Tag: elections

News Shots 

GAIL India approved second interim dividend of Rs 5 per equity share, 50% of the paid up share capital.

Lupin received U.S. FDA approval for its Abbreviated New Drug Application (ANDA), Vigabatrin for Oral Solution USP, 500 mg to market a generic equivalent of Sabril for Oral Solution, 500 mg of Lundbeck Pharmaceuticals.

The Reserve Bank of India has allowed HDFC Bank to resume new digital initiatives, removing all previous curbs.

The Reserve Bank of India has barred Paytm Payments Bank from adding new customers.

Tech Mahindra acquired Thirdware Solutions for $42 million.

IDBI Bank executed an investment agreement in National Asset Reconstruction Company for 5% stake.

Torrent Power completed acquisition of Surya Vidyut that operates 156 MW Wind power plants spread across the states of Gujarat, Rajasthan, and Madhya Pradesh.

What to expect? 

NIFTY opened with a small gap-down at 16,537 and had a consolidating day. There was an up-move which was stopped by the resistance 16,700. The index closed at 16,630, up 56 points or 0.2%.

BANK NIFTY also had a flat day. There was a good buying pressure in the morning but the index chose to consolidate in the second half. BANK NIFTY closed the day at 34,546, up 70 points or 0.2%.

Pharma moved higher.

The US markets closed in the red. The European markets had a green close.

The Asian markets are mixed with Nikkei trading higher and Hang Seng trading well in the red . The U.S. Futures and the European futures are trading in the green.

SGX NIFTY is trading at 16,555. All the factors combined indicate a flat opening.

NIFTY has supports at 16,500, 16,450 and 16,320. We can expect resistances at 16,650, 16,700 and 16,800.

BANK NIFTY has supports at 34,150, 34,000 and 33,600. Resistances are at 34,800, 35,200 and 35,500.

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

BANK NIFTY has the largest call OI build-up at 36,000 and the largest put OI build-up at 33,000.

INDIA VIX  is at 25.3.

Foreign Institutional Investors net sold shares worth Rs 2,300 crores. Domestic Institutional Investors net bought shares worth Rs 1,700 crores. 

The war has intensified with Russian forces inching closer to Kyiv. Though there were positive sentiments in the markets after Putin said that there has been a positive shift in the talks, Ukraine’s foreign minister said that there has been no ceasefire and absolutely no progress in the talks. Zelensky hopes for an end to the war in talks but he added that if the war continues, he and his men are ready to fight till death.

The latest update from the war zone is that both the Russian and Ukrainian representatives have said that there are positive outcomes in the new talks that were conducted online and a result will be attained in the coming days, leading to positivity in the Global futures.

The market will first react to the Industrial Output data which came out at 1.3% against an expected 0.9%. We have February CPI data to be out today.

Another major concern we have now is the Covid spread in China. Lockdown has been imposed in some of the cities as cases are spreading at a much higher rate.

It is going to be a tough time for BANK NIFTY with HDFC Bank getting sold heavily. Being a heavyweight, it is continuously dragging both the major indices.

I will be watching 16,700 on the upside and 16,450 on the downside. 

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 

Colgate Palmolive Managing Director and CEO Ram Raghavan has been promoted to president of the company’s enterprise oral care division.

Wipro announced a long-term partnership with Pandorum Technologies for development of technologies that shorten time-to-market and maximise patient outcome during R&D and clinical trials of regenerative medicine.

Indraprastha Gas eceived a letter of intent from the Petroleum and Natural Gas Regulatory Board for for development of CGD network in Banda, Chitrakoot and Mahoba in Uttar Pradesh.

Infosys announced a multi-year transformational collaboration with International Tennis Hall of Fame, making the company ITHF’s official digital innovation partner and title sponsor of the annual ATP Tour tournament — the Infosys Hall of Fame Open.

What to expect? 

NIFTY opened with a huge gap-up at 16,757 and moved down. But 16,610 offered a good support. However, NIFTY was unable to cross the day-high. There was a major sell-off in the noon and NIFTY closed the day at 16,594, up 250 points or 1.53%.

BANK NIFTY also opened with a gap-up at 34,953. The index moved up further but was pushed down by the resistance at 35,400. The second half sell-off took the index down and BANK NIFTY closed the day at 34,476, up 660 points or 1.95%.

All sectors except for IT moved higher.

The US markets closed in the red yesterday. The European markets fell.

The Asian markets are trading well in the red now.. The U.S. Futures and the European futures are trading in the red.

SGX NIFTY is trading at 16,520 indicating a gap-down opening.

NIFTY has resistances at 16,650, 16,700 and 16,800. We can expect supports at 16,500, 16,450 and 16,320.

BANK NIFTY has supports at 34,150, 34,000 and 33,600. Resistances are at 34,800, 35,200 and 35,500.

Open Interest data will not help much today.

INDIA VIX  dropped to 25.6.

Foreign Institutional Investors net sold shares worth Rs 2,000 crores. Domestic Institutional Investors net bought shares worth Rs 900 crores. 

DAX had moved up very well on hope of an end to the war. The US markets also moved up and as a result, Asian markets opened with a gap-up and continued the rally. Nifty followed the global sentiments and opened with a gap-up. Huge intraday volatility was expected as it was a big gap-up and also, the election results were to be declared. We had a major sell-off in the second half disrupting the positions of traders.

Zelensky said that Putin will not stop with Ukraine and the west will have to put an end to it. The Ukaine foreign ministry said that there has been no progress in ceasefire. However, UK defence ministry reported less air activity. There is still uncertainty in the zone.

The election results were appealing to the market as the ruling party BJP could retain power in Uttar Pradesh and got into power in other states as well. Punjab saw the rise of AAP as expected. This will be a boost to the market sentiments.

The US inflation data was out at 7.9%, a 40 year high again. This has led to the negative sentiments in the global markets now.

I will be looking at 16,750 on the upside and 16,400 on the downside.

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 

Jindal Stainless (Hisar) became the first company producing coils, sheets and plates in the country to be certified with AS 9100D Certification—a quality management system for aviation, space and defence organisations.

Bharti Airtel agreed to aquire a little over 9% equity stake in Avaada CleanTN Project, a special purpose vehicle for owning and operating the captive power plant. The deal value is pegged at Rs 7.88 crore.

Future Lifestyle received termination notices on sub-leased properties from Reliance entities. Notices pertain to 34 Central stores and 78 Brand Factory stores that contribute 55-65% of retail revenue operations.

PNB Housing Finance approved proposal to raise Rs 2,500 crore by way of issue of equity shares on rights issue basis to eligible shareholders.

Uttam Sugar has redeemed 1,00,000, 6.50% non-cumulative redeemable preference shares of Rs 100 each.

Restaurant Brands Asia has completed acquisition of 87.75% stake in Burger King Indonesia (PT Sari Burger Indonesia).

What to expect? 

NIFTY opened with a gap-up at 16,082 and moved up. It spent time at 16,150 before a fantastic breakout. There was resistance at 16,320 in the noon but NIFTY managed to break the level and close at 16,345, up 332 points or 2.07%.

BANK NIFTY opened flat at 33,159 and showed weakness. The index consolidated till noon before it gave a breakout that has begun the gap-filling. BANK NIFTY closed the day at ,815, up 657 points or 1.98%.

All sectors except for Metals moved higher.

The US markets closed more than 2% in the green. The European markets gave a fantastic rally with DAX moving up by nearly 8%.

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

SGX NIFTY is trading at 16,630 indicating a huge gap-up opening.

NIFTY has supports at 16,320, 16,240 and 16,170. We can expect resistances at 16,410, 16,500 and 16,610.

BANK NIFTY has supports at 33,600, 33,200 and 32,900. Resistances are at 34,150, 34,400 and 34,800

NIFTY has the highest call OI build-up at 17,000 followed by 16,800 and the highest put OI build-up is at 16,000 followed by 16,200.

BANK NIFTY has the highest call OI build-up at 35,000 and the highest put OI build-up at 33,000 ignoring the deeper strikes.

INDIA VIX  dropped to 27.5.

Foreign Institutional Investors net sold shares worth Rs 4,800 crores. Domestic Institutional Investors net bought shares worth Rs 3,300 crores. 

With Zelensy saying Ukraine no longer has expectation of joining NATO as he believes NATO is not prepared to confront Russia, the markets moved higher. This is because it was the demand for NATO membership that sparked the invasion. The world expects a shift to diplomatic dialogues from this aggressive war. Also, Putin said that they have no intention to overthrow the government in Ukraine. All these point out a possibility of an end to the war.

However, we must not forget the sanctions that have been imposed on Russia. These will continue to have an impact on the global economy. Also, the war would end only if all the demands of Russia are met as we discussed yesterday. As you know, any war has much longer repercussions in every aspect.

The European markets had a phenomenal rally yesterday. DAX moved up by nearly 8% in a single day! Crude oil prices have fallen though still at a higher price compared to the pre-war period.

IT was firing in the morning and BANK NIFTY was struggling. But the Banking sector broke out of the consolidation zone in the noon and contributed heavily to NIFTY. Looking at the charts, IT is just at the swing point and Bank Nifty is on the way to fill the gap. Be it Nifty or Bank Nifty, both the indices spent enough time consolidating before giving a fine breakout and sustained the move in the second half adding confidence to the bulls.

SEBI has approved LIC IPO. This would mean that there will be pressure on the big players to keep the market strong enough to be prepared for the IPO. It would also mean that liquidity will get sucked out of the secondary market. 

The highlight of the day is the election results. The outcome of five states will be out today including Uttar Pradesh. If the ruling party BJP suffers a setback in UP, it can lead to a fall in the markets. So the conservative traders can wait for the counting to settle a bit to get an overall picture and then only enter as there can be huge volatility.

Where the Pre-Market settles will be significant today as Sgx Nifty shows quite a big gap. 16,700 should be the upper limit for the expiry day unless news drives the market.

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