News Shots
Adani Group achieved financial closure of Navi Mumbai International Airport project through execution of financial documents with State Bank of India.
Welspun’s Saudi Arabia associate East Pipes Integrated Company for Industry has won an order of Rs 1,001.38 crore from Saline Water Conversion Corp.
Emami is looking to grow its personal and healthcare businesses in India mainly through acquisitions, Bloomberg reported. CFO N.H. Bhansali said the strategy is to grow through the inorganic route.
Hero MotoCorp dismissed media reports of alleged bogus expenses incurred by the company. It also increased prices of its motorcycles and scooters by Rs 2,000 effective April 5.
ONGC will sell 1.5% stake via an offer for sale on March 30. The floor price is Rs 159 per share.
What to expect?
NIFTY opened with a gap-up at 17,299 but hesitated to move up. The index made a failed attempt to cross 17,350 to establish strength where 17,320 acted as a major resistance. There was huge selling pressure with up-moves but the market finally broke the levels to close the day at 17,325, up 103 points or 0.6%.
BANK NIFTY opened with a gap-up at 35,933. The resistance level of 36,000 pushed the index lower. The sector rallied towards the end and closed at 35,959, up 110 points or 0.3%.
Pharma moved higher.
The US markets fell in the first half after a gap-up and then moved up to close in the green. The European markets closed well in the green.
The Asian markets are mixed. The U.S. Futures and the European futures are trading in the red.
SGX NIFTY is trading at 17,530 indicating a gap-up opening.
NIFTY has supports at 17,310, 17,230, 17,150. We can expect resistances at 17,350, 17,480 and 17,620.
BANK NIFTY has supports at 35,500, 35,300, 35,000. Resistances are at 36,000, 36,450 and 36,900.
NIFTY has the highest call OI build-up at 17,500 followed by 17,800. The highest put OI build-up is at 17,000 followed by 17,200.
BANK NIFTY has the highest call OI build-up at 36,000 and the largest put OI build-up is at 35,500.
INDIA VIX is at 22.6.
Foreign Institutional Investors net bought shares worth Rs 35 crores. Domestic Institutional Investors net bought shares worth Rs 1,700 crores.
Both Russian and Ukrainian representatives have confirmed that there has been enough progress in the peace talks. There is a chance for the meeting of Presidents of both the nations soon. This led to the positivity in the European markets at around 5 PM. DAX closed nearly 3% in the green yesterday. Also, Zelensky shared hope in his daily address at around 10 PM IST.
Though there is hope regarding the war, the talks failed to achieve ceasefire. Russia has only promised to cut down military operations in Kyiv and not in the Southern region where fightings are still going on. Ukraine has asked Russia for guarantee in territories except for Crimea and the separatist area. Biden remains dubious and has asked the world to wait till the war is over.
NIFTY was trading in a downward channel, consolidating in a tight range before the final hour breakout happened. Sgx Nifty almost touched 17,600 yesterday.
The premium is quite surprising with ATM put premium much lower than the corresponding call premium. VIX also has dropped making it hard for new option sellers yet to enter positions for the weekly expiry.
USA will release the GDP data for the quarter tonight.
I will be watching 17,250 on the downside and 17,500 on the upside in NIFTY.
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