News Shots
Bank of India approved the capital raising plan upto Rs.2,500 crores by issue of fresh Equity Capital in the form of QIP / FPO / Preferential Issue to increase minimum public shareholding from the present 18.59% to 25% or above.
Veranda Learning approved acquisition of 100% shareholding of Hyderabad-based T.I.M.E (Advanced Educational Activities) for Rs 287 crore.
Yes Bank has initiated insolvency resolution against Zee Learn for default of Rs 468 crore.
Cyient said CITEC purchase will add to EBIT margin from second year; sees additional revenue of $98 million-$102 million from CITEC buy.
Hubtown will consider rights issue, securities issue on April 28.
Major Earnings: Bajaj Finance and HDFC Life.
What to Expect?
NIFTY opened with a gap-down at 17,010 and consolidated. There was a fall towards the end but NIFTY bounced back moderately to close the day at 16,954, down by 218 points or 1.27%.
BANK NIFTY opened with a gap-down at 35,803 and after an initial down-move, moved higher. There was resistance at 36,200. BNF closed the day at 36,082, up by 37 points or 0.10%.
Other sectoral indices closed in the red.
The US markets closed in the green yesterday. The European markets fell heavily.
The Asian markets are trading higher. The U.S. Futures and the European futures also are trading higher.
SGX NIFTY is trading at 17,130 indicating a gap-up opening.
NIFTY has supports at 16,880, 16,800 and 16,650. We can expect resistances at 17,000, 17,065, 17,150 and 17,230.
BANK NIFTY has supports at 35,600, 35,400 and 35,000. Resistances are at 36,400, 36,600 and 37,000.
NIFTY has the highest call OI build-up at 17,500 followed by 17,200. The highest put OI build-up is at 17,000 though there has been unwinding.
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 spiked to 21.3.
Foreign Institutional Investors net sold shares worth Rs 3,300 crores. Domestic Institutional Investors net bought shares worth Rs 1,900 crores.
As mentioned in yesterday’s report, it was interesting to see the initial price action. There was weakness in NIFTY whereas ICICI Bank lifted BNF. The index went on to close in the green.
Indonesia banned exports of palm oil. Let us see how FMCG stocks perform in the coming days.
The Finance ministry has asked to fast track delayed infra projects.
US Secretary of Defence said that they will ensure Ukraine has everything to win the war. But Ukraine war will not impact the market unless there is a major update. What matters more will be cues on interest rate hike and inflation.
The markets have become rather volatile with the US markets giving huge swings. Let us see how the European markets opening will affect NIFTY at 12:30 PM. Bajaj Finance will announce their results today. Keep an eye on the stock.
I will be watching 16,880 on the downside and 17,150 on the upside in the coming days.
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