News Shots
Tata Steel reported annual crude steel production of 1.9 crore tonnes–a growth of 13% year on year. During Q4 FY22, crude steel production rose 2% QoQ to 49 lakh tonnes. Deliveries grew 16% sequentially to 51.2 lakh tonnes– the highest ever for a quarter.
TVS Motor will collaborate with Jio-BP to explore creating public electric-vehicle solutions.
Marico expects “marginal growth” in profit in the quarter ended March as consumption trends remained subdued amid weak rural sentiment, and aggravating inflation in global commodities due to geopolitical tensions.
UGRO Capital filed a draft prospectus for the public issue of non-convertible debentures up to Rs 100 crore.
Dish TV received an RBI nod to divest its stake in the Sri Lankan arm.
What to expect?
NIFTY opened with a gap-up at 18,090 and profit-booking followed. There was net consolidation till the last hour when the prices fell. NIFTY closed the day at 17,957, down 96 points or 0.53%.
BANK NIFTY opened higher at 38,759 but was weaker throughout the day. There was a huge fall in the last hour as well. BNF closed the day at 38,068, down 567 points or 1.47%.
Other sectors closed in the green.
The US markets fell yesterday. The European markets also went down except for FTSE.
The Asian markets are down. The U.S. Futures and the European futures are trading in the red.
SGX NIFTY is trading at 17,868 indicating a gap-down opening.
NIFTY has supports at 17,890, 17,800 and 17,700. We can expect resistances at 17,965, 18,000 and 18,100.
BANK NIFTY has supports at 38,000, 37,400 and 36,900. Resistances are at 38,200, 38,300 and 38,800.
NIFTY has the highest call OI build-up at 18,500 followed by 18,000. The highest put OI build-up is at 18,000 followed by 17,500.
BANK NIFTY has the highest call OI build-up at 38,000 and the largest put OI build-up is at 37,500.
INDIA VIX is at 18.5.
Foreign Institutional Investors net bought shares worth Rs 400 crores. Domestic Institutional Investors net sold shares worth Rs 100 crores.
Yesterday’s fall was led by Reliance and HDFC twins. You can consider the down-move as a correction by the twins. The broader market performed well yesterday.
Adani stocks performed well. Also, Tata Power moved higher.
The European Union has made it clear that they will not allow Russian trucks to enter EU countries.
There is no progress in the peace talks. Zelensky said that there is less chance for the meeting of Presidents to take place whereas Russia did not rule out the chance for the same. He showed a video of dead bodies where he asked the UN to act immediately or dissolve altogether.
The major reason for yesterday’s fall in the US markets is Fed Governor Lael Brainard’s statement that Fed will have to move to rapid reductions in the balance sheet. This along with the expectations of fresh sanctions on Russia led to the fall. The US 10 year bond yield has surged to the peak since August 2019. Keep in mind that Fed minutes for March will be released tonight.
There is a good straddle build-up at 18,000. 18,090 is a good level on the upside whereas breaking 17,890 is not a good sign for the bulls though 17,800 can act as a good support.
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