the index lower. BANK NIFTY consolidated above 35,400 and closed the day at 35,527, down 620 points or 1.72%.

IT and Metals moved higher.

The US markets closed in the green. The European markets closed flat.

The Asian markets are slightly in the red. The U.S. Futures and the European futures are trading flat to green.

SGX NIFTY is trading at 17,289 indicating a gap-up opening.

NIFTY has supports at 17,200, 17,150, 17,100 and 17,000. We can expect resistances at 17,250, 17,300, 17,350, 17,480 and 17,620.

BANK NIFTY has supports at 35,300, 35,000 and 34,500. Resistances are at 35,700, 36,000 and 36,400.

NIFTY has the highest call OI build-up at 18,000. The highest put OI build-up is at 16,000.

BANK NIFTY has the highest call OI build-up at 37,000 and the largest put OI build-up is at 34,500.

INDIA VIX is at 23.9.

Foreign Institutional Investors net sold shares worth Rs 1700 crores. Domestic Institutional Investors net bought shares worth Rs 2100 crores.

Crude oil prices will continue to have an impact our market in the coming days. It is staying around $120 now.

G-7 Nations have warned Russia of the use of chemical and nuclear weapons. NATO has decided to increase the military deployment in the Eastern Europe. US said that they are working with NATO to prepare for possible nuclear incident from Russia’s side.

There was a block deal in Kotak Bank and the stock has fallen by more than 3% as a result. It was the financial sector which dragged NIFTY which would have otherwise closed in the green with the help of the other sectors.

The candle at 1:25 was a huge volume green candle followed by a doji. But there was no follow-up candle reminding us of the previous day’s 2:30 candle.

I will be watching 17,000 on the downside and 17,350 on the upside in NIFTY.