News Shots
GAIL India approved second interim dividend of Rs 5 per equity share, 50% of the paid up share capital.
Lupin received U.S. FDA approval for its Abbreviated New Drug Application (ANDA), Vigabatrin for Oral Solution USP, 500 mg to market a generic equivalent of Sabril for Oral Solution, 500 mg of Lundbeck Pharmaceuticals.
The Reserve Bank of India has allowed HDFC Bank to resume new digital initiatives, removing all previous curbs.
The Reserve Bank of India has barred Paytm Payments Bank from adding new customers.
Tech Mahindra acquired Thirdware Solutions for $42 million.
IDBI Bank executed an investment agreement in National Asset Reconstruction Company for 5% stake.
Torrent Power completed acquisition of Surya Vidyut that operates 156 MW Wind power plants spread across the states of Gujarat, Rajasthan, and Madhya Pradesh.
What to expect?
NIFTY opened with a small gap-down at 16,537 and had a consolidating day. There was an up-move which was stopped by the resistance 16,700. The index closed at 16,630, up 56 points or 0.2%.
BANK NIFTY also had a flat day. There was a good buying pressure in the morning but the index chose to consolidate in the second half. BANK NIFTY closed the day at 34,546, up 70 points or 0.2%.
Pharma moved higher.
The US markets closed in the red. The European markets had a green close.
The Asian markets are mixed with Nikkei trading higher and Hang Seng trading well in the red . The U.S. Futures and the European futures are trading in the green.
SGX NIFTY is trading at 16,555. All the factors combined indicate a flat opening.
NIFTY has supports at 16,500, 16,450 and 16,320. We can expect resistances at 16,650, 16,700 and 16,800.
BANK NIFTY has supports at 34,150, 34,000 and 33,600. Resistances are at 34,800, 35,200 and 35,500.
NIFTY has the highest call OI build-up at 17,000 and the largest put build-up at 16,000.
BANK NIFTY has the largest call OI build-up at 36,000 and the largest put OI build-up at 33,000.
INDIA VIX is at 25.3.
Foreign Institutional Investors net sold shares worth Rs 2,300 crores. Domestic Institutional Investors net bought shares worth Rs 1,700 crores.
The war has intensified with Russian forces inching closer to Kyiv. Though there were positive sentiments in the markets after Putin said that there has been a positive shift in the talks, Ukraine’s foreign minister said that there has been no ceasefire and absolutely no progress in the talks. Zelensky hopes for an end to the war in talks but he added that if the war continues, he and his men are ready to fight till death.
The latest update from the war zone is that both the Russian and Ukrainian representatives have said that there are positive outcomes in the new talks that were conducted online and a result will be attained in the coming days, leading to positivity in the Global futures.
The market will first react to the Industrial Output data which came out at 1.3% against an expected 0.9%. We have February CPI data to be out today.
Another major concern we have now is the Covid spread in China. Lockdown has been imposed in some of the cities as cases are spreading at a much higher rate.
It is going to be a tough time for BANK NIFTY with HDFC Bank getting sold heavily. Being a heavyweight, it is continuously dragging both the major indices.
I will be watching 16,700 on the upside and 16,450 on the downside.
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