News Shots
Reliance Jio Fiber postpaid users to get OTT subscriptions for Rs 100-200 per month; users can get access to up to 14 OTT apps. Reliance Brands Ltd. has also signed a deal to take a majority stake in ‘Abu Jani Sandeep Khosla’ to accelerate the couture house’s growth plans.
Punjab and Sind Bank has classified SREI Infrastructure Finance and SREI Equipment Finance as fraud accounts with loan exposure worth Rs 510.16 crore and Rs 724.18 crore, respectively. The accounts have been declared as fraud to the Reserve Bank of India and have been fully provided for.
Escorts agri-machinery division will increase prices of its tractors due to a steady rise in commodity prices. The rise is effective April 20 and will vary across models and variants.
VRL Logistics has signed an MoU with Ratna Cements for transfer of the wind power undertaking along with all underlying assets and liabilities as a going concern on a slump sale basis for Rs 48 crore.
Mahindra Lifespace Developers received an income tax notice demanding Rs 102 crore. The company said that it will contest the demand at judicial forums.
What to expect?
NIFTY opened with a gap-up at 17,259 and fell to the level of 17,150. The index tested the level multiple times. Bouncing from the level, NIFTY tried to break 17,250 on the upside. There was a huge crash towards the end with war worries. NIFTY closed the day at 16,959, down by 215 points or 1.25%.
BANK NIFTY opened flat at 36,835 and moved higher but slowly. BNF had even crosses 37,000 before selling started. The index fell by around 1,000 points in the last hour and BNF closed the day at 36,342, down by 387 points or 1.05%.
All the sectors closed in the red.
The US markets closed well in the green. The European markets closed lower.
The Asian markets are mixed with Nikkei trading higher and China in the red. The U.S. Futures are trading flat to red. The European futures are flat.
SGX NIFTY is trading at 17,051 indicating a flat to gap-up opening.
NIFTY has supports at 16,880, 16,800 and 16,650. We can expect resistances at 17,000, 17,150 and 17,250.
BANK NIFTY has supports at 36,000, 35,700 and 35,400. Resistances are at 36,400, 36,600 and 37,000.
NIFTY has the highest call OI build-up at 17,500. The highest put OI build-up is at 16,500.
BANK NIFTY has the highest call OI build-up at 37,000 and the largest put OI build-up is at 36,000.
INDIA VIX is at 19.78.
Foreign Institutional Investors net sold shares worth Rs 5,900 crores. Domestic Institutional Investors net bought shares worth Rs 4,000 crores.
It was all going fine in the market with NIFTY consolidating in a range trying to break highs before panic selling kicked in. With the Russian foreign minister saying that Russia is ready for the next phase in the war, the markets started falling. However, the west recovered the fall in the next hours and surprisingly, the US markets closed well in the green.
The fall in our markets was unusual in magnitude as compared to the fall in the other markets. SGX Nifty and European markets gave a good up-move along with the opening of US markets. This leads to the question whether the reason for the fall was war or not. Heavy shorting could have led to a fall of this magnitude.
Reliance rallied yesterday and at one point, it was 5% higher from the previous close. However, selling came in towards the end but Reliance still closed nearly 4% in the green. Let us keep an eye on the stock.
FII selling is a concern as they have net sold for a huge figure yesterday as well.
Crude oil has fallen by more than 5% from the high though the prices are moving up now. Keep an eye on the crude oil prices.
Where Pre Market settles will be important today to see how 17,000 will act.
Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!