News Shots 

Bharti Airtel has dropped the plan for the new corporate structure. The company will instead merge two of its units with itself to simplify its structure and consolidate its fiber assets. Under the new plan, Telesonic Networks and Nettle Infrastructure Investments will be merged into Airtel. The company will pursue the plan to eventually fold its DTH business Bharti Telemedia into Airtel.

SBI will invest $20 million in Pine Labs. Pine Labs had raised $700 million across two rounds earlier this year.

Bandhan Bank reported that their total deposits grew by 3% in Q3 to Rs 84,500 crore over the preceding quarter.

AU Small Finance Bank reported that their total Deposits grew by 13% in Q3 to Rs 44,278 crore over the preceding quarter.

GAIL (India) has acquired a 26% stake held by IL&FS Energy Development Company and IL&FS Financial Services in ONGC Tripura Power Co.

The Delhi High Court has dismissed petitions by the Future Group seeking a direction to the SIAC arbitral tribunal to first decide on its application on termination of arbitration proceedings with Amazon.

What to expect? 

Yesterday, NIFTY opened with a gap-up at 17,682. As it was a gap-up, there was volatility as expected. Buyers stepped in at 17,600 and NIFTY followed an M pattern facing resistance at 17,740. There was a rally towards the end and the index crossed 17,800. NIFTY closed the day at 17,805, up 180 points or 1.02%.

BANK NIFTY opened with a gap up at 36,502. Though there was an up-move, the index was not as strong as NIFTY. There was profit booking in the second half but buying kicked in at 36,500. BANK NIFTY  closed the day at 36,840, up 418 points or 1.15%.

NIFTY IT (+0.63%) moved up whereas NIFTY PHARMA(-0.82%) closed in the red.

The US markets were mixed yesterday with a negative bias. The European markets closed in the green.

The Asian markets are down. The U.S. Futures and the European Futures are trading in the red except CAC futures.

SGX NIFTY is trading at 17,809. Considering all the factors, there is a chance for a flat to gap-down opening.

Major supports for NIFTY are at 17,750, 17,650, 17,600, 17,500, 17,400 and 17,325. We can expect resistances at 17,820, 17,860, 17,950, 18,000 and 18,100.

BANK NIFTY has supports at 36,800, 36,500, 36,200, 36,000 and 35,700. Resistances are at 36,900, 37,000, 37,100, 37,350 and 37,500.

NIFTY has the largest call OI build-up at 18,000 followed by 17,800. The largest put OI build-up is at 17,600 followed by 17,500.

BANK NIFTY has the highest call OI build-up at 37,000 and the highest put OI build-up is at 36,000.

INDIA VIX is at 16.12.

Foreign Institutional Investors net bought shares worth Rs 1,274 crores. Domestic Institutional Investors net bought shares worth Rs 533 crores. 

Though DOW JONES closed in the green yesterday, NASDAQ fell heavily and S&P 500 consolidated with a negative bias. With the expectation of interest rate hikes by May, bond yield rose and the stock market saw a decline. Asian markets have followed, starting the day in the red. IT index of HANG SENG is at its lowest since May 2020.

With another day of buying from Foreign Institutional Investors, NIFTY could close above 17,800. DIIs remaining as net buyers without booking profits helped the market move up with pace.

If NIFTY opens with a gap-down, the index is more likely to trade in the range of 17,650 to17,800. A flat opening would lead to extreme volatility as the buyers would want to book profits after the steep rally we had. 

BANK NIFTY should be closely watched as the index is near the level of 37,000. As the index could not perform with the same strength as NIFTY, there is a chance of more up-move if the index opens flat and crosses 36,900. But if the gap-down is big enough, we will see a volatile day in the range of 36,500-37,000. Reliance performed well in the day. Let us closely watch how the stock moves today along with TCS. 

Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!