Can Global Markets Bring Nifty Down? Pre Market Analysis

Here are some of the major updates that could move the markets today:

Stocks

Hindalco Industries posted a 48% fall in its standalone net profit at Rs 832 crore for the quarter ended March. Revenue from operations during the quarter increased 5% to Rs 19,995 crore.

Life Insurance Corp (LIC) has reported standalone net profit of Rs 13,428 crore for the quarter ended March. The profit grew 466% from Rs 2,371 crore in the same quarter of last year.

Trident has posted net profit of Rs 130 crore, while revenue from operations came in at Rs 1,573 crore.

Venus Pipes reported a net profit of Rs 13.4 crore in the March quarter. Revenue from operations during the said period stood at Rs 176 crore.

Oil India reported net profit of Rs 1,788 crore in the fourth quarter. Revenue from operations were at Rs 5,397 crore in the reporting quarter.

Shyam Metalics profit for the March quarter stood at Rs 216.2 crore. Revenue from operations came in at Rs 3,380 crore in the same period.

What to Expect Today?

NIFTY opened with a gap-down at 18,307 and moved higher. Top was formed below 18,400 and there was a big fall. NIFTY closed at 18,285, down by 63 points or 0.34%.

BANK NIFTY opened with a gap-down at 43,798, move up to 44,000 and broke down. The index broke day-low and closed at 43,678, down by 277 points or 0.68%.

IT closed flat.

The US markets closed in the red again. The European markets closed deep in the red.

The Asian markets are trading lower except for NIKKEI.

The U.S. Futures are trading mixed with NASDAQ futures firing up and European futures also are mixed.

SGX NIFTY is trading lower at 18,330.

All the factors combined indicate a gap-down opening.

NIFTY has supports at 18,225, 18,175 and 18,065. We can expect resistances at 18,320, 18,350, 18,400 and 18,460.

BANK NIFTY has supports at 43,650, 43,500 and 43,435. Resistances are at 43,680, 43,850 and 44,000.

NIFTY has the highest call OI build-up at 18,400. The highest put OI build-up is at 18,200.

PCR dropped from 1.1 to 0.9.

BANK NIFTY has the highest call OI build-up at 44,000. The highest put OI build-up also is at 43,500.

PCR is 0.7.

INDIA VIX  increased by 4% to 13.1.

Foreign Institutional Investors net-bought shares worth Rs 1,200 crores. Domestic Institutional Investors net-bought shares worth 300 crores.

Global negativity continues! The US markets were in bloodbath again. This will definitely impact our market today, at least in the opening. The second half is where the real game is. But you can see that sellers are dominating in the last hour these days.

It is monthly expiry today and thus, we have to be extra careful. Since VIX is above 13 again, let us see if there is better premiums to short.

From option buyers’ perspective, things were better yesterday after a confusing day on Fin Nifty expiry.

UK inflation came out higher than expected and hence, there was another negative factor for the markets to move down.

Fed minutes revealed that the officials are confused as to the rate hike has to be increased or not. We will have to wait till the next meeting on 13-14 June to get clarity.

I will watch 18,175 on the downside in NIFTY. 18,320 can be watched on the upside.

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