News Shots
NLC India declared interim dividend of Rs 1.5/share.
Metro Brands declared interim dividend of Rs 1.5 per share. Chief Operating Officer Sahel Kamdar resigned.
Future Retail shareholders and creditors to meet on April 20-21 to discuss the Reliance deal.
SEBI passed an interim order against Dish TV, promoter, and MD Jawahar Goel, and the board of directors for alleged violation of listing regulations.
Geojit Financial Services promoter BNP Paribas sold 80,000 shares on Feb. 28.
Hinduja Group bought 2.96 lakh shares (0.03% stake) of Indusind Bank at Rs 839 apiece.
What to expect?
NIFTY opened the day with a huge gap-down at 15,863 and moved further down. There was a bounce back to 15,940 but there was strong resistance which led the index to close at 15,863, down 382 points or 2.35%.
BANK NIFTY opened with a huge gap-down at 33,250. The index had gone down below the Pre Covid level but the last hour buying added some points to BANK NIFTY. The index closed at 32,871 , down 1536 points or 4.47% down.
Auto fell by more than 4% whereas Metals moved up by 2%.
The US markets fell heavily in the second half. The European markets fell yesterday with DAX closing more than 3% in the red.
The Asian markets are nearly 1% down. The U.S. Futures are flat whereas the European futures aretrading in the green.
SGX NIFTY is trading at 15,750 indicating a gap-down opening.
NIFTY has supports at 15,700, 15,600 and 15,500. We can expect resistances at 15,940, 16,000 and 16,130.
BANK NIFTY has supports at 32,500, 32,400 and 32,000. Resistances are at 33,000, 33,200 and 33,500.
NIFTY has the highest call OI build-up at 16,500 and the highest put OI build-up is at 15,000 excluding deep strikes.
Similarly, BANK NIFTY has the highest call OI build-up at 34,500 and the highest put OI build-up at 32,000.
INDIA VIX is at 29.33.
Foreign Institutional Investors net sold shares worth Rs 7,500 crores. Domestic Institutional Investors net bought shares worth Rs 5,300 crores.
With the reports that the US is consulting with the European nations to decide on cutting imports of crude oil from Russia as we discussed yesterday, crude oil spiked and this led to the heavy fall we saw. The Asian markets and the European markets were significantly down in the first half but the European markets were able to recover to an extent.
The EU nations are reportedly planning to reduce the dependency on Russian gas by 80%. Putin has threatened to cut the gas supply through Nord Stream 1. White House said that it is going to be tough time ahead.
Another highlight of the day was the NSE glitch where the indices did not get updated on time. This is why you can see a huge red candle in many platforms. Make sure that you stay away from the market on days with such glitches once you get the first indication.
The exit polls results were out yesterday as the final phase of the elections is over. It favoured BJP in Uttar Pradesh and AAP in Punjab. Let us wait for the results on Thursday.
After Macron’s request to Putin, humanitarian corridors were opened in multiple cities in Ukraine. The World Court hearing has begun on Ukraine invasion but Russia did not appear. Also, there were reports that Russia demanded Ukraine to consider Crimea as Russian territory, recognise Donetsk and Luhansk and also make changes to their constitution.
I will be watching 15,600 on the downside.
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