News Shots
Infosys will acquire Germany-based digital marketing agency Oddity for €50 million. The firm will merge with Infosys’ earlier acquisition Wongdoody.
Adani Ports and Logistics cargo volumes crossed 30 crore metric tonne in FY2022.
SBI Life Insurance approved dividend of Rs 2 per share with a face value of Rs.10 each.
SBI acquired 7.84% stake in Open Network for Digital Commerce for Rs 10 crore.
HCL signed a collaboration agreement with NEORIS for integrated IT services.
Adani Power approved scheme of amalgamation of wholly owned subsidiaries – Adani Power Maharashtra, Adani Power (Mundra), Adani Power Rajasthan, Udupi Power Corporation, Raipur Energen and Raigarh Energy Generation with the company.
What to expect?
NIFTY opened flat at 17,132. The index moved down but took asupport at 17,000. After a W pattern was formed, Nifty moved higher by more than 300 points. NIFTY closed the day at 17,315, up 198 points or 1.16%.
BANK NIFTY opened flat at 36,012 and fell heavily. This was followed by a strong bounce-back and the index closed at 36,349, up 330 points or 0.92%.
Most of the sectors closed in the green whereas Pharma and FMCG moved down.
The US markets closed well in the green. The European markets moved up.
The Asian markets are trading in the green. The U.S. Futures and the European futures are trading higher..
SGX NIFTY is trading at 17,450. All the factors together indicate a gap-up opening.
NIFTY has supports at 17,250, 17,175, 17,100 and 17,000. We can expect resistances at 17,350, 17,480 and 17,620.
BANK NIFTY has supports at 36,000 and 35,500 and 35,300. Resistances are at 36,600, 36,900 and 37,400..
NIFTY has the highest call OI build-up at 18,000 followed by 17,500. The highest put OI build-up is at 16,000.
BANK NIFTY has the highest call OI build-up at 37,000 and the largest put OI build-up is at 36,000.
INDIA VIX is at 24.
Foreign Institutional Investors net bought shares worth Rs 400 crores. Domestic Institutional Investors net sold shares worth Rs 700 crores.
Zelensky said that he is willing to discuss his commitment not to join NATO. The global markets rallied around the time of this news update. Russia said that Ukraine is not keeping up the pace in peace talks.
Fed’s Bullard said that the current Fed policy fuels inflation. He added that an aggressive rate hike is needed for reining inflation. This is after Jerome Powell said that Fed may go for a 50 basis points hike in May.
Reliance is at major level after leading the breakout yesterday. Let us keep an eye on the stock along with HDFC Bank that is just below 1,500.
The bearish engulfing candle in Nifty daily chart has been negated with yesterday’s movement. The global markets also are in favour of an up-move.
I will be watching 17,500 on the upside for confirmation of strength.
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