News Shots
Tata Power Renewable Energy commissioned two Solar Power projects of 50 MW each at Prayagraj, and Banda in Uttar Pradesh.
Tech Mahindra acquired Com Tec Co IT for Rs 2,627.97 crore including earnouts and synergy linked payouts.
Indian Energy Exchange executed a Share Purchase Agreement by and between IEX, Indian Oil Corporation and Indian Gas Exchange
HFCL reported consolidated revenue of Rs 1215.21 crore, up by 8.29% in Q3 on sequential basis.
Angel One reported total income of Rs 607.1 crore in Q3, up by 12.8% sequentially.
Results of Major Companies
Bajaj Finance
ICICI Prudential
Trident
Tata Elxsi
Justdial
What to expect?
Yesterday, NIFTY opened flat at 18,246. Volatility began with the first candle and NIFTY bounced from 18,230 to face resistance at 18,300. The level was an area of strong battle and NIFTY finally could end the day above 18,300 after taking support at 18,265. The closing point was 18,308, 52 points above the previous close, 0.29% up.
BANK NIFTY opened with a gap-down at 38,270 and consolidated just above 38,300. Selling took the index below 38,200 and the movement was confined around the level. BANK NIFTY closed the day at 38,216, down 154 points or 0.4%.
NIFTY AUTO(+2.05%) moved up and NIFTY IT (-0.06%) had a flat day.
The US markets were shut yesterday on account of Martin Luther King jr day. The European markets closed in the green.
The Asian markets are trading well in the green. The U.S. Futures and the European futures also are in the green.
SGX NIFTY is trading at 18,330. All the factors are indicating a flat to gap-up opening in NIFTY.
Major supports for NIFTY are at 18,290, 18,270, 18,230, 18,210, 18,160 and 18,110. There are resistances at 18,340, 18,380, 18,420, 18,450 and 18,500.
BANK NIFTY has supports 38,100, 38,000, 37,800 and 37,500. Resistances are at 38,350, 38,500, 38,750, 38,850, 39,000 and 39,115.
NIFTY has the largest call OI build-up at 18,300 followed by 18,400 and the largest put OI build-up at 18,000 followed by 18,200 ignoring deep OTM build-ups.
BANK NIFTY has the highest call OI build-up at 38,500 and the highest put OI build-up at 38,000.
INDIA VIX is 16.7.
Foreign Institutional Investors net sold shares worth Rs 856 crores. Domestic Institutional Investors net sold shares worth Rs 115 crores.
Traders will miss the cues from the US markets to initiate positions today as it was a holiday. The indices futures are trading in the green now. Looking at the overall picture, weightage is for positivity in the global markets.
Bank of Japan will discuss on inflation and interest rates today. China’s decision to decrease the interest rate might have been a surprise to the West as they are suffering the effects of high inflation whereas China has prices under control. However, their economic growth slowed down due to the events related to Evergrande.
Both FIIs and DIIs were net sellers yesterday. Still, NIFTY closed in the green. However, it was not a good day for BANK NIFTY with a weak day candle indicating possible further down-move. We should not forget that the sector had rallied continuously for ten days with momentum.
Infosys and TCS have hit new all-time highs. But the other major IT stocks are lagging behind now after a good rally. Keep an eye on the level of 2,570 in Reliance. Bajaj Finance should be added to the watchlist as the results will be out today.
I will be closely watching 18,340 on the upside and 18,230 on the downside in NIFTY. Keep in mind that 18,160 is a major level. Though NIFTY’s chart looks bullish, BANK NIFTY looks struggling, be it for another impulsive move or to break the support. Do you think that 38,000 will be broken in Bank Nifty today? Let us know in the comments section.
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