News Shots 

Eicher Motors reported that their sales went up 7.3% YoY to 5,856 units in February.

Future Enterprises said that there is no immediate impact on deal with Generali after court order on Future Generali stake sale restraint.

Page Industries Managing Director Sunder Genomal has tendered his resignation.

Tata Steel subsidiary Tata Steel Advanced Materials will acquire 90% stake in Ceramat Pvt for consideration of Rs 90,000.

Sterlite Technologies has announced a collaboration with Analog Devices to develop 5G Open RAN radio units.

EaseMyTrip will consider allotment of bonus shares on March 3.

What to expect? 

NIFTY opened with a major gap-down at 16,506 and after a round of selling, the index rallied by more than 400 points. NIFTY closed the day at 16,794, up 135 points or 0.81%.

BANK NIFTY also opened with a gap-down at 35,970. The index underperformed NIFTY. Though there was selling pressure, BANK NIFTY took support at 35,900 and closed the day at 36,205, down 225 points or 0.62%.

Metals moved up by nearly 5%.

The US markets closed deep in the red. The European markets fell heavily.

The Asian markets are trading lower now. The U.S. Futures and the European futures are trading in the green.

SGX NIFTY is trading at 16,500 indicating a gap-down opening.

NIFTY has supports at 16,600, 16,535, 16,370 and 16,250. We can expect resistances at 16,700, 16,840, 16,900 and 17,000.

BANK NIFTY has supports at 35,900, 35,650, 35,230 and 35,000. Resistances are at 36,300, 36,550, 37,000 and 37,250.

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

BANK NIFTY has the highest call OI build-up at 38,000 and the highest put OI build-up at 35,000.

INDIA VIX  increased to 28.6.

Foreign Institutional Investors net sold shares worth Rs 3,900 crores. Domestic Institutional Investors net bought shares worth Rs 4,000 crores. 

NIFTY has finally closed above 200 dma. At the same time, we are seeing a chance for a major gap-down and this will test the resilience of our market again.

Belarus troops may go in seeing the developments at the border and if this happens, things will turn worse. 12 Russian diplomats have been dismissed by the US. Russia has warned of retaliation.

Oil prices have gone up again, trading now at $109 which is a major concern for our market. Fed rate hike is another major concern as a Fed official said yesterday that there is a need for more frequent hikes and by larger increments.

Reliance moved up significantly contributing to NIFTY’s up-move on Monday. HDFC twins lagged behind, closing in the red. Let us keep an eye on these stocks.

I will be watching 16,370 on the downside if there is a major fall in the coming days.

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