News Shots
Vedanta entered into certain long term power security agreements for green and renewable energy (RE) power for Hindustan Zinc, Bharat Aluminum Company and Vedanta (Jharsuguda Aluminium Operations) via captive power projects. These projects will be created through dedicated special purpose vehicle (SPV) for each entity.
Nuvoco Vistas Corporation made timely payment of redemption amount and interest for its non-convertible debentures of Rs 400 crore.
Sterlite Technologies signed the definitive agreement to sell its 64.98% stake in Maharashtra Transmission Communication Infrastructure (MTCIL). Total consideration of Rs 43 crore agreed to be received in multiple tranches.
Ruchi Soya Industries board has approved issue price at Rs 650 per equity share for its follow-on public offer.
H G Infra Engineering: subsidiary Gurgaon Sohna Highway Private Limited has received the provisional certificate for the project in Haryana.
What to expect?
NIFTY opened with a small gap-up at 17,522 and moved in a downward channel. Though there were volatile moves, it was net consolidation and NIFTY closed the day at 17,465, down by 34 points or 0.19%.
BANK NIFTY opened at 36,464 and started moving down. But this was followed by a good up-move where BNF faced rejection and a sell-off followed. BANK NIFTY managed to close in the green at 36,374,up by 39 points or 0.11%.
FMCG moved up whereas Pharma fell.
The US markets closed in the red. The European markets also moved down yesterday.
The Asian markets are trading mixed. The U.S. Futures and the European futures are trading higher.
SGX NIFTY is trading at 17,463 indicating a gap-down opening.
NIFTY has supports at 17,440, 17,390, 17,350 and 17,250. We can expect resistances at 17,620, 17,700 and 17,800.
BANK NIFTY has supports at 36,250, 36,000, 35,900 and 35,700. Resistances are at 36,500, 36,600, 36,900 and 37,000.
INDIA VIX is at 20.5.
Foreign Institutional Investors net bought shares worth Rs 3,000 crores. Domestic Institutional Investors net bought shares worth Rs 1,100 crores.
The US and European Futures were in the green just before opening whereas Asian markets were down as the PMI data from China was unsatisfactory. However, Crude oil prices fell as the US announced plans to release strategic oil reserves. This led to the gap-up.
The fall was led by Reliance. This can be attributed to Jio losing users and crude oil prices falling as Reliance has major earnings from oil refining.
Putin said that the gas supply will be halted if the payment is not made in Rubles. He added that special accounts have been created for the purpose of transferring Forex and the bank would then buy Rubles.
Foreign Institutional Investors turning buyers is a very good sign for our market.
We have data coming out today. GST data and Auto sales data are the main ones. We can also watch European Union CPI inflation data.
I will be watching 17,550 on the upside and 17,350 on the downside.
With yesterday’s expiry, it is end to the financial year where we saw Nifty giving a returns of 19%. How was your financial year? Let us know in the comments section.
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