Houthi Attack and Shanghai Lockdown: How Will Nifty React? Share Market Today

News Shots

PVR has approved a merger with Inox Leisure. Shareholders will get three shares of PVR for every ten shares they hold of Inox. PVR now operates the largest multiplex network in India with 871 screens at 181 properties in 73 cities (India and Sri Lanka).

The board of Vedanta approved capital expenditure of $687 million in Cairn Oil & Gas to increase near-term volume. It earmarked a capex of $466 million towards Zinc International’s Gamsberg Phase 2 project. Further, it has set aside $348 million for an expansion project at its subsidiary ESL Steel.

The Ministry of Defence has signed a contract with Larsen & Toubro for acquisition of two multipurpose vessels for Indian Navy at an overall cost of Rs 887 crore.

Emam has acquired Dermicool category from Reckitt Benckiser Group Plc for Rs 432 crore.

Bharti Airtel will buy 4.7% stake in Indus Towers for Rs 2,388.06 crore.

GAIL India will buyback of its shares on March 31.

What to expect?

NIFTY opened with a gap-up at 17,295 on Friday. There was a down-move till 17,080 from where NIFTY shot up to close the day at 17,153, down by 70 points or 0.4%.

BANK NIFTY opened with a gap-up at 35,710 and had a volatile day. 35,200 offered a good support and the index moved higher, closing the day at 35,410, down by 117 points or 0.33%.

All the sectors moved down whereas Metals consolidated.

The US markets and the European markets closed in the green.

The Asian markets are down now. The U.S. Futures and the European futures are trading flat to green.

SGX NIFTY is trading at 17,215. All the factors together indicate a flat opening.

NIFTY has supports at 17,000, 16,880 and 16,650. We can expect resistances at 17,250, 17,350 and 17,480.

BANK NIFTY has supports at 35,300, 35,000 and 34,500. Resistances are at 36,000, 36,450 and 36,900.

NIFTY has the highest call OI build-up at 17,500. The highest put OI build-up is at 17,000.

BANK NIFTY has the highest call OI build-up at 36,000 and the largest put OI build-up is at 35,000.

INDIA VIX is at 23.4.

Foreign Institutional Investors net bought shares worth Rs 1,500 crores. Domestic Institutional Investors net sold shares worth Rs 1,400 crores.

Considering the Houthi attacks on Saudi oil sites, we will have to watch crude oil prices. Saudi has said that they will not be responsible for the shortage. US will release oil from their strategic reserves. Currently, crude oil is down by 1%.

Loksabha has passed the finance bill 2022 which includes 39 official amendments. FM mentioned that the number of taxpayers has doubled in the last ten years.

There are reports that the Russian govt has given a deadline of May 9 for the Ukrainian invasion. It is their ‘victory over Nazi’ day.

China has announced lockdown in Shanghai after the rapid spread of Covid.

Let us see how Reliance performs today.

I will be watching 17,000 on the downside and 17,350 on the upside in NIFTY.