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Russia Proposes New Bill to Regulate Bitcoin Mining – Top Crypto News

Russia proposes new crypto bill to regulate bitcoin mining

Russia’s Ministry of Finance has come up with the country’s first draft bill on the regulation of Bitcoin and other cryptocurrencies. While the central bank continues to demand a blanket ban on crypto mining in Russia, the Finance Ministry aims to regularise the sector with the newly proposed bill. The bill treats crypto as an investment tool and not a legal tender. It states that cryptos may not be used to pay for goods and services. 

Crypto prices today: Bitcoin falls 6%, ETH tanks 8%

Bitcoin is currently trading at $36,819, a 6% decline over the previous day. Ethereum has fallen sharply by 7.9% over the last 24 hours to $2,522. Solana crashed 13.5% to $82.37, while Cardano is down 14.5% to $0.83. Polygon (MATIC) has tanked 13.3% to $1.38. The global crypto market cap stands at $1.65 trillion, a 7.36% decline over the previous day.

Universal Music to develop collectible NFTs in deal with Curio platform

Universal Music Group has entered into a partnership with NFT platform Curio to develop NFT collections for its record labels and artists. The deal is a major move into a potentially new revenue stream by the world’s largest music company. Universal plans to work with Curio to develop digital artwork and other collectibles for the company and its artists. 

Joe Biden to issue executive order on crypto this week

As per a report from Yahoo News, US President Joe Biden is expected to issue an executive order on cryptocurrency this week. The order will direct a wide range of government agencies to study crypto and central bank digital currency (CBDC). It will also come up with a government-wide strategy to regulate crypto assets.

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Daily Market Feed Pre Market Report

Situation Worsens, Global Markets Down – Share Market Today

News Shots 

Vedanta announced it has made an oil discovery in its exploratory well in Rajasthan’s Barmer district. 

NHPC said its 120 MW Sewa-II power station in Mashka in Union Territory of Jammu and Kashmir has resumed power generation. The power station was under complete shutdown from September 25, 2020 due to damage of the Head Race Tunnel (HRT).

7NR Retail informed exchanges that it has approved the sub-division of equity shares from face value of Rs 10 each to face value of Re 1 each.

Flowering Tree Investment Management Pte Ltd sold 36,000 shares in Shankara Building Products via open market transactions on February 18. With this sale, Flowering Tree now holds 4.85 percent stake from 5.01% earlier.

Himachal Pradesh gave an order to Krsnaa Diagnostics for providing diagnostic and laboratory services in the state.

What to expect? 

NIFTY opened with a gap-down at 17,209 and moved down before it made a good bounce-back from 17,070. There was selling pressure towards the end and NIFTY closed the day at 17,206, down 70 points or 0.40%.

BANK NIFTY opened with a gap-down at 37,483 and moved similar to NIFTY. Resistance at 38,000 was strong enough to push BNF below 37,700. BANK NIFTY closed the day at 37,686, up 86 points or 0.23%.

Metals moved down by more than 2%.

The US markets were closed yesterday on account of President’s day. The European markets fell heavily.

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

SGX NIFTY is trading at 16,990 indicating a huge gap-down opening.

NIFTY has supports at 17,000, 16,900 and 16,850. We can expect resistances at 17,100, 17,250 and 17,410.

BANK NIFTY has supports at 37,300, 37,000 and 36,700. Resistances are at 37,800, 38,000 and 38,400.

NIFTY has the highest call OI build-up at 18,000. The highest put OI build-up is at 17,000.

BANK NIFTY has the highest call OI build-up at 39,000 and the highest put OI build-up at 37,000.

INDIA VIX  is at 22.9.

Foreign Institutional Investors net sold shares worth Rs 2,300 crores. Domestic Institutional Investors net bought shares worth Rs 2,400 crores. 

Ukraine was again the hot topic yesterday. Russian military said that they have killed five men trying to cross the Ukraine-Russia border and this has been denied by Ukraine. We can expect Biden-Putin summit this week. The Foreign ministers of the countries will meet soon. Russia has asked for the recognition of the rebel republics that broke away from Ukraine whereas Ukraine has sought UN Security Council to come forward to intervene. 

After a while, Russia recognised the sovereignty of the two Separatist territories and EU Commission said that this is a violation of International Law. Putin ordered troops to Ukraine following the act of recognition. Ukraine said that Russia has turned down all the peace efforts but they will not give up their land. UN Security Council met a few minutes ago and the US said that the consequences Russia will have to face will be dire. US and UK have announced new sanctions on Russia now. As you can see, the situation is turning worse there and the global markets are significantly down now.The Russian markets fell by more than 10% yesterday.

The other factors and technical analysis have become insignificant today. Today’s market will be driven by news coming from various parts of the world. As the report is being written, Japan’s PM has condemned the Russian actions and warned of a strong response in case invasion happens.

We will have to wait till evening to see how the US markets would reopen after a gap of three days. Conservative option sellers can wait till Wednesday to enter a position after seeing how US performs. 

Let us closely watch 16,800 in case fall continues.

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

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Daily Market Feed Pre Market Report

Sgx Nifty Down; Ears to News From Ukraine – Share Market Today

News Shots 

Future Retail paid $14 million as interest for the half year on 5.60% Senior Secured Notes (USD). The company had missed the payment which was due on Jan. 24.

Gulf Oil Lubricants will buyback 14,16,667 shares, representing 2.8% of the total paid up capital at buyback price of Rs 600 per share.

Godawari Power & Ispat got into agreement to sell 50 MW (CGEL) solar thermal power plant for Rs 665 crore.

Union Bank subscribed to 99,000 shares of Debt Resolution Company for 12.3% stake which will be reduced below 10% in due course.

SBI subscribed to 99,000 shares of Debt Resolution Company for 12.3% stake which will be reduced to 5% by March 31, 2022

Hinduja Global won $281 Million U.K. Test-and-Trace Contract.

What to expect? 

NIFTY opened with a gap-up at 17,242 and moved up on Friday. There was selling pressure in the second half and NIFTY dropped from 17,380 to close the day at 17,276, down 28 points or 0.16%.

BANK NIFTY opened with a gap-down 37,372 and took a strong support at 37,300. The index moved to 37,800 but there was selling towards the end and BANK NIFTY closed the day at 37,599, up 68 points or 0.18%.

All other sectors closed in the red but had a consolidation day.

The US markets and the European markets closed in the red on Friday.

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

SGX NIFTY is trading at 17,150  indicating a gap-down opening.

NIFTY has supports at 17,250, 17,210, 17,150 and 17,100. We can expect resistances at 17,380, 17,415, 17,500, 17,540 and 17,610.

BANK NIFTY has supports at 37,300, 37,000 and 36,700. Resistances are at 37,800, 38,000 and 38,400.

NIFTY has the highest call OI build-up at 18,000. The highest put OI build-up is at 17,000.

BANK NIFTY has the highest call OI build-up at 39,000 and the highest put OI build-up at 37,500.

INDIA VIX is at 22.2.

Foreign Institutional Investors net sold shares worth Rs 2,530 crores. Domestic Institutional Investors net bought shares worth Rs 1,930 crores. 

Ukraine issue is heating up with the West strongly doubting that the Russian invasion can take place anytime soon.  US National Security Council held a meeting yesterday to discuss the same.

Though there is global negativity, the Asian markets have not reacted much. They are trading in the red now, but not significantly lower. SGX Nifty is trading lower. We can expect a bounce-back in NIFTY after opening lower.

HDFC is moving up despite negativity in the general market. Let us keep an eye on the stock.

I will be watching 17,370 on the upside and 17,150 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!

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Daily Market Feed Pre Market Report

Ukraine Decides! Share Market Today

News Shots 

Veritas India reported that their consolidated profit in Q3FY22 fell 40 percent YoY to Rs 17.8 crore, against Rs 29.5 crore in Q3FY21. 

Lupin received approval from USFDA for supplemental new drug application for SOLOSEC (secnidazole) in adolescents for both the treatment of bacterial vaginosis in females and trichomoniasis.

Torrent Power has got CRISIL upgradation for long term credit rating of non-convertible debentures and long term bank facilities of the company to ‘AA+/Stable’ from ‘AA/Positive’ considering continued strong profitability and sustained improvement in the leverage levels. CRISIL has reaffirmed its rating on the short-term bank facilities and commercial paper programme at ‘A1+’.

Ambuja Cements reported that their consolidated profit fell sharply by 55.5 percent to Rs 431 crore in Q4CY21, against Rs 968 crore in Q4CY20. Revenue rose 2.3 percent to Rs 7,625 crore, against Rs 7,453 crore during the same period. The company has approved an investment of Rs 3,500 crore, for a cement grinding expansion plan. The company approved the final dividend at Rs 6.30 per share.

Wipro has appointed Jasjit Singh Kang as Head of digital operations & platforms of its iCORE (Integrated Cloud Infrastructure, Digital Operations, Risk and Enterprise Cyber Security Services) business.

What to expect? 

NIFTY opened the day with a gap-up at 17,400 and started falling. The index bounced back from 17,250 and moved to 17,415. The last-minute fall took the index down and NIFTY closed the day at 17,305, down 18 points or 0.1%.

BANK NIFTY opened flat at 38,048 and was weak. Though support was taken at 37,500, the sector moved down after a small up-move and closed the day at 37,532, down 422 points or 1.11%

FMCG moved up by 0.3% when the major sectoral indices closed in the red.

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

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

SGX NIFTY is trading at 17,245  indicating a gap-down opening.

NIFTY has supports at 17,250, 17,210, 17,150 and 17,100. We can expect resistances at 17,380, 17,415, 17,500, 17,540 and 17,610.

BANK NIFTY has supports at 37,300, 37,000 and 36,700. Resistances are at 37,800, 38,000 and 38,400.

NIFTY has the highest call OI build-up at 18,000. The highest put OI build-up is at 17,000.

BANK NIFTY has the highest call OI build-up at 39,000 and the highest put OI build-up at 37,500.

INDIA VIX  stays at 20.6.

Foreign Institutional Investors net sold shares worth Rs 1,200 crores. Domestic Institutional Investors net bought shares worth Rs 900 crores. 

There were negative sentiments right from the morning with shell attacks in Ukraine and accusation trades between the military and the Russian backed rebels in Ukraine. That led to the initial fall. Russia shared videos of tanks returning to the base. But US and NATO believe that it is not the end to the fear as they see it as a part of Russia’s tactics.

Ukraine President said that NATO membership is a security guard for them and they are not willing for any compromise here.

Also, Biden warned yesterday that Russia may invade soon. As a result of the chain of events, US markets fell by more than 2% and the Russian market fell by nearly 4%. Our market has been reacting violently to all the news from Ukraine and let us hope we see sanity in the markets today.

Reliance and HDFC moved higher despite global negativity. Let us keep an eye on these heavyweights.

I will be watching 17,500 on the upside and 17,200 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!

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Daily Market Feed Pre Market Report

Confusing News but the Markets Steady; 17,250 or 17,500? Share Market Today

News Shots 

Tata Consultancy Services announced a partnership with MATRIXX Software to offer a comprehensive next-gen subscription management platform for communication service providers.

Best Agrolife subsidiary Best Crop Science (previously known as Best Crop Science LLP) has received a licence for indigenous manufacturing of spiromesifen technical, from Central Insecticides Board and Registration Committee.

Southern Petrochemicals reported that their consolidated profit of the company in Q3FY22 grew significantly by 832 percent year-on-year to Rs 59.6 crore compared to Rs 6.4 crore in Q3FY21. Consolidated revenue grew by 15 percent to Rs 492 crore from Rs 427 crore during the same period.

Compuage Infocom received approval from the board of directors for fundraising up to Rs 50 crore through a rights issue.

Wipro received a five-year contract to drive transformation for ABB’s information systems digital workplace services. The agreement, worth over $150 million, will help ABB’s information systems deliver enhanced, consumer-grade digital experiences for its 1,05,000 employees in over 100 countries.

Infosys has been named a foundational partner for the launch of the Google Cloud Cortex Framework. Infosys will help clients accelerate digital transformation and power new business capabilities with its market-leading data, analytics and AI expertise. The company will take advantage of Google Cloud Cortex Framework, along with its strong experience in SAP and Google Cloud ecosystems, to deliver better business outcomes.

What to expect? 

NIFTY opened the day with a gap-up at 17,415 and moved down. The index bounced back from 17,280 and moved up to face resistance at 17,500. NIFTY was affected by the last hour negativity and closed the day at 17,322, down 30 points or 0.17%.

BANK NIFTY opened with a gap-up at 38,311. There was bearishness in the beginning but the index moved higher. BANK NIFTY started moving down after filling the gap and closed the day at 37,954, down 216 points or 0.57%.

NIFTY PHARMA moved up by 0.5%.

The US markets were bearish in the first half but accelerated towards the end closing the day flat. The European markets consolidated, closing slightly in the red.

The Asian markets are trading in the green except NIKKEI. The U.S. Futures and the European futures are flat.

SGX NIFTY is trading at 17,374  indicating a gap-up opening.

NIFTY has supports at 17,280, 17,210, 17,150 and 17,100. We can expect resistances at 17,380, 17,435, 17,500, 17,540 and 17,610.

BANK NIFTY has supports at 37,800, 37,550, 37,300. Resistances are at 38,400, 38,600 and 38,800.

NIFTY has the highest call OI build-up at 17,700. The highest put OI build-up is at 17,000.

BANK NIFTY has the highest call OI build-up at 38,500 and the highest put OI build-up at 37,000.

INDIA VIX  stays at 20.6.

Foreign Institutional Investors net sold shares worth Rs 1,900 crores. Domestic Institutional Investors net bought shares worth Rs 1,200 crores. 

BANK NIFTY followed the same Tuesday price action by moving below the previous day close and rallied up. But the global negativity killed the rally towards the close. NIFTY had moved better than the banks in the first half.

Russia said that they withdrew troops from the border. But NATO said that they see an increase in the strength of the Russian troops in the region for which Russia reacted by saying that NATO has got no evidence. The market participants were confused by the chain of events and there was a sell-off. The latest update is that the US officials also are of the view that Russia has increased troops which Russia has dismissed as ‘hysteria’.

UK CPI inflation came out at 5.5%, nearing a thirty-year high. The UK was the first nation to hike the interest rates to control inflation.

Fed Minutes were released yesterday and it said that the Fed will go for a rate hike in March and though this is expected, it can be a concern as to how much the rate hike will be.

News continuously makes impact on markets in a situation like this when the world is worried about a war. So, make sure that you trade with extra caution. If 17,280 is broken, we may see a fall. Let us watch 17,500 on the upside.

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