News Shots
Axis Bank reported threefold profits. The net profits stood at Rs 3614 cr, higher than the street estimates.
Future Retail said that it missed interest payments due on 5.6% Senior Secured Notes (USD).
Hero Motocorp approved an investment of Rs 700 crore in one or more tranches, in Hero FinCorp.
IIFL Securities declared an interim dividend of Rs 3 per share.
Kirloskar Ferrous announced interim dividend of Rs 2.5 per share.
Major Results: Maruti Suzuki India, Cipla, Pidilite Industries, Macrotech Developers,
What to expect?
NIFTY opened the day almost flat at 17,580. There was huge selling and the index broke all the major levels. A halt was taken at 17,400 and 17,250. But the fall continued till 17,000. The last-minute buying took the index above 17,100 and NIFTY closed the day at 17,149, down 468 points or 2.66%.
BANK NIFTY opened the day flat at 37,603. The sector survived the fall in the first hour but selling pressure kicked in soon. NIFTY paused around 37,000 for a while but bears forced the index below 36,500. BANK NIFTY moved up in the last hour to close the day at 36,948, down 627 points or 1.67%.
All the major sectors fell heavily.
The US markets had a crazy day by falling heavily in the first half and closing in the green later. The European markets fell heavily with DAX closing nearly 4% in the red.
The Asian markets are down for another day. The U.S. Futures and the European futures also are trading in the red.
SGX NIFTY is trading at 16,970 indicating a gap-down opening in NIFTY.
Major supports for NIFTY are at 17,000, 16,900, 16,850, 16,780 and 16,700. There are resistances at 17,160, 17,220, 17,270, 17,325 and 17,390.
BANK NIFTY has supports at 36,800, 36,500, 36,380 and 36,230 and 36,000.. Resistances are at 37,000, 37,250,37,500, 37,700 and 38,000.
NIFTY has the largest call OI build-up at 17,500 and the largest put OI build-up at 16,500.
BANK NIFTY has the highest call OI build-up at 38,000 and the highest put OI build-up at 37,000. There is significant call OI build-up at 37,500.
INDIA VIX jumped by 21% to 22.8. The fear index is around 30 in the US.
Foreign Institutional Investors net sold shares worth Rs 3,752 crores. Domestic Institutional Investors net bought shares worth Rs 75 crores.
The stock markets all over the world crashed yesterday. There was negativity everywhere. The US markets started the day with a gap-down and went down by more than 3% from where it bounced back to close in the green!
Russel 2000, the index which tracks small cap stocks is down by 20% from the high and thus they have entered the bearish phase now. NIFTY is 8% below the all-time high.
The Ukraine conflict is worsening with the US ordering the diplomats to move their family out of Ukraine. Also NATO would strengthen deployments in the Eastern europe. Russia will have a tough stance here as they would not want another neighbouring country to join the European Union. When the US also steps in, the situation will be war-like. The Russian stock market fell heavily yesterday. One should not forget that there are tensions in the Middle East as well.
NIFTY took support at the psychological level of 17,000. If the index breaks the level, we will see more down-move. The monthly candle has turned red with the fall.
Axis Bank reported good results after the market closed. The stock did not fall as heavily as the general market. Let us keep an eye on the stock today.
As we discussed yesterday, we were expecting the positivity in the US futures to help NIFTY. Though the US futures were stable for a while, it dropped by more than 1% from the high soon with all the major global indices falling. But we have a sharp bounce in the US markets as a positive cue today. But the futures and the Asian markets are down. Be prepared for a volatile day.
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