News Shots
Dilip Buildcon has won a road project in Chhattisgarh. It has been declared as L-1 bidder for a new HAM project under Raipur-Visakhapatnam in the state and the order is worth Rs 1,141 crore.
SIS has bagged a contract worth Rs 225 crore, from Mahanadi Coalfields. With this, it will deliver security solutions to Mahanadi Coalfields at 18 sites across India for the next two years.
Life Insurance Corporation of India has bought 1.5 lakh equity shares in Capri Global Capital via open market transactions on February 21. With this, LIC’s shareholding stands at 5.04 percent now, up from 4.95 percent earlier.
HDFC Asset Management Company sold 1.1 lakh equity shares in Carborundum Universal via open market transactions on February 18. After stake sale, HDFC AMC holds 5.59 percent shareholding now, down from 5.65 percent earlier.
Nykaa informed that its litigation with L’Oreal S.A. has been settled. It had disclosed the details of pending litigation with L’Oreal S.A. in its IPO prospectus.
What to expect?
NIFTY opened with a huge gap-down at 16,893 and slowly moved up. There was selling pressure around 17,000. There was a strong up-move towards the close and NIFTY closed the day at 17,092, down 114 points or 0.67%.
BANK NIFTY opened with a gap-down at 37,038. Support was provided by 37,000. The index failed to break 37,300 in the beginning but later crossed the level. The last-minute buying took the index to 37,371, down 314 points or 0.83%.
All the sectors closed in the red.
The US markets fell yesterday. The European markets consolidated.
The Asian markets are trading in the green. The U.S. Futures and the European futures are trading slightly higher.
SGX NIFTY is trading at 17,205 indicating a gap-up opening.
NIFTY has supports at 17,100, 17,000, 16,925 and 16,850. We can expect resistances at 17,250, 17,300, 17,350 and 17,410.
BANK NIFTY has supports at 37,300, 37,180 and 37,000. Resistances are at 37,500, 37,650 and 37,800.
NIFTY has the highest call OI build-up at 18,000. The highest put OI build-up is at 17,000.
BANK NIFTY has the highest call OI build-up at 38,000 and the highest put OI build-up at 37,000.
INDIA VIX spiked to 26.7.
Foreign Institutional Investors net sold shares worth Rs 3,200 crores. Domestic Institutional Investors net bought shares worth Rs 4,100 crores.
Everyone was in search of a positive news that might have triggered the sharp recovery. But the truth is that there has been no major update anywhere to push the markets up. Investors would have made use of the dip to buy as there was no reason for the market to fall further without war in place. The sanctions by Europe and the US were not as severe as expected. This could have triggered the recovery and our markets started moving up after Europe opened. However, Biden has said that he will come up with more severe sanctions if Russia moves ahead.
The Ukraine updates were a roller coaster ride yesterday with Russia saying it is their duty to protect the sovereignty of the separatist territories in Eastern Ukraine but they have no intention to expand the ‘Russian empire’.
TCS did not make an attempt to recover yesterday whereas Infosys regained the lost points to close in the green.
Be careful while entering positions today when the VIX is so high with news capable of impacting the markets severely. Russian markets were 7% down yesterday but closed in the green! Also, make sure that you hedge your positions.
NIFTY should close above 17,350 to regain strength. 16,850 should act as the lower limit unless war erupts.
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