News Shots
Infosys is shifting its services from Russia to its other global delivery centres.
Dr Reddy’s Laboratories said it has inked a pact with Novartis AG to acquire the cardiovascular medicine brand Cidmus in India for $61 million (about Rs 463 crore).
Indian Oil Corporation said it will invest nearly Rs 840 crore in expanding its Petroleum, Oil and Lubricant (POL) storage capacities, including setting up a greenfield facility, in the Northeast.
Maruti Suzuki India aims to sell 4-6 lakh CNG units in the current fiscal year depending upon the supply situation of essential components.
HDFC said it has posted a 12 per cent growth in individual loans at Rs 8,367 crore for the fourth quarter ended March 31.
HDFC board approves merging of HDFC Investments and HDFC Holdings with parent company HDFC. There is also an announcement of the merger of HDFC and HDFC Bank themselves which will make it India’s largest company!
What to expect?
On Friday, NIFTY opened with a small gap-down at 17,438 and moved higher. There was resistance around 17,550 which was broken towards the end. 17,600 was broken with heavy strength and NIFTY closed the day at 17,670, up by 206 points or 1.18%.
BANK NIFTY opened lower at 36,253 and a fantastic rally followed. 37,000 was crossed and BNF finally closed the day at 37,149. Up by 775 points or 2.13%.
All the sectors moved higher whereas Pharma consolidated.
The US markets and the European markets closed in the green on Friday.
The Asian markets are trading mixed. The U.S. Futures trading in red and the European futures are trading higher.
SGX NIFTY is trading at 17,723 indicating a gap up opening.
NIFTY has supports at 17,600, 17,400 and 17,320. We can expect resistances at 17,800, 17,900 and 18,000.
BANK NIFTY has supports at 36,800, 36,500 and 36,300. Resistances are at 37,400, 38,000 and 38,200.
NIFTY has the highest call OI build-up at 18,000. The highest put OI build-up is at 17,500.
BANK NIFTY has the highest call OI build-up at 38,000 and the largest put OI build-up is at 36,500.
INDIA VIX is at 18.4.
Foreign Institutional Investors net bought shares worth Rs 1,900 crores. Domestic Institutional Investors net sold shares worth Rs 183 crores.
That was a very strong close for NIFTY on Friday. Also, there was a price burst in the last hour leading to a close above 17,650. The next level to watch would be 17,800 and for the same reason, where pre-market settles is crucial. 17,800 is a major resistance and considering the pace of the up-move, we cannot rule out the chance for a profit-booking.
There is no major positive update from Ukraine except for Putin’s warning that Russia would mandate payment in Rubles for other goods as well.
I will be watching 17,800 on the upside and 17,500 on downside for the beginning of the week. There is also a buzz around HDFC and HDFC Bank, so watch out for movement in these stocks!
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