News Shots 

Mishtann Foods approved issue of bonus shares in 1:1 ratio.

SJVN achieved financial closure by signing of loan agreement amounting to Rs 494 crore with Himachal Pradesh State Co-Operative Bank for development of 66 MW Dhaulasidh REP in Himachal Pradesh. The total project cost is Rs 688 crore.

Ujjivan Financial Services appointed Radhakrishnan Ravi as the chief executive officer and chief financial officer, effective from April 19.

Kirloskar Electric said its Tumkur, Karnataka unit extended layoff period of 14 staff out of 77 till June 10.

Jwalamukhi Investment has sold 3.3 million shares of TVS Motor.

Indraprastha Gas Ltd received a letter from the Petroleum and Natural Gas Regulatory Board for development of a city gas distribution network in Banda, Chitrakoot and Mahoba districts of Uttar Pradesh.

What to expect? 

NIFTY opened with a gap-down at 17,188 and moved down after an initial down-move. NIFTY moved down till 17,070 but moved up to close the day at 17,186, down by 308 points or 1.73%.

BANK NIFTY opened with a gap-down at 36,852. 37,000 offered a strong resistance and BNF moved down till 36,450. The index closed at 36,729, down by 734 points or 1.96%.

IT sector fell by more than 4%.

The US markets closed flat. The European markets remained shut on account of Easter Monday.

The Asian markets are mixed. The U.S. Futures are trading slightly in the green. The European futures are mixed. 

SGX NIFTY is trading at 17,252 indicating a flat to gap-up opening.

NIFTY has supports at 17,070, 17,000 and 16,900. We can expect resistances at 17,230, 17,320 and 17390.

BANK NIFTY has supports at 36,400, 36,100 and 36,000. Resistances are at 37,000, 37,300 and 37,450.

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

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 19.33.

Foreign Institutional Investors net sold shares worth Rs 6,000 crores. Domestic Institutional Investors net bought shares worth Rs 3,000 crores. 

Traders found it difficult to get global cue in the absence of European markets as it was Easter Monday. However, the US futures and the Asian markets were giving a clear indication of a fall. 

Infosys gave a shock by opening 8% lower as the results were highly unsatisfactory. The stock finally closed 7% down.

Wholesale Price Inflation came out at 14.55, a four-month high. It will be hard to bring inflation as long as the fuel prices are high.

Let us keep an eye on the HDFC twins that brought the index down along with the IT stocks. Though the market can enter into a consolidation phase for the coming days, we cannot rule out the chance for volatile moves.

As of now, the cues are muted as there was no significant move in the US markets. You can ignore the fall in Hang Seng as the market is opening today only after a long vacation. Nikkei is trading slightly in the green.

I will be closely watching 17,000 on the downside and 17,320 on the upside.

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