News Shots
ITC reported a sharply higher profit of Rs 4,156.20 crore in Q3FY22 against Rs 3,687.88 crore in Q3FY21, revenue climbed to Rs 15,862.32 crore, from Rs 11,969 crore YoY.
ICICI Bank bought an additional stake in India International Clearing Corporation (IICC) at IFSC in GIFT City for Rs 4.43 crore, taking its holding in the clearing body to 9.90%.
Escorts received approval from the Competition Commission of India for the preferential issue of 93,63,726 equity shares to Kubota Corporation, Japan.
Adani Power recorded profit at Rs 218.5 crore in Q3FY22 against a loss of Rs 288.7 crore in Q3FY21, revenue fell to Rs 5,360.9 crore from Rs 6,894.8 crore YoY.
M&M Financial disbursements in January 2022 grew 31% YoY to Rs 2,320 crore and collection efficiency was at 96%.
Vijay Kedia acquired 40,007 equity shares in Ambika Cotton Mills at Rs 2,243.12 per share on the NSE, the bulk deals data showed.
Major Earnings today: Tata Steel, Divis Labs, Shree Cements, One97 Communications (PayTm)
What to expect?
NIFTY opened the day flat at 17,776 and was bearish throughout the day. 17,740 was crossed in the beginning itself and the gap was filled. There was immense selling pressure towards the end and NIFTY closed the day at 17,560, down 220 points or 1.24%.
BANK NIFTY opened flat at 39,283. The index was slightly bearish but there was a very good reversal. It was short-lived and the index started falling heavily after touching the resistance at 39,400. BANK NIFTY closed the day at 39,010, down 321 points or 0.81%.
All the major sectoral indices closed in the red except for NIFTY AUTO(+0.44%).
The US markets fell heavily yesterday with NASDAQ down by nearly 4%. The European markets closed deep in the red.
The Asian markets are trading higher with HANG SENG opening after holidays in green. NIKKEI is trading flat. The U.S. Futures are trading in the green now. The European futures are mixed with DAX futures trading lower.
SGX NIFTY is trading at 17,582. All the factors together indicate a flat opening.
NIFTY has supports at 17,500, 17,435, 17,380, 17,280 and 17,250. We can expect resistances at 17,610, 17,675, 17,740, 17,790 and 17,850.
BANK NIFTY has supports at 39,000, 38,850, 38,800 and 38,650. Resistances are at 39,150, 39,400, 39,500, 39,780 and 40,000.
NIFTY has the highest call OI build-up at 18,000 and put OI build-up at 17,000. There is also a good build-up at 17,500.
BANK NIFTY has the highest call OI build-up at 40,000 and the highest put OI build-up at 38,000.
INDIA VIX is at 19.16.
Foreign Institutional Investors net sold shares worth Rs 1598 crores. Domestic Institutional Investors net sold shares worth Rs 371 crores.
Meta (Facebook) results were rather disappointing and see the impact on the stock. It opened more than 25% down! They have lost $250 Billion in a historic wipeout. As a result, NASDAQ fell heavily. We have already seen a similar scenario when Netflix announced their results. However, Amazon posted amazing results and the futures rose. The Asian markets are not reacting much to yesterday’s fall.
The DIIs also were net sellers yesterday though by small quantities after continuous buying. How institutions act today will be crucial for the week’s close.
HDFC dropped by more than 3% and contributed the maximum to yesterday’s fall. Infosys also was weak as NASDAQ futures were trading deep in the red. Let us watch these stocks along with SBI that is trading near the breakout zone ahead of results to be out today.
I will be closely watching 38,750 in BANK NIFTY as there is a chance for gap-filling if that level is crossed. 17,630 has to be crossed in NIFTY for recovery mode to kick-start. Will this week candle be a red candle? Let us know in the comments section.
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