News Shots
ITC acquired 1,040 compulsorily convertible preference shares worth Rs 10 each of Mother Sparsh Baby Care.
Punjab National Bank reported a fraud of Rs 2,060.14 crore in IL&FS Tamil Nadu Power Co. at a corporate branch in Delhi. The bank has already made provisions amounting to Rs 824.06 crore.
Zomato is weighing an all-stock takeover deal for Blinkit, Bloomberg reported. Separately, it has agreed to acquire 16.66% stake in Mukunda Foods. It has also approved a $150-million loan to support its capital requirements.
Munish Ravinder Varma, managing partner at SoftBank Vision Fund, has stepped down from the board of Paytm‘s parent firm.
Future Enterprises defaulted on interest of Rs 9.91 crore on non-convertible debentures that was due on March 14.
Shyam Metalics approved capital expenditure of Rs 990 crore to expand its Sambalpur and Jamuria facilities.
What to expect?
NIFTY opened with a gap-up at 16,906. There was a tough competition between the buyers and the sellers which the latter ultimately won. The fall continued by breaking even 16,610. NIFTY took support at 16,550 and finally closed the day at 16,663, down 208 points or 1.23%.
BANK NIFTY opened with gap-up at 35,488. Though there was an initial fall, the index tried moving up. But sellers succeeded finally and the index went down till 34,700. BANK NIFTY finally closed the day at 35,023, down 290 points or 0.82%.
Metals fell by more than 4%.
The US markets closed in the green. The European markets closed slightly in the red.
The Asian markets are trading well in the green. The U.S. Futures and the European futures are trading slightly in the red.
SGX NIFTY is trading at 16,916 indicating huge gap-up opening.
NIFTY has supports at 16,650, 16,610, 16,570 and 16,500. We can expect resistances at 16,700, 16,760, 16,800 and 16,840.
BANK NIFTY has supports at 34,800, 34,400 and 34,000.. Resistances are at 35,200, 35,500 and 35,700.
NIFTY has the highest call OI build-up at 17,000 and the highest put OI build-up is at 16,000.
BANK NIFTY has the highest call OI build-up at 36,000 and the highest put OI build-up at 34,000.
INDIA VIX is at 26.7.
Foreign Institutional Investors net sold shares worth Rs 1250 crores. Domestic Institutional Investors net bought shares worth Rs 100 crores.
Tata Motors, Eicher Motors and Ashok Leyland have been approved for the PLI scheme and this is why Auto sector did not fall with the general market.
We have not received a solid conclusive update from the peace talks. The Russian representative said that it is premature to give an update whereas the Ukraine delegate said that there is either going to be an agreement or a full scale attack by Russia. However, Zelensky said that more time was needed though the peace talks are becoming more realistic.
The Russians had taken the attack towards the western region bordered by Poland. As you know, the NATO forces are deployed there and in case there is an accidental strike, it can lead to a disastrous war. The Yamal-Europe pipeline has been suspended now.
Reliance has erased the gains of the last three days. ICICI bank and SBI saw buying pressure and recovered well. Let us watch these stocks today.
Fed will announce their interest rate decision tonight. It is expected that there will be a hike of 25 basis points. If a 50 bp hike is announced tonight, then things can go wrong and the market may see a fall in the coming days. It is better not to hold an overnight position amid uncertainty.
Following the US Markets, we may have a huge gap-up today. However, there can be intraday volatility as it is a gap-up after a fall. We will have to closely watch where the support is taken if profit booking kicks in after the gap-up.
Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!
