News Shots

Power Grid Corporation acquired 100 per cent equity of Khetri-Narela Transmission Ltd (KNTL) for an aggregate value of about Rs 22.50 crore.

Punjab National reported a 66 per cent decline in its standalone net profit at Rs 202 crore for the quarter ended March 2022 due to higher amount parked towards provisioning, even as bad loans declined. The bank had posted a net profit of Rs 586 crore in the same quarter a year ago.

Relaxo Footwears reported a decline of 38.40 per cent in its net profit at Rs 62.93 crore for the fourth quarter ended March 2022. It had posted a net profit of Rs 102.17 crore in the January-March quarter of the preceding fiscal.

Birla Corporation reported a 55.44 per cent decline in its consolidated net profit to Rs 111.08 crore in the fourth quarter ended on March 31, 2022, on account of credit adjustments. It had posted a net profit of Rs 249.33 crore in the January-March quarter a year ago.

Indian Bank reported a 42 per cent dip in its standalone net profit at Rs 984 crore in the quarter ended March 2022, after it changed the deferred tax asset calculation from annual to quarterly basis. In the year-ago quarter, the bank’s standalone net profit stood at Rs 1,709 crore.

BSE reported an over two-fold jump in net profit to Rs 71.52 crore for the three months to March 2022. In comparison, the exchange had posted a net profit of Rs 31.75 crore in the same quarter of the preceding fiscal.

What to expect? 

NIFTY opened with a gap-up at 16,227 and took resistance at 16,310 from where it started falling heavily. All the major levels were broken and the index bounced back from 16,000 finally leading to a V shape recovery. The index closed at 16,167, down by 73 points or 0.45%.

BANK NIFTY opened with a gap-down at 34,692 and fell. However, 34,200 offered a great support and BNF bounced all the way back and crossed day’s high, closing at 34,693, up by 210 points or 0.61%.

IT fell by another 1%.

The US markets closed in the red. The European markets moved higher.

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

SGX NIFTY is trading at 15,979. All the factors together indicate a gap-down opening. 

NIFTY has supports at 16,150, 16,080, 16,000 and 15,850. We can expect resistances at 16,250, 16,310, 16,370 and 16,400.

BANK NIFTY has supports at 34,500, 34,150 and 34,000.Resistances are at 34,800, 35,000 and 35,250.

NIFTY has the highest call OI build-up at 16,500 followed by 16,400. The highest put OI build-up is at 15,500 followed by 16,000.

BANK NIFTY has the highest call OI build-up at 36,000 and the largest put OI build-up is at 34,000.

INDIA VIX is at 22.8.

Foreign Institutional Investors net sold shares worth Rs 3,600 crores. Domestic Institutional Investors net bought shares worth Rs 4,200 crores. 

It was surprising to see NIFTY breaking the major levels on the downside when the global markets were moving higher. Recovery came in towards the end, especially in BANK NIFTY leading to an interesting pattern formation in the day-chart.

US CPI data came out at 8.3% and led to volatile moves in the markets. Let us look at some figures here. March CPI stood at 8.5% and experts believed that inflation has peaked out. They were expecting April CPI at 8.1%. But the data came out at 8.3% indicating inflation has slowed down but failed to meet the estimates. The major concern was the Core CPI, at 0.6% against an expected 0.4%. Core CPI has doubled from 0.3% in March. This led to the sudden fall in the markets. However, the European markets rallied thereafter, recovering the losses. US fell heavily in the end.

Our CPI data will be out at around 5:30 PM in the evening. The expectation is around 7.5%. 

16,200 strike has a good straddle build-up with 16,030-16,370 range as profitable zone, which is wider than usual as VIX is higher this week.

I will be watching 15,850 on the downside if 16,000 is broken.

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