Flat Expiry. SBI Results Today - Pre Market Analysis

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

Stocks

State-owned lender SBI is set to report solid numbers for the third quarter with net profit growing by a massive 60-70%, compared with the last year period. Net interest income (NII) too is expected to grow in healthy double digits.

ITC is expected to report double-digit growth in both cigarette and FMCG businesses for the quarter. The hotels business is also expected to put up a good show on the back of strong improvement in occupancy levels.

Tata Consumer Products reported 32% growth in consolidated net profit at Rs 351 crore for the quarter ended December 2022. The same was Rs 265 crore in the corresponding quarter of last year.

Dabur India reported a 5% year-on-year (YoY) fall in consolidated net profit for the December quarter to Rs 476 crore. Revenue from operations grew by a moderate 3.4% to Rs 3,043 crore.

Shares of Vaibhav Global, which have given multibagger returns to investors in the last five years, will trade ex-dividend on Friday.

What to Expect Today?

NIFTY opened with a gap-down at 17,561 and consolidated with extreme volatility. You will not know the volatility by looking at larger timeframes. 3 minutes and the 1-minute candle will reveal the instability. NIFTY closed flat at 17,610.

BANK NIFTY opened with a gap-down at 40,170 and was range-bound. There was an up-move towards the close and BNF closed at 40,669, up by 156 points or 0.39%.

IT rallied and closed 1.8% higher.

The US markets closed higher with the help of IT stocks. The  European markets also closed in the green. 

The Asian markets are trading lower. 

The U.S. Futures and European futures are trading mostly lower.

SGX NIFTY is trading at 17,700 indicating a gap-up opening.

NIFTY has supports at 17,500, 17,420 and 17,310. We can expect resistances at 17,650, 17,730 and 17,800.

BANK NIFTY has supports at 40,500, 40,100  and 39,850. Resistances are at 40,750, 41,000 and 41,300.

INDIA VIX is at 15.7.

Foreign Institutional Investors net-sold shares worth Rs 3,100 crores. Domestic Institutional Investors net-bought shares worth 2,400 crores.

It was an easy expiry for the conservative option sellers as the premium was high in deep OTM. However, aggressive players might have gotten beaten in certain strikes as there were quick moves. 

The market gave opportunities for the option buyers as well as there were multiple swings. 

Bank of England hiked the interest rate by 50 basis points yesterday.

US Jobs data will be released today. It was an event-packed week with corporate results, Auto Sales data, Fed interest rate decision and more importantly, the Union Budget. Still, volatility need not subside all of sudden. 

ITC and SBI will announce their results today. SBI results as always will lead to extreme moves in Bank Nifty. 

I will watch 17,500 on the downside in NIFTY. 17,730 can be watched on the upside.

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