News Shots 

Ultratech executed a share purchase agreement for acquiring 100% equity shares in National Limestone Company.

Aditya Birla Sun Life received approval from the international Financial Services Centres Authority to carry out Portfolio Management Services from GIFT City, Gandhinagar.

Accel will buy a 26% stake in Bizcarta Technologies India for up to Rs 5 crore.

Automotive Axles would be investing in equity shares of Suryaurja One.

Surya Roshni secured orders of Rs 65.40 crore for supply of ERW Line Pipe for gas projects to ONGC

What to expect? 

NIFTY opened the day flat at 17,944 and a weak price action followed. After taking a pause at 17,775 and an up-move till 17,830, NIFTY continued the fall. Support was taken at 17,650 and a last minute buying took the index above 17,750. NIFTY closed the day at 17,757, down 181 points or 1.01%.

BANK NIFTY opened the day with a gap-up at 38,154. The sector was not as bearish as the general market. Though the index bounced back from 37,865, the level of 38,000 offered resistance again that pushed the sector to even below 37,600. There was buying towards the end and BANK NIFTY closed the day at 37,851, down 191 points or 0.5%. 

All the major sectors moved down except for METALS (+0.52%).

The US markets were doing well in the first half but fell heavily towards the end and closed in the red. The European markets moved up except for FTSE that closed flat.

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

SGX NIFTY is trading at 17,636 indicating a gap-down opening in NIFTY.

Major supports for NIFTY are at 17,700, 17,650, 17,620 and 17,550. There are resistances at 17,775, 17,820, 17,900 and 18,000.

BANK NIFTY has supports at 37,750, 37,630, 37,500, 37,350 and 37,500. Resistances are at 38,000, 38,100,  38,170, 38,350 and 38,500.

NIFTY has the largest call OI build-up at 18,000 and the largest put OI build-up at 17,500 ignoring deep OTM strikes and straddles.

BANK NIFTY has the highest call OI build-up at 38,500 and the highest put OI build-up at 37,000.

INDIA VIX is still at 17.8.

Foreign Institutional Investors  net sold shares worth Rs 4,680 crores. Domestic Institutional Investors net sold shares worth Rs 769 crores. 

Though there were signs of global recovery yesterday late in the evening, the US markets reversed and fell heavily. The reports that the US is sending weapons to Ukraine has raised concerns about increased tensions with Russia.

NIFTY has taken support at the major level of 17,650 that coincides with 50 ema. This gives hope to the bulls. But the global sentiments are opposite.

The institutional investors are continuing their selling spree with FIIs leading from the front. Infosys started the day with a huge gap-down and closed 2% below the previous day close. The situation is not different in the case of HDFC.

You can see huge call OI addition and very less put build-up. The open interest analysis says there is less chance for NIFTY to give a close above 18,000 this week.

Reliance will announce their quarterly results today and being the largest stock in NIFTY, the result can have a major impact on NIFTY. I will be watching 17,820 on the upside and 17,650 on the downside for immediate moves.

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