News Shots 

Reliance Industrial Investments and Holdings Ltd. will indirectly acquire 73.37% equity stake in New York’s Mandarin Oriental. It will acquire the remaining stake if other owners participate at the same valuations.

Sobha reported Q3 sales volume of 1,322,684 square feet of super built-up area, an increase of 17% YoY. It was valued at Rs 1,048 crore, an 18% increase. It also reported the highest ever share of the sale value of Rs 908 crore during the quarter, up by 34% YoY.

KEC International secured new orders of Rs 1,025 crores across its various businesses including Railways, Civil, Oil and Gas pipelines, Smart Infra and Cables.

SJVN bagged a 125 MW grid-connected solar power project in UP Solar Park in Uttar Pradesh.

Reliance Infrastructure defaulted on loans of Rs. 2,807.43 crore as of 31st December 2021.

Sintex defaulted on loans of Rs 7,425.5 crore as of 31st December  2021.

What to expect? 

NIFTY opened with a gap-up at 17,803 on Friday. Though there was an up-move, the index faced resistance at 17,900 and fell. NIFTY made a bounce-back from 17,700 and moved up, finally closing at 17,813, up 67 points or 0.38%.

BANK NIFTY opened with a gap-up at 37,674 and moved up. Reversal at 38,100 took the index to 37,500 from where the index moved up to end the day at 37,740, up 249 points or 0.67%.

NIFTY FMCG(+0.64%)  moved up whereas NIFTY MEDIA(-0.83%) closed the day in the red. 

The US markets and the European markets closed in the red except FTSE. Dow Jones had a flat trading day.

The Asian markets started in the red but have recovered now. Japan is shut for a holiday. The U.S. Futures and the European futures are mixed with DOW JONES futures trading slightly in the red.

SGX NIFTY is trading at 17,930 indicating a gap-up opening in NIFTY.

Major supports for NIFTY are at 17,800, 17,725, 17,700, 17,650, 17,600 and 17,550.There are resistances at 17,850, 17,900, 17,950, 18,000 and 18,040.

BANK NIFTY has supports at 37,700, 37,500, 37,300, 37,200, 37,000 and 36,900. Resistances are at 37,800, 38,000, 38,100, 38,350, 38,500 and 38,800.

NIFTY has the largest call OI build-up at 18,000. The largest put OI build-up is at 17,500.

BANK NIFTY has the highest call OI build-up at 38,000 and the highest put OI build-up is at 37,000.

INDIA VIX is at 17.6.

Foreign Institutional Investors net bought shares worth Rs 496 crores. Domestic Institutional Investors net sold shares worth Rs 116 crores. 

And finally, DIIs have become net sellers on Friday but the quantity is few. This is after a very long time as DIIs were busy supporting the markets when the FIIs were continuing their sell-off. 

BANK NIFTY had rallied more than 2,000 points last week. If the index crosses 38,000, it can keep NIFTY above 17,800. 18,000 is on focus now and that would need the support of IT stocks which have results to be announced this week. Though Infosys saw profit-booking, TCS is still strong. Also, movement in Reliance will be a key factor.

Considering the fact that it has been a continuous up-move for BANK NIFTY, it is important that we are prepared for a profit-booking as well. Price action just after the market opens will be more important than ever today. 

The gap was filled on Friday and NIFTY faced resistance on filling, at 17,900. A close above this level with momentum can take NIFTY to the major hurdle of 18,000 which has the largest call OI build-up. In that case, I will closely watch 17,950 which acted as a major support and resistance last year. I will watch 17,800 on the downside and if NIFTY falls below the level, the support zone of 17,700-17,725 can be watched.

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