News Shots 

Reliance New Energy acquired assets of Lithium Werks for $61 million. Assets include entire patent portfolio of Lithium Werks, manufacturing facility in China, key business contracts and hiring of existing employees.

Embassy Office Parks REIT will consider raising funds on March 17.

Jai Corp approved redemption of 84,000, 1% non-cumulative, non-participating redeemable preference shares on March 15.

Wipro partnered with Speira to strengthen the technology infrastructure and cybersecurity requirements of Speira.

RITES declared third interim dividend of Rs 7.5 per share (75% of paid up share capital).

Black Box approved a share split that breaks up shares of face value Rs 10 each into shares of face value Rs 2 each.

What to expect? 

NIFTY opened flat at 16,651 and moved higher. Though there was intermittent profit booking, the rally was steady and the hard task of crossing 16,840 also was done yesterday. NIFTY finally closed the day at 16,871, up 241 points or 1.45%.

BANK NIFTY opened with a small gap-up at 34,734. Though there was a downmove, it rallied heavily throughout the day. The 5 minute chart may look volatile but there was a steady up-move in the 15 minute charts. BANK NIFTY closed the day at 35,312, up 766 points or 2.22%.

IT moved up by 2%.

The US markets closed in the red. The European markets closed well in the green.

The Asian markets are mostly down except for Nikkei. The U.S. Futures and the European futures are trading in the green.

SGX NIFTY is trading at 16,850 indicating a flat opening.

NIFTY has supports at 16,840, 16,750 and 16,650. We can expect resistances at 16,900, 17,000 and 17,100.

BANK NIFTY has supports at 34,800, 34,400 and 34,000. Resistances are at 35,000, 35,200 and 35,500.

NIFTY has the highest call OI build-up at 17,500 and the largest put build-up at 16,000.

BANK NIFTY has the largest call OI build-up at 36,000 and the largest put OI build-up at 34,000.

INDIA VIX  is at 25.7.

Foreign Institutional Investors net sold shares worth Rs 180 crores. Domestic Institutional Investors net bought shares worth Rs 1,100 crores. 

Though Sgx Nifty was indicating a gap-down, a flat opening was expected as US futures were trading higher on positive remarks by the representatives of both Russia and Ukraine ahead of the talks. It is expected that there will be a consensus in the coming days.

Bloomberg reported that Paytm banks barred from adding customers as there are reports that they gave data access to Chinese entities that did not own direct stake in Paytm CEO said that it is a baseless allegation.

The Consumer Price Inflation for February came out at 6.07% against an expected 5.9%. WPI stood at 13.11%. We will get to know the impact on the market along with the Fed interest rate decision on Wednesday. 

BANK NIFTY had a strange candle at 11:05 where a wide red candle was under formation soon after a full green candle. AU Bank had fallen by 10% in the same candle. There were rumours spreading in social media about an RBI probe on the bank. The bank has come up saying these are just rumours.

The LIC IPO has been postponed and it was expected. The market is rather volatile now and is never a good time for the largest IPO.

I will be watching 17,000 on the upside and 16,750 on the downside. 

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