Tag: Eicher

  News Shots 

Wipro appointed Nicolas (Nic) Parmaksizian as chief executive officer of Designit.

Reliance Industries announced opening of Jio World Centre in Mumbai’s Bandra Kurla Complex.

BKT commenced commercial production of Brown Field Expansion and Debottlenecking Project at BHUJ Plant. The production of tyres will be increased upto 50,000 MTPA.

Rajratan Global Wire approved stock split of one share of Rs 10 each into five shares of Rs 2 each on March 16.

Info Edge invested Rs 91 crore in Asia Network for 76% stake

Nazara Technologies approved issuance Rs 25 crore of shares to shareholders of Datawrkz, to hold 33% stake in Datawrkz after deal.

What to expect? 

NIFTY opened the day with a gap-down at 16,362 on Friday. The sell-off continued but support was taken at 16,130 and bounced back. Resistance at 16,450 pushed NIFTY down and the index closed at 16,245, down 253 points or 1.53%.

BANK NIFTY opened with a gap-down at 34,574 but managed to find support at 34,100. The index attempted to cross 35,000 but there was stiff resistance and the index closed at 34,408, down 537 points or 1.54%.

Auto and Metals continued to fall whereas IT closed in the green.

The US markets closed in the red but the fall was much less compared to the European markets that closed more than 3% in the red.

The Asian markets fell heavily with Nikkei and Hang Seng trading more than 3% in the red. The U.S. Futures and the European futures are trading lower, DAX futures being 3% in the red.

SGX NIFTY is trading at 15,800 indicating a huge gap-down.

NIFTY has supports at 16,130, 16,000, 15,900 and 15,600. We can expect resistances at 16,340, 16,410 and 16,500.

BANK NIFTY has supports at 34,000, 33,900 and 33,400. Resistances are at 34,900, 35,000 and 35,250.

NIFTY has the highest call OI build-up at 17,500 followed by 17,000. The highest put OI build-up is at 15,000 followed by 16,000.

BANK NIFTY has the highest call OI build-up at 37,000 and the highest put OI build-up at 33,000. It is a wide range as it is uncertainty ruling the market. 

INDIA VIX  is at 28.

Foreign Institutional Investors net sold shares worth Rs 7,600 crores. Domestic Institutional Investors net bought shares worth Rs 4,700 crores. 

There are reports that the US is consulting with the European nations to decide on cutting imports of crude oil from Russia. This has led to the spike in crude oil, which is now at $130! With this, markets worldwide have fallen heavily.

 As you know, the elections are getting over today in India and you can expect a hike in the fuel prices leading to overall inflation. The UP exit polls will be out tonight.

FIIs continue their selling spree. They have net sold shares 7,600 crores on Friday and the weekly figures stand at Rs 23,000 crores.

Russia is continuing its invasion of Ukraine. Putin allowed ceasefire for evacuation of cities on humanitarian grounds but there were reports of ceasefire violations. He said that the western sanctions are equal to a declaration of war and a no fly zone if imposed will be seen as direct involvement in the war. There was no clear resolution in the previous round of talks and the third round of talks is expected to happen on Monday but Putin wants all of the Russian demands to be accepted.

The markets may touch the 15,600-15,900 zone which will be a strong support zone. Let us see what happens here.

Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!

  News Shots 

Vodafone Idea will raise up to Rs 4,500 crore by issuing 338.35 crore preferential equity shares to entities controlled by promoters Vodafone Group Plc and Aditya Birla Group.

SJVN will receive a loan of Rs 1,537 crore from State Bank of India and Rs 319.04 crore from Punjab National Bank for a hydel project in Himachal Pradesh and solar power project in Uttar Pradesh, respectively.

LT Foods has acquired 51% stake in Golden Star Trading Inc. through its subsidiary LT Foods America Inc. with a call option to acquire 49% stake after three years.

IndiaMart Intermesh has entered into an agreement to invest Rs 17.01 crore in Zimyo for 10% stake.

Gujarat Alkalies received a patent from the US Patent and Trademark Office for process for production of hydrazine hydrate.

What to expect? 

NIFTY opened with a gap-up at 16,736. But the gap-up was sold into. This was followed by a steeper fall even breaking 16,500 in the second half. NIFTY finally closed the day at 16,498, down 108 points or 0.65%.

BANK NIFTY opened with a gap-up at 35,683 and fell heavily. 34,900 was closely watched by the market participants breaking which we would see a huge fall. But BANK NIFTY was able to close the day at 34,944, down 428 points or 1.21%.

Metals and IT closed in the green.

The US markets closed in the red yesterday. The European markets also moved down.

The Asian markets are down with NIKKEI trading 2% in the red. The U.S. Futures and the European futures are trading lower.

SGX NIFTY is trading at 16,250 indicating a huge gap-down.

NIFTY has supports at 16,370, 16,250 and 16,000. We can expect resistances at 16,570, 16,660 and 16,700.

BANK NIFTY has supports at 34,900, 34,700 and 34,500. Resistances are at 35,230, 35,330 and 35,650.

NIFTY has the highest call OI build-up at 17,500 followed by 17,000 and the highest put OI build-up at 16,000.

BANK NIFTY has the highest call OI build-up at 37,000 and the highest put OI build-up at 35,000.

INDIA VIX  is just below 30, at 29.2.

Foreign Institutional Investors net sold shares worth Rs 6,600 crores. Domestic Institutional Investors net bought shares worth Rs 4,800 crores. 

As Jerome Powell said on Wednesday that Fed would go for a 25 basis points hike rather than an aggressive 50 basis points hike, the US markets moved higher on Wednesday and that boosted the market sentiments in Asia. As a result, NIFTY opened with a gap-up. The Asian markets closed in the green but our gap-up was sold into. The story does not end there. We fell even further. 

The fact that we import 85% of the crude oil draws the correlation of our economy to the crude oil prices. Crude oil had almost touched $120 and this might have been a major factor for the fall. The US futures stood strong when we were falling indicating the localisation of negativity.

FII selling is another major reason. Look at the figures of FII selling for the past days and you will be amused by the aggression.

There were reports that the largest nuclear power plant in Ukraine was attacked by Russia. This led to the drastic fall in US futures which has recovered to an extent now. The Foreign Minister tweeted that if the plant explodes, it could be much more disastrous than the Chernobyl explosion. However, it is reported that the strike was outside the perimeter and the shelling has stopped. Also, there is no radiation level rise at the plant.

The level of 34,900 in BANK NIFTY continues to be the saviour for the market yesterday as well. But we will have to accept the magnitude of negativity in the financial sector. I will be watching 16,250 today.

Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!

 News Shots 

Vedanta board has approved a third interim dividend of Rs 13 per equity share for the financial year 2021-22. 

Swan Energy said the board on March 5 will consider fundraising of up to Rs 2,000 crore.

Hind Rectifiers received orders worth Rs 57.32 crore in February 2022.

Mukand sold its land in Thane for Rs 806.14 crore. It has executed an agreement for the sale of said land of 47 acres.

Tantia Constructions bagged a Rs 42.2 crore contract from South Eastern Railway for the construction of a major bridge between Basta and Rupsa.

ABB India completed the sale of its turbocharger business to Turbocharging Industries and Services India.

What to expect? 

NIFTY opened with a gap-down at 16,614 and after a small up-move, fell step by step making lower highs and lower lows. But there was a quick buying in the second half which was sold into. There was a last-minute blast and NIFTY closed the day 16,606, down 188 points or 1.12%.

BANK NIFTY opened with a huge gap-down at 35,553. There was a heavy fall but 34,900 could provide a good support from where the index bounced and closed at 35,372, n 833 points or 2.3%.

Metals rallied for another day.

The US markets moved up significantly yesterday, closing around 1.8% in the green. The European markets also closed in the green.

The Asian markets are trading higher now. The U.S. Futures are flat and the European futures are trading slightly in the green.

SGX NIFTY is trading at 16,675. All the factors combined are indicating a gap-up opening.

NIFTY has supports at 16,600, 16,555, 16,500 and 16,370. We can expect resistances at 16,700, 16,840, 16,900 and 17,000.

BANK NIFTY has supports at 35,230, 35,000, 34,900 and 34,500. Resistances are at 35,650, 35,900, 36,000 and 36,300.

NIFTY has the highest call OI build-up at 17,500 followed by 17,000 and the highest put OI build-up at 16,000.

BANK NIFTY has the highest call OI build-up at 37,000 and the highest put OI build-up at 35,000.

INDIA VIX  is just below 30, at 29.2.

Foreign Institutional Investors net sold shares worth Rs 4,300 crores. Domestic Institutional Investors net bought shares worth Rs 3,100 crores. 

Jerome Powell testified to Congress yesterday and he said that the Fed will go for a rate hike this month which was expected. The question was whether it would be a 25 basis point hike or a 50 point hike. The Fed Chairman said that he is inclined to a 25 basis points hike. This was good news for the markets to recover.

The UN General Assembly slammed the Russian invasion and asked Russia to withdraw the troops. Two of the Russian oligarchs have called on Russia to end the war immediately. These news will not be influential in stock markets worldwide as it is uncertainty fundamentally that the markets are afraid of. 

Crude Oil price was the highlight yesterday as it touched $114 since the US sanctions have become a hurdle for commodity movement from and to Russia. Nirmala Sitharaman said that we will face supply issues in edible oil and other items. OPEC+ said that they will stick to April input increase as expected but did not discuss the war impact. The rise in prices will lead to inflation and a difficult environment for businesses.

It was the financial stocks that weighed the index down but there was a good up-move in the last minute. We had got a clue about the institutional move at around 1 pm with that impulsive reversal. However, BANK NIFTY will be in a vulnerable zone if it is around the 34,900 level breaking which the sector may touch 34,500. There will be fear in the sector as long as FIIs sell aggressively. A close above 36,200 can give confidence to the bulls.

I expect NIFTY to stay below 16,900 for this expiry unless there is a major breakout. 16,400 can be watched on the downside if there is a major negative news. I know that I am talking about a wide range. But this is a news-driven market and you should be prepared for wild moves. The premium is high everywhere and if you trade wisely, you will be able to gain from the decay. If you are an option buyer, make sure that you go behind larger moves only or you will fall prey to theta. 

Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!

 News Shots 

Eicher Motors reported that their sales went up 7.3% YoY to 5,856 units in February.

Future Enterprises said that there is no immediate impact on deal with Generali after court order on Future Generali stake sale restraint.

Page Industries Managing Director Sunder Genomal has tendered his resignation.

Tata Steel subsidiary Tata Steel Advanced Materials will acquire 90% stake in Ceramat Pvt for consideration of Rs 90,000.

Sterlite Technologies has announced a collaboration with Analog Devices to develop 5G Open RAN radio units.

EaseMyTrip will consider allotment of bonus shares on March 3.

What to expect? 

NIFTY opened with a major gap-down at 16,506 and after a round of selling, the index rallied by more than 400 points. NIFTY closed the day at 16,794, up 135 points or 0.81%.

BANK NIFTY also opened with a gap-down at 35,970. The index underperformed NIFTY. Though there was selling pressure, BANK NIFTY took support at 35,900 and closed the day at 36,205, down 225 points or 0.62%.

Metals moved up by nearly 5%.

The US markets closed deep in the red. The European markets fell heavily.

The Asian markets are trading lower now. The U.S. Futures and the European futures are trading in the green.

SGX NIFTY is trading at 16,500 indicating a gap-down opening.

NIFTY has supports at 16,600, 16,535, 16,370 and 16,250. We can expect resistances at 16,700, 16,840, 16,900 and 17,000.

BANK NIFTY has supports at 35,900, 35,650, 35,230 and 35,000. Resistances are at 36,300, 36,550, 37,000 and 37,250.

NIFTY has the highest call OI build-up at 17,500 and the highest put OI build-up at 16,000.

BANK NIFTY has the highest call OI build-up at 38,000 and the highest put OI build-up at 35,000.

INDIA VIX  increased to 28.6.

Foreign Institutional Investors net sold shares worth Rs 3,900 crores. Domestic Institutional Investors net bought shares worth Rs 4,000 crores. 

NIFTY has finally closed above 200 dma. At the same time, we are seeing a chance for a major gap-down and this will test the resilience of our market again.

Belarus troops may go in seeing the developments at the border and if this happens, things will turn worse. 12 Russian diplomats have been dismissed by the US. Russia has warned of retaliation.

Oil prices have gone up again, trading now at $109 which is a major concern for our market. Fed rate hike is another major concern as a Fed official said yesterday that there is a need for more frequent hikes and by larger increments.

Reliance moved up significantly contributing to NIFTY’s up-move on Monday. HDFC twins lagged behind, closing in the red. Let us keep an eye on these stocks.

I will be watching 16,370 on the downside if there is a major fall in the coming days.

Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!