News Shots
Apollo Hospitals will replace Indian Oil in the benchmark Nifty 50 from March 31, 2022, as part of the semi-annual index review. The changes will also be applicable to Nifty 50 Equal Weight Index. The Nifty 50 is reconstituted twice every year in March and September.
The Ministry of Defence has signed a contract worth Rs 1,075 crore with Bharat Electronics for the retro-modification of commander sight of battle tanks-T-90. The company will supply 957 commander thermal imager cum day sights for T-90 tanks of the Indian Army.
Infosys launched Infosys metaverse foundry to ease and fast track enterprises’ exploration of the metaverse, including virtual and augmented environments, for its customers, workplace, products and operations.
Hinduja Global bagged a contract worth Rs 2,100 crore (£211 million) by the UK Health Security Agency to provide critical customer support to UK citizens for an initial period of two years, with an option to extend further.
Wipro will hire more than 500 employees in Brazil over next fiscal year.
What to expect?
NIFTY opened with a huge gap-down at 16,607 with the news on Russian invasion. It was a massive sell-off that followed and the index closed the day at 16,248, down 815 points or 4.8%.
BANK NIFTY also fell heavily after opening with a huge gap-down at 36,256. After staying above 36,000 for a while, banks fell heavily in the last hour and closed at 35,228, down 2164 points or 5.79%.
All the sectors fell heavily.
The US markets had a roller coaster ride opening with a huge gap-down and closing in the green. The European markets fell heavily.
The Asian markets are trading in the green now. The U.S. Futures are well in the red and the European futures are trading slightly lower.
SGX NIFTY is trading at 16,500 indicating a gap-up opening.
NIFTY has supports at 16,200, 16,130 and 16,000. We can expect resistances at 16,400, 16,500 and 16,600.
BANK NIFTY has supports at 35,000, 34,850 and 34,500. Resistances are at 35,500, 35,700 and 36,000.
Open Interest data will not be helpful today.
INDIA VIX is at 32.
Foreign Institutional Investors net sold shares worth Rs 6,500 crores. Domestic Institutional Investors net bought shares worth Rs 7,700 crores.
Russia attacked Ukraine and you know how the markets bleeded. Putin later said that Russia does not want to conquer the neighbour but they have no choice than to retaliate seeing NATO’s expansion. He added that anyone who turns against Russia will have to face adverse consequences.
The Ukrainian military bases were destroyed and several men were killed including civilians.The Russian defence said that the soldiers who laid the weapons down were treated with respect. The US said that Putin’s plan is to decapitate the Ukrainian government.
The last time we had a VIX above 30 was in June 2020. So, it is advisable not to trade in this extremely volatile market condition. The US markets had opened deep in the red but when Biden announced the sanctions, it was clear that the crude was exempted. This led to the positivity.
It is recommended that the investors can wait for a while before jumping at investments. We will have to see what happens at 16,000 if the fall continues.
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