News Shots
Tata Steel completed acquisition of 50% stake in S&T Mining from Steel Authority of India. It also completes acquisition of 90% stake in Rohit Ferro Tech.
TVS Motor acquired Swiss e-mobility company Passion Vélo for Rs 22.83 crore (CHF 2.7 million). Passion Vélo is primarily engaged in the sale of electric bikes as well as e-bike accessories.
RITES and Tata Steel entered into a memorandum of understanding to jointly explore integrated infra services.
Maruti Suzuki said that its Rohtak R&D facility, affected by fire incident, is covered under insurance policy. It is assessing damage for recovery of insurance amount.
Godrej Properties received NCLT nod for scheme of amalgamation of Ceear Lifespace, project special purpose vehicle being a wholly-owned subsidiary, with the company.
Wipro said that Convergence Acceleration acquisition is completed.
Simplex Infrastructures will raise up to Rs 422 crore via share warrants, to issue shares at Rs 56.61 each to Swan Constructions.
What to expect?
NIFTY opened with a gap-down at 17,582 and moved down. 17,465 which was a major level in the day time frame acted as a support. Testing the level later in the day, a strong bounce-back took NIFTY to day-high. Profit-booking took NIFTY down and the index closed at 7,530, down 45 points or 0.82%.
BANK NIFTY opened with a gap-down at 37,453 but there was no major bearishness. The index tried to move up. There was a major breakout towards the end and the index closed at 37,747, up by 134 points or 0.36%.
Metals fell by 2.7%.
The US markets had a volatile day shooting up in the first half and falling heavily to close in the red. The European markets moved down by nearly 0.5%.
The Asian markets are trading higher. The U.S. Futures and the European futures are trading in the green.
SGX NIFTY is trading at 17,598 indicating a flat to gap-up opening.
NIFTY has supports at 17,530, 17,450, 17,400 and 17,320. We can expect resistances at 17,600, 17,640, 17,670, 17,750 and 17,780.
BANK NIFTY has supports at 37,600, 37,450 and 37,150. Resistances are at 37,900, 38,250 and 38,650.
NIFTY has the highest call OI build-up at 18,000 followed by 17,800. The highest put OI build-up is at 17,000 followed by 17,100.
BANK NIFTY has the highest call OI build-up at 38,000 and the largest put OI build-up is at 37,000 followed by 37,500.
INDIA VIX is at 18.2.
Foreign Institutional Investors net sold shares worth Rs 3,000 crores. Domestic Institutional Investors net bought shares worth Rs 900 crores.
The sharp buying yesterday in the second half was a surprise to the traders. However, NIFTY closed in the red. You should be prepared for such volatile moves today as well.
The US CPI inflation data was in focus for the last few days and it came around the expectations. The markets have been falling in inflation worries. Since CPI came out at 8.5% as expected, the US futures shot up and S&P 500 also opened with a gap-up and moved higher. However, there was heavy selling later which took the markets to negative territory. Putin’s warning to enemy nations and the statement that there is no progress also accelerated the fall.
India released the CPI data yesterday after the market hours. Inflation came out at 6.95%, above the RBI inflation limit. This was expected as crude oil prices were on a rally. Food price inflation stood at 7.68%.
The Industrial output data came out at 1.15% for the quarter. This will not be significant for the day as even India’s inflation data was overshadowed by the concerns about US inflation data.
BANK NIFTY took resistance at the major level of 37,900 and NIFTY was rejected from the day-high. These levels will act as strong resistances today.
Let us closely watch 17,450 on the downside and 17,600 on the upside.
Keep an eye on Infosys as the results will be out today. Also, HDFC Bank will announce results on Saturday. It will be a four-day vacation for the market from tomorrow! We can expect a volatile expiry as there can be squaring towards the end.
Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!
