News Shots
Vedanta achieved the highest ever alumina production of 19.7 lakh tonnes while its aluminium output rose 15% year-on-year to 22.7 lakh tonnes, helped by operational efficiencies.
Reliance Industries has received NCLT’s approval for the scheme of amalgamation of the company and Reliance Syngas.
Glenmark approved the repurchase of an aggregate principal amount of $75 million of bonds due in 2022 by way of on-market purchases at an early redemption amount plus accrued and unpaid interest.
Competition Commission of India will investigate Zomato and Swiggy after the National Restaurant Association of India complained of an alleged contravention of rules by the two food-delivery companies. The CCI Director-General will submit the report in 60 days.
Mindtree will consider the declaration of the final dividend on April 18.
AU Small Finance Bank: The lender has clocked deposit growth of 46%/19% YoY/QoQ to Rs 52,585 crore in Q4 FY22. CASA ratio stood at 37.1% vs 23%/39% YoY/QoQ.
What to expect?
NIFTY opened with a gap-up at 17,816 and fired up. Fall started at 18,100 but the index saw another round of buying. NIFTY closed the day at 18,053, up 383 points or 2.17%.
BANK NIFTY opened higher at 37,861 and crossed the major levels on the upside. The level of 38,800 was respected but the sell-off was short-lived. BNF closed the day at 38,635, up 1,487 points or 4%.
All the sectors moved higher.
The US markets and the European markets moved higher.
The Asian markets are trading in the green. The U.S. Futures and the European futures are trading slightly in the red.
SGX NIFTY is trading at 18,190 indicating another gap-up opening.
NIFTY has supports at 17,900, 17,800 and 17,700. We can expect resistances at 18,100, 18,250 and 18,310.
BANK NIFTY has supports at 38,500, 38,200 and 38,000. Resistances are at 38,800, 39,000 and 39,350.
NIFTY has the highest call OI build-up at 18,500. The highest put OI build-up is at 18,000.
BANK NIFTY has the highest call OI build-up at 40,000 and the largest put OI build-up is at 38,000.
INDIA VIX is at 17.9.
Foreign Institutional Investors net bought shares worth Rs 1,200 crores. Domestic Institutional Investors net bought shares worth Rs 1,700 crores.
HDFC-HDFC Bank merger was the highlight of the day. HDFC approved the merger with HDFC Bank and the owners of the former will have 41% of the shares of the latter in a ratio of 42:25.
There was a strong up-move with both the stocks moving up by 10%. The close above 18,000 is a good sign for the bulls.
The unemployment rate in India has gone down to 7.6% from 8.1%.
There is no progress in the peace talks. Russia has boosted oil production. Putin signed a decree restricting visas to unfriendly countries. Ukraine said that they are anticipating a heavy attack in the east by Russian troops.
The Competition Commission of India has asked for an investigation on Swiggy and Zomato related to their delay in the payment cycle. This was following the complaint by the National Restaurant Association of India.
Let us watch HDFC twins today to see whether there is a profit-booking or an up-move. Remember they are heavyweights and contribute around 15% together to NIFTY.
18,310 is the next major level on the upside breaking which NIFTY will have to test the all-time high.
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