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.