News Shots
ONGC has signed a Memorandum of Understanding with Equinor ASA, the Norwegian state-owned multinational energy company, for collaboration and partnership in areas of upstream exploration and production, midstream, downstream and clean energy options, including carbon capture utilization and sequestration.
Life Insurance Corporation of India has increased its stake in the Tata Consumer to 5%.
IDFC First Bank will consider raising funds through issuance of debt securities on private placement basis on April 30.
Kohinoor Foods approved rights issue for an aggregate amount od Rs 49.5 crore.
What to expect?
NIFTY opened with a gap-down at 17,077 and moved in a downward channel yesterday. There was an immediate fall as soon as the European market opened. But the markets recovered soon. Resistance near 17,100 pushed NIFTY down and the index closed at 17,038, down by 162 points or 0.94%.
BANK NIFTY opened with a gap-down at 36,077 and was bearish. BNF bounced back from 35,750 and closed at 36,029, down by 376 points or 1.03%.
All the major sectoral indices closed in the red.
The US markets closed in the green after a good up-move followed by selling pressure. The European markets moved higher.
The Asian markets are trading higher. The U.S. Futures are in the green and the European futures are mixed with DAX slightly in the red.
SGX NIFTY is trading at 17,088 indicating a gap-up opening.
NIFTY has supports at 17,000, 16,950 and 16,870 and 16,825. We can expect resistances at 17,080, 17,150, 17,200, 17,250 and 17,300.
BANK NIFTY has supports at 36,000, 35,750 and 35,500. Resistances are at 36,130, 36,290 and 36,410.
NIFTY has the highest call OI build-up at 17,500 followed by 17,300. The highest put OI build-up is at 17,000.
BANK NIFTY has the highest call OI build-up at 36,500 and the largest put OI build-up is at 36,000.
INDIA VIX spiked to 20.6.
Foreign Institutional Investors net sold shares worth Rs 4,000 crores. Domestic Institutional Investors net bought shares worth Rs 2,000 crores.
Yesterday’s fall can be attributed to weak global cues and fall in Bajaj Finance despite good results. Experts said that missing PAT estimate could be the reason. Remember that the stock has a 2% weightage in Nifty.
Reliance hit a new all-time high yesterday but fell by 2% from the high adding to the negativity. Keep an eye on HDFC Bank as it is at 52-week low.
Axis Bank will be announcing their results today after the market hours. Watch the stock for major moves.
You will be surprised by the put build-up at 17,000 in Nifty and 36,500 in BNF. There has been so many volatile moves this week. You can expect a large move in BNF in the second half.
Looking at the global cues, there is scope for recovery in Nifty. However, 17,120 will act as an immediate resistance. If there is a fall, 16,980-16,950 zone will provide support.
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