Global in Green. Nifty to Follow? Pre Market Analysis

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

Stocks

Kotak Mahindra Bank's standalone net profit jumped 31% to Rs 2,792 crore. The Bank's NII rose 30% year-on-year to Rs 5,653 crore. Its net interest margin (NIM) improved to 5.47% during the third quarter.

ICICI Bank posted 34% year-on-year growth in PAT at Rs 8,312 crore in the December quarter. The bank's net interest income (NII) increased by 35% year-on-year to Rs 16,465 crore in Q3.

YES Bank reported a steep fall in net profit at Rs 51 crore for the three months ended December, largely due to higher provisioning.

SBI Life Ltd has reported a net profit of Rs 304 crore for the three months ended December 2022, which is down about 16% from Rs 364 reported in the same period of last year.

JSW Steel's net profit tanked 89% to Rs 490 crore for the three months ended December 2022, missing the Street estimates by a long margin.

What to Expect Today?

NIFTY opened flat at 18,116 on Friday. The index moved down without any attempt to rise. NIFTY closed at 18,028, down by 80 points or 0.44%.

BANK NIFTY opened with a gap-up at 42,516 and consolidated. The index outperformed the general market and closed at 42,507, up by 78 points or 0.4%.

IT closed 0.3% in the red.

The US markets and the European markets fired higher on Friday.

The Asian markets are mostly closed. Nikkei is trading well in the green.

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

SGX NIFTY is trading at 18,145 indicating a gap-up opening.

NIFTY has supports at 18,000, 17,940 and 17,860. We can expect resistances at 18,165, 18,230 and 18,350.

BANK NIFTY has supports at 42,500, 42,250 and 42,000. Resistances are at 42,650, 42,720 and 43,000.

FIN NIFTY has supports at 18,700, 18,600 and 18,465. Resistances are at 18,850, 19,000 and 19,100.

NIFTY has the highest call OI build-up at 18,100. The highest put OI build-up also is at 18,100.

BANK NIFTY has the highest call OI build-up at 42,500. The highest put OI build-up also is at 42,500.

FINNIFTY has the highest call OI build-up at 18,900. The highest put OI build-up is at 18,700.

INDIA VIX is at 13.8.

Foreign Institutional Investors net-sold shares worth Rs 2000 crores. Domestic Institutional Investors net-bought shares worth 1500 crores.

Though the US markets had a slightly bearish week, Friday’s up-move has lifted the global sentiments. There is a W breakout in Dow Jones if you watch 1-hour chart.

Let us see if our markets follow the global cues and break the swing point of 18,165. 18,230 has to be cleared too and the next hurdle will be 18,230. If that level is protected on the downside for a while, then we can see a good recovery in the coming days.

ICICI Bank came out with good results. However, Reliance disappointed the market participants. Let us see if ICICI Bank can boost the outperformance of Bank Nifty.

You can watch 2440 in Reliance. The structure does not look good. There has been consolidation near the low for a longer period now.

The Chinese markets will remain shut for one week. Hong Kong will reopen on Thursday only.

I will keep an eye on Axis Bank as the results will be announced today. 

I will watch 17,945 on the downside in NIFTY. 18,165 can be watched on the upside.

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