News Shots
Future Retail said that Bank of India has initiated insolvency proceedings against the company, under IBC at NCLT.
Tata Steel considers share split on May 3. Firm to also announce its quarterly earnings on May 3.
Blackrock-led group signs binding agreement with Tata Power‘s renewable energy. The group will invest Rs 4,000 crore by way of equity or compulsorily convertible instruments.
JSW Steel has redeemed senior unsecured fixed rate notes aggregating to $500 million.
Bharat Forge: The company plans to sell 3-year bonds of upto Rs 200 crore
Ambuja Cement’s shareholder Holcim is considering a potential sale of its stake. Holcim controls 63.1% of the company.
What to expect?
NIFTY opened with a gap-up on Wednesday at 17,600 and moved up before the bearish phase of the day started. NIFTY kept moving down after 17,535 was broken. NIFTY closed the day at 17,475, down by 55 points or 0.31%.
BANK NIFTY opened with a gap-up at 37,892 and moved down. 37,700 was broken first and the bearishness continued with 37,500 getting breached. BNF finally closed the day at 37,463, down by 284 points or 0.75%.
FMCG closed in the green.
The US markets moved down on Thursday weighed down by IT stocks. The European markets closed in the green.
The Asian markets are trading lower. The U.S. Futures are trading in the red. The European markets are on Easter holidays.
SGX NIFTY is trading at 17,254 indicating a gap-down opening.
NIFTY has supports at 17,390, 17,320, 17,150 and 17,000. We can expect resistances at 17,550, 17,600, 17,640, 17,780 and 17,830.
BANK NIFTY has supports at 37,300, 37,150, 37,000, 36,800 and 36,400. Resistances are at 37,700, 37,900, 38,150 and 38,650.
NIFTY has the highest call OI build-up at 18,500. The highest put OI build-up is at 17,000.
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 17.8.
Foreign Institutional Investors net sold shares worth Rs 2,000 crores. Domestic Institutional Investors net bought shares worth Rs 1,400 crores.
We do not have much cue coming up this week. However, let us watch the earnings here and also the impact of corporate earnings in the US market.
We will not have cue from European markets today as it is Easter Monday. Asia is trading lower now with NIKKEI trading 2% in the red.
After Ukrainian counter attack led to sinking of Russia ships, Russia has made the attack in the eastern region and Kyiv much more intense. Let us see if there is a major cue coming from Ukraine that can have an impact on the market.
17,320 can act as a strong support if NIFTY opens continues the down-move after the gap-down opening as indicated by the Asian markets and Sgx Nifty.
I will be closely watching 17,520 on the upside.
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