News Shots
Schaeffler India said that their profit jumped 48.4 percent YoY and Revenue rose 19 percent.
Mahindra Logistics reported that their profit declined 10.5 percent YoY while revenue rose 10 percent.
Bajaj Finance profit climbed 80 percent YoY.
Infosys in collaboration with MIT Technology Review Insights, launched the Global Cloud Ecosystem Index 2022, a snapshot of worldwide cloud development and innovation.
Wipro will acquire US-based Rizing Intermediate Holdings Inc, a SAP consulting firm.
Dilip Buildcon received provisional certificate for bridge across river Zuari on Panjim-Mangalore section.
What to expect?
NIFTY opened with a gap-up at 17,129 yesterday. There was resistance near 17,180 and 17,065 offered support. There was a quick up-move in the end and NIFTY closed at 17,209, up by 247 points or 1.46%.
BANK NIFTY opened with a gap-up at 36,530. There was consolidation with selling pressure. BNF closed the day at 36,404, up by 322 points or 0.89%.
All the major sectoral indices closed in the green.
The US markets closed deep in the red. The European markets were mixed with DAX closing heavily in the red.
The Asian markets are down The U.S. Futures and the European futures are trading higher.
SGX NIFTY is trading at 17,030 indicating a gap-down opening.
NIFTY has supports at 17,080, 17,000 and 16,880. We can expect resistances at 17,230, 17,320 and 17,400..
BANK NIFTY has supports at 36,300, 36,200 and 36,000.. Resistances are at 36,600, 37,000 and 37,150..
NIFTY has the highest call OI build-up at 17,500 followed by 17,200. The highest put OI build-up is at 17,000 though there has been unwinding.
BANK NIFTY has the highest call OI build-up at 36,500 and the largest put OI build-up also is at 36,500.
INDIA VIX is at 19.19.
Foreign Institutional Investors net sold shares worth Rs 1,200 crores. Domestic Institutional Investors net bought shares worth Rs 1,700 crores.
LIC will hold a press conference at 12:30 pm to share IPO details. Trading in LIC may begin on 17th May. 21,000 crores will be raised by selling 3.5% of the Government stake.
It was reported that the Government expects the GST collection in April to cross 1.5 lakh crore , which will be another record high.
The close above 17,150 has given a short-term bullish view. It is certain that the heavy put build-up at 17,000 played a crucial role.
However, the global cues will not support our market. Russia has decided to cut gas supply to Europe thus making energy a weapon.
The US markets fell heavily yesterday on tech sell-off. The corporate results have disappointed the participants.
It is becoming difficult for traders who carry forward their positions. I will be closely watching 17,000 on the downside.
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