News Shots
Wipro appointed Nicolas (Nic) Parmaksizian as chief executive officer of Designit.
Reliance Industries announced opening of Jio World Centre in Mumbai’s Bandra Kurla Complex.
BKT commenced commercial production of Brown Field Expansion and Debottlenecking Project at BHUJ Plant. The production of tyres will be increased upto 50,000 MTPA.
Rajratan Global Wire approved stock split of one share of Rs 10 each into five shares of Rs 2 each on March 16.
Info Edge invested Rs 91 crore in Asia Network for 76% stake
Nazara Technologies approved issuance Rs 25 crore of shares to shareholders of Datawrkz, to hold 33% stake in Datawrkz after deal.
What to expect?
NIFTY opened the day with a gap-down at 16,362 on Friday. The sell-off continued but support was taken at 16,130 and bounced back. Resistance at 16,450 pushed NIFTY down and the index closed at 16,245, down 253 points or 1.53%.
BANK NIFTY opened with a gap-down at 34,574 but managed to find support at 34,100. The index attempted to cross 35,000 but there was stiff resistance and the index closed at 34,408, down 537 points or 1.54%.
Auto and Metals continued to fall whereas IT closed in the green.
The US markets closed in the red but the fall was much less compared to the European markets that closed more than 3% in the red.
The Asian markets fell heavily with Nikkei and Hang Seng trading more than 3% in the red. The U.S. Futures and the European futures are trading lower, DAX futures being 3% in the red.
SGX NIFTY is trading at 15,800 indicating a huge gap-down.
NIFTY has supports at 16,130, 16,000, 15,900 and 15,600. We can expect resistances at 16,340, 16,410 and 16,500.
BANK NIFTY has supports at 34,000, 33,900 and 33,400. Resistances are at 34,900, 35,000 and 35,250.
NIFTY has the highest call OI build-up at 17,500 followed by 17,000. The highest put OI build-up is at 15,000 followed by 16,000.
BANK NIFTY has the highest call OI build-up at 37,000 and the highest put OI build-up at 33,000. It is a wide range as it is uncertainty ruling the market.
INDIA VIX is at 28.
Foreign Institutional Investors net sold shares worth Rs 7,600 crores. Domestic Institutional Investors net bought shares worth Rs 4,700 crores.
There are reports that the US is consulting with the European nations to decide on cutting imports of crude oil from Russia. This has led to the spike in crude oil, which is now at $130! With this, markets worldwide have fallen heavily.
As you know, the elections are getting over today in India and you can expect a hike in the fuel prices leading to overall inflation. The UP exit polls will be out tonight.
FIIs continue their selling spree. They have net sold shares 7,600 crores on Friday and the weekly figures stand at Rs 23,000 crores.
Russia is continuing its invasion of Ukraine. Putin allowed ceasefire for evacuation of cities on humanitarian grounds but there were reports of ceasefire violations. He said that the western sanctions are equal to a declaration of war and a no fly zone if imposed will be seen as direct involvement in the war. There was no clear resolution in the previous round of talks and the third round of talks is expected to happen on Monday but Putin wants all of the Russian demands to be accepted.
The markets may touch the 15,600-15,900 zone which will be a strong support zone. Let us see what happens here.
Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!
