News Shots 

The Gautam Adani-led conglomerate is exploring potential partnerships in Saudi Arabia, including the possibility of buying a stake in Saudi Aramco, Bloomberg reported citing people with knowledge of the matter.

Indian Oil, BPCL, HPCL: The price of diesel sold to bulk users has been hiked by about Rs 25 per litre in line with a near 40% rise in international oil prices, but retail rates at petrol pumps remain unchanged,

Cochin Shipyard signed an agreement with Dredging Corporation of India to build India’s largest dredger in collaboration with IHC Holland. The project cost is Rs 950 crore.

Tata Consultancy Services reappointed Rajesh Gopinathan as managing director and chief executive officer and extended N Ganapathy Subramaniam’s appointment as chief operating officer for five years.

Bharat Electronics declared a second interim dividend of Rs 1.5 per share.

What to expect? 

 NIFTY opened with a huge gap-up at 17,203 and moved higher on Thursday. The Fed outcome was in line with the expectations and this added to the bullishness. The index faced resistance at 17,350. NIFTY closed the day at 17,287, up 312 points or 1.84%.

BANK NIFTY opened with a gap-up at 36,317. It was a huge gap-up but what followed was a long consolidation. 36,600 offered stiff resistance and BANK NIFTY closed the day at 36,429, up 680 points or 1.9%.

All the sectors closed in the green except for IT.

The US markets closed well in the green on Friday. The European markets closed slightly in the green.

The Asian markets are trading slightly in the green. Nikkei remains closed on account of the equinox. The U.S. Futures and the European futures are trading in the red.

SGX NIFTY is trading at 17,379. All the factors together indicate a flat to gap-up opening.

NIFTY has supports at 17,250, 17,175 and 17,000. We can expect resistances at 17,350, 17,480 and 17,620.

BANK NIFTY has supports at 36,300, 36,000 and 35,700. Resistances are at 36,450, 36,600 and 36,900.

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  dropped to 22.9.

Foreign Institutional Investors net bought shares worth Rs 2,800 crores. Domestic Institutional Investors net sold shares worth Rs 700 crores. 

The markets remained closed on Friday on account of Holi. Thursday saw a heavy up-move, due to the positivity set by the expected Fed outcome and progress in peace talks. The positivity continued in the west on Friday as well.

FIIs ended up as net buyers for the last week. Vanguard group bought stakes in 19 Indian companies on Thursday. The figure stood at Rs 2,300 crores. We will have to keep an eye on FII activity this week as they can take NIFTY again to the highs.

The war is intensifying with Russia attacking Mariuopol. The US will provide Ukraine with javelins and missiles. The US has also asked Turkey to provide Ukraine with Russian made missiles. Russian Ambassador to Bosnia Herzegovina said that they have plans against NATO’S threats.

Let us keep an eye on the crude oil prices which is now just above 110 USD.

It is going to be a range bound market between 17,000 and 17,500 unless there is a trigger. Any positive trigger could take the markets to a new high whereas a negative trigger can have a bigger impact by taking the markets below 17,000 again. Let us watch these levels.

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