News Shots
Vodafone Idea is in talks to sell around a 5% stake in Indus Towers Ltd. to Bharti Airtel Ltd., PTI reported. The deal is expected to be valued at more than Rs 3,300 crore, and the proceeds will be pumped into the Indian entity Vodafone Idea Ltd.
Info Edge (India) received NCLT approval for amalgamation of wholly owned subsidiary High Orbit Careers.
Power Grid will transfer 26% residual equity shareholding in Power Grid Vizag Transmission and relinquish its right on additional revenue accruing to PowerGrid Parli Transmission Power Grid Warora Transmission and PowerGrid Jabalpur Transmission under change in law to PGInvIT against upfront consideration.
Vedanta will consider declaration of third interim dividend on March 2.
Tenneco Inc has entered a merger agreement with Pegasus Merger, a wholly owned subsidiary of Pegasus Holdings.
What to expect?
NIFTY opened with a huge gap-up at 17,202. There was a fall but the index bounced from the level of 17,125. Selling pressure again took NIFTY down. An unexpected sell-off in the last hour resulted in NIFTY closing the day at 17,063, down 29 points or 0.17%.
BANK NIFTY opened with a gap-up at 37,664 but moved down following the general market. 37,500 provided a good support for the index but BANK NIFTY fell in the last hour to close the day at 37,392, up 20 points or 0.05%.
All the sectors had an almost flat finish.
The US markets fell yesterday on Ukraine worries. The European markets were flat to red.
The Asian markets are trading in the green. The U.S. Futures and the European futures are trading slightly higher.
SGX NIFTY is trading at 16,720 indicating a huge gap-down opening.
NIFTY has supports at 17,000, 16,925 and 16,850. We can expect resistances at 17,150, 17,200, 17,270 and 17,350.
BANK NIFTY has supports at 37,300, 37,180 and 37,000. Resistances are at 37,500, 37,650 and 37,800.
NIFTY has the highest call OI build-up at 17,500 followed by 17,400. There is a significant put OI build-up at 17,000.
BANK NIFTY has the highest call OI build-up at 38,000 and the highest put OI build-up at 37,000.
INDIA VIX dropped to 24.5.
Foreign Institutional Investors net sold shares worth Rs 3,400 crores. Domestic Institutional Investors net bought shares worth Rs 3,000 crores.
We had updates related to Ukraine conflict flowing during market hours. Biden called off the Biden-Putin summit saying there is no use as Russia has advanced with their plan. He added that the US will come up with more severe sanctions to which Putin replied that their response also will be severe. But the markets did not react much to the updates.
But we had terrible news coming from Ukraine border yesterday night with reports that satellite images showed new movement of Russian troops near the border. The EU came forward with sanctions on Russia. The UN Security Council has begun an emergency meeting now where the UN Secretary General has asked Russia to give peace a chance. Putin said that NATO’s aggressive expansion is unacceptable. Follow the updates closely during the market hours. As the report is being written, there is an update that Putin has decided to conduct military operation in Ukraine!
FII selling is another major concern for our market today. It is monthly expiry and you cannot rule out the chance for a last minute sell-off by the big players to manage their derivative positions. Make sure that you do not fall prey to volatility.
Let us see where the market opens. Keep following the updates related to Ukraine.
Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!
