News Shots
Jindal Steel and Power said that its offices in in Delhi and Gurugram were visited by officials from Enforcement Directorate for seeking business related information.
JSW Energy’s subsidiary JSW Neo Energy has signed a memorandum of understanding with Government of Telangana for setting up 1,500 MW capacity of Hydro Pumped Storage Project.
RailTel has received a work order from National Informatics Centre Services Incorporated in relation to assignment of work of immigration visa and foreigner registration and tracking at a total cost of Rs. 29.75 crore.
TVS Motor will invest an addition £100 million in Norton Motorcycle, which was acquired in 2020.
NTPC collaborates with Delhi Jal Board to convert waste into energy.
What to expect?
NIFTY opened with a gap-up at 17,242 and moved higher. 17,270 was breached and the markets rallied further. It was a proper trending day. NIFTY finally closed the day at 17,393, up by 256 points or 1.49%.
BANK NIFTY opened with a gap-up at 36,510 and moved down till 36,400 from where it bounced. There was a rally, base formation around 36,600 and another rally. This led to BNF closing at 36,816, up by 501 points or 1.38%.
All the major sectors closed in the green.
The US markets closed deep in the red. The European markets were mixed with FTSE closing flat and DAX moving higher.
The Asian marketsare down. The U.S. Futures and the European futures are trading lower.
SGX NIFTY is trading at 17,195 indicating a gap-down opening.
NIFTY has supports at 17,320, 17,250 and 17,180. We can expect resistances at 17,465, 17,560 and 17,600.
BANK NIFTY has supports at 36,600, 36,400 and 36,200. Resistances are at 36,420-36500, 36,600 and 37,000.
OI has not much relevance today.
INDIA VIX is at 17.9.
Foreign Institutional Investors net sold shares worth Rs 700 crores. Domestic Institutional Investors net bought shares worth Rs 2,800 crores.
It was a clear trending day in the market yesterday. As mentioned in yesterday’s report, 17,270 was the level to watch for a breakout.
Reliance is at all-time high. Let us watch the stock along with HCL Tech to see how the reaction to the results is.
Jerome Powell said that he is committed to bringing inflation below 2% at the earliest and thus it will demand a rate hike of 50 basis points in May. This is something expected and also better than the 75 basis points hike. Some officials had wanted bigger hikes. Still, the statement led to negativity in the US market. Also, the markets were rallying for two days.
If Nifty break Previous day low, then even gap-filling is possible. Let us see where Pre Market settles today.
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