Good News from Russia: Markets Recover - Share Market Today

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Burger King India closed its qualified institutional placement issue and finalised the issue price at Rs 129.25 per share, a discount of 5 percent to the floor price of Rs 136.05 per share.

Torrent Power completed transaction of acquisition of 100 percent stake in special purpose vehicle Visual Percept Solar Projects. The acquisition was as per the Share Purchase Agreement between Torrent Power, Blue Diamond Properties and Balrampur Chini Mills.

Investor Marina IV (Singapore) Pte Ltd sold a 2.14 percent equity stake in Redington India via open market transactions on February 11. As a result, its shareholding in the company dropped to 3.22 percent, from 5.36 percent earlier.

Vedant Fashions will make its debut on the BSE and NSE today. The final issue price has been fixed at Rs 866 per share. It would be the third listing in the year 2022 after AGS Transact Technologies and Adani Wilmar.

Tech Mahindra approved the proposal to acquire 80% equity shares in Geomatic.ai Pty through its subsidiary Tech Mahindra (Singapore) Pte for Rs 32.24 crore (A$6 million).

What to expect?

NIFTY opened the day with a gap-up at 16,936. Taking resistance at 17,000, NIFTY moved down but bounced back from 16,840. NIFTY crossed the day-high and halted near 17,100 before it gave a fantastic breakout. All the resistances were broken and NIFTY closed the day at 17,352, up 510 points or 3.03%.

BANK NIFTY opened with a gap-up at 38,170 and moved down even crossing the day-low. The index gave a huge breakout after a small pause at 37,350 and crossed 38,000. BANK NIFTY closed the day at 38,170, up 1,262 points or 3.42%.

All the sectors closed in the green with AUTO moving up by 4%.

The US markets moved higher yesterday. The European markets closed well in the green.

The Asian markets also moved up following the positivity. The U.S. Futures are slightly in the red and the European futures are mixed with DAX futures flat.

SGX NIFTY is trading at 17,384 indicating a gap-up opening.

NIFTY has supports at 17,280, 17,210, 17,150 and 17,100. We can expect resistances at 17,380, 17,435-17,450, 17,540 and 17,610.

BANK NIFTY has supports at 38,000, 37,550, 37,300. Resistances are at 38,400, 38,800 and 39,000.

NIFTY has the highest call OI build-up at 17,700. The highest put OI build-up is at 17,000.

BANK NIFTY has the highest call OI build-up at 39,000 and the highest put OI build-up at 37,000.

INDIA VIX dropped by 10% to 20.61.

Foreign Institutional Investors net sold shares worth Rs 2,300 crores. Domestic Institutional Investors net bought shares worth Rs 4,400 crores.

It was interesting price action in BANK NIFTY. The index had moved below the previous day-low and many of the buyers’ stop loss would have got hit. A huge up-move followed and also, there was a news based recovery in the second half. Russia’s defence ministry said that some of the troops from Ukrainian borders will return to the base after drills later this week, probably on the 20th. They have already started withdrawing troops. This drove the markets higher.

With the same news, oil prices have come down. Also, the gold prices dropped. The tensions have eased and let’s hope that we will not have to see a war. At the same time, there will be dialogues in the coming days and all the events have to be watched closely as the markets will be sensitive to news related to Ukraine.

Hong Kong is facing a giant wave of Covid cases with patients waiting for treatments as the hospital facilities are unable to meet the rising cases. But we can see that the markets are trading unaffected now. If there is a lockdown that the government has ruled out now, there can be a severe impact.

India’s January exports data showed that there was a 25% rise in exports. Coal India posted good results with a 48% increase in profits YoY beating the estimates.

There are chances that the market may consolidate within a range today as it has been volatile moves in the past days. Let us watch the zone of 17,435-17,450 in NIFTY for another major up-move.