Sgx Nifty at 17,375! Will the gap-up Sustain? Share Market Today

News Shots

Tata Power and Rustomjee Group have collaborated to set up electric vehicle charging infrastructure at the commercial and residential projects of the latter across Mumbai metropolitan region.

GR Infraprojects emerged as L-1 bidder in financial bid opening for tenders invited by NHAI for two projects respectively – four laning of existing 2-lane stretch from Govindpur to Rajura in Maharashtra and another four laning of existing 2-lane stretch from Bamni to MH/TG border in Maharashtra.

Aurobindo Pharma approved the acquisition of business and certain assets of Veritaz Healthcare which is a pharmaceutical industry selling branded generic formulations and other health care related products.

ICICI Bank signed an agreement for investment in India Debt Resolution Company. ICICI Bank will buy 15% stake in IDRC for Rs 7.5 crore with the first investment of Rs 3 crore by March 31.

Zensar Technologies opened a global delivery centre in Kolkata to support global clients and leverage local talent.

What to expect?

NIFTY opened flat at 17,197 yesterday. Bears took the market to 17,000 from where there was a good bounce back. NIFTY closed the day at 17,222, up 70 points or 0.4%.

BANK NIFTY opened flat at 35,572 and moved down. The index took support at 35,000 and moved higher to close the day at 35,710, up 300 points or 0.85%.

IT closed in the red.

The US markets fell in the first half and then closed in the green. The European markets closed in the green.

The Asian markets are trading higher now. The U.S. Futures and the European futures are trading flat.

SGX NIFTY is trading at 17,375 indicating a gap-up opening.

NIFTY has supports at 17,150, 17,000 and 16,880. We can expect resistances at 17,250, 17,350 and 17,480.

BANK NIFTY has supports at 35,300, 35,000 and 34,500. Resistances are at 36,000, 36,450 and 36,900.

NIFTY has the highest call OI build-up at 17,500. The highest put OI build-up is at 17,000.

BANK NIFTY has the highest call OI build-up at 37,000 and the largest put OI build-up is at 35,000.

INDIA VIX is at 22.6.

Foreign Institutional Investors net bought shares worth Rs 800 crores. Domestic Institutional Investors net sold shares worth Rs 1,200 crores.

There is war situation prevailing in Ukraine and the Saudi Aramco sites were attacked by Houthi. Still, the crude oil prices dropped yesterday. The reason is quite simple: Shanghai has announced lockdown in the city. China is the largest crude oil importer. The demand effect led to the fall in prices.

A Russian lawmaker made it clear that the failure of G-7 Nations to make payment in Ruble will lead to a halt in supplies.

With the switching in daylight saving time, European markets have started opening at 12:30 PM IST. This is after five months.

The US 10 year bond yield crossed 2.5%, the highest since April 2019.

Biden said yesterday that the Ultra HNI clients will be taxed higher. The US markets went down with this but later shot up with S&P 500 closing 0.7% in the green. Nikkei is trading 0.5% higher now and what is interesting is Sgx Nifty indicating such a huge gap-up.

Jio has come up with prepaid plans sticking to the monthly calendar.

Looking at the charts, you can see the similarity in how Nifty bounced back from 17,000 on last Tuesday and yesterday. The strike has seen a good put addition.

I will be watching 17,000 on the downside and 17,500 on the upside in NIFTY for the rest of the week.