News Shots 

TVS Motor acquired 75% stake in the Swiss E-Mobility Group

Lupin entered a promotional agreement with Exeltis USA Inc. to promote SOLOSEC along with Exeltis’ existing line of Women’s Health products.

Motilal Oswal declared an interim dividend of Rs 7 per share.

RBL Bank reported that their net profit is up 6.1% at Rs 156 crore.

Accelya declared an interim dividend of Rs 17 per share.

Sandhar entered a Shareholders Agreement with Kwangsung Corporation

What to expect? 

NIFTY opened the day with a huge gap-down at 17,071 and fell even more. But the reversal surprised the market participants with its strength. Day-high was crossed in the second half and the index faced resistance towards the close. NIFTY closed the day at 17,110, down 168 points or 0.97%.

BANK NIFTY opened with a gap-down at 37,115. The index bounced back from 37,000 and started a fantastic rally waking all the major resistances closed the day at 37,982, up 275 points or 0.73%.

NIFTY IT(-3.55%) closed deep in the red.

The US markets opened with a gap-up but fell towards the end to close with a negative bias. The European markets closed in the green for another day.

The Asian markets are mixed now but NIKKEI is trading well in the green. The U.S. Futures and the European futures are trading in the green.

SGX NIFTY is trading at 17,189. All the factors are indicating a small gap-up opening in  NIFTY.

Major supports for NIFTY are at 17,110, 17,050, 17,000, 16,880,16,850, 16,770, 16,700 and 16,600. There are resistances at 17,180, 17,280, 17,320, 17,390, 17,420 and 17,500. 

BANK NIFTY has supports at 37,700, 37,500, 37,300, 37,000, 36,800, 36,500 and 36,400. Resistances are at 37,900, 38,000, 38,200, 38,400 and 38,500.

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

BANK NIFTY has the highest call OI build-up at 39,000 and the highest put OI build-up at 37,000.

INDIA VIX is at 21.

Foreign Institutional Investors net sold shares worth Rs 6,267 crores. Domestic Institutional Investors net bought shares worth Rs 2,881 crores. 

That has been a fantastic rally by BANK NIFTY. The sector could close in the green despite global negativity and the huge gap-down. The budget is imminent and be prepared for volatility.

The IT sector is rather bearish losing another 3% yesterday. There are global supply chain issues faced by IT giants like Intel. NASDAQ closed in the red despite good results from Apple.

The Open Interest data looks bullish with a good put OI build-up at 17,000. But it is just the beginning of the weel. And keep in mind that Budget day will bring major adjustments to the OI.

The oil prices continue to rally but there is no worrying news from Ukraine as of now. The US markets had rallied in the first half with good earnings by Apple and better QoQ GDP data. But there is selling pressure still. 

I will be watching the levels 17,110 and 17,280. I know that the range is wide but we cannot jump to conclusions regarding the direction in this high VIX environment.

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