Will Lack of Cues Lead to Volatility? Share Market Today

News Shots

Just Dial recorded a 34 percent year-on-year decline in profit at Rs 22.1 crore for the quarter ended March 2022 hit by lower topline and operating loss.

GHCL clocked a healthy 144 percent year-on-year growth in Q4FY22 profit at Rs 271.3 crore despite rising input cost, led by strong topline and operating income.

Suzlon Energy has signed a Rupee Term loan agreement for availing financial assistance for refinancing the existing debt facilities with the consortium of lenders led by the REC.

Maruti Suzuki April Total sales down 6 % YoY to 1,50,661 units.

Tata Motors April vehicle sales up 74% YoY to 72,468 units.

Earnings today: HDFC, Adani Wilmar

What to expect?

NIFTY opened with a gap-up at 17,330 and was volatile. There was an initial fall and then an up-move. A huge sell-off followed later and NIFTY closed the day at 17,102, down by 143 points or 0.83%.

BANK NIFTY opened flat at 36,524. 36,700 offered resistance multiple times and BNF fell heavily. The index closed the day at 36,088, down by 334 points or 0.92%.

All the major sectoral indices closed in the green.

The US markets closed heavily in the red and the European markets moved up on Friday.

The Asian markets are trading lower. The Chinese and Hong Kong markets are shut for holiday. The U.S. Futures are in the green and the European futures are trading in the green. FTSE will not open today.

SGX NIFTY is trading at 16,906 indicating a gap-down opening.

NIFTY has supports at 17,000, 16,950 and 16,870. We can expect resistances at 17,200, 17,300 and 17,370.

BANK NIFTY has supports at 35750, 35500 and 35000. Resistances are at 36,400, 36,700, 36,850 and 37,000.

NIFTY has the highest call OI build-up at 18,000 followed by 17,300. The highest put OI build-up is at 17,000 followed by 17,100.

BANK NIFTY has the highest call OI build-up at 37,000 and the largest put OI build-up is at 35,500.

INDIA VIX is at 19.4.

Foreign Institutional Investors net sold shares worth Rs 3,600 crores. Domestic Institutional Investors net bought shares worth Rs 3,500 crores.

Markets fell heavily on Friday towards the end of the day due to multiple reasons. Covid was getting out of control in China. LIC IPO would reduce liquidity in the secondary market. At the same time, keep in mind that the IPO has reduced the size to 3.5% of the market cap. And also, the week is short with Eid on Tuesday.

Reliance Industries should be watched closely as we are approaching the earnings report. Also, HDFC will announce their results today.

The markets will be shut tomorrow for Eid. As a result, we may have a volatile day since there is no continuity and there are lack of cues.

Keep an eye on the Auto stocks as the Auto sales data was out yesterday. Tata Motors saw a significant rise in sales.

I will be watching 16,880 on the downside and 17,400 on the upside this week.