IT to Continue the Blast? Pre Market Analysis

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

Stocks

Refining major BPCL Ltd posted 168% growth in its consolidated net profit at Rs 6,780 crore for the three months ended March. Revenue from operations during the reporting quarter rose 8% to Rs 1.33 lakh crore.

Foreign investor Morgan Stanley has sold about 0.58% stake in Gland Pharma through open market transactions on Monday.

Spencer posted a net loss of Rs 61 crore in the fourth quarter. Revenue during the same period stood at Rs 543 crore.

Dhanlaxmi Bank has reported a net profit of Rs 38 crore in the March quarter. NII for the quarter stood at Rs 115 crore.

Shree Cement posted a net profit of Rs 546 crore in the three months ended March period. Revenue from operations came in at Rs 4,785 crore in the same period.

What to Expect Today?

NIFTY opened flat at 18,206. There was buying pressure in Nifty and the index moved higher to consolidate at the top. There was a failed breakout and NIFTY bounced after a fall to close at 18,314, up by 111 points or 0.61%.

BANK NIFTY opened flat at 43,989 and moved lower. There was extreme volatility. BNF closed at 43,882, down by 85 points or 0.19%.

IT had a huge day by moving 2.5% higher.

The US markets closed mixed yesterday with DOW closing in the red and NASDAQ moving higher. The European markets also closed mixed.

The Asian markets are trading mixed.

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

SGX NIFTY is trading higher at 18,365.

All the factors combined indicate a flat opening.

NIFTY has supports at 18,250, 18,225 and 18,180. We can expect resistances at 18,335, 18,400 and 18,460.

BANK NIFTY has supports at 43,680, 43,600, 43,500 and 43,265 . Resistances are at 44,000, 44,100 and 44,500.

FIN NIFTY has supports at 19,320, 19,265, 19,200 and 19,045. We can expect resistances at 19,380, 19,440 and 19,490.

NIFTY has the highest call OI build-up at 18,500. The highest put OI build-up is at 18,200.

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

FIN NIFTY has the highest call OI build-up at 19,400. The highest put OI build-up is at 19,300.

INDIA VIX  is at 12.3.

Foreign Institutional Investors net-bought shares worth Rs 900 crores. Domestic Institutional Investors net-bought shares worth 600 crores.

It is a very good start for the general market and IT. The IT sector fired up yesterday. All the major IT stocks took part in the rally. 

You can see that the Asian markets are mixed but NIKKEI is trading higher.

There was a meeting regarding US debt ceiling crisis but no deal was reached. Follow updates regarding it. 

Germany Manufacturing PMI will be released today.

See where BNF took support yesterday. It is a crucial zone and there was a sharp bounce from there. Watch the same level today on the downside and 44,100 can be watched on the upside. Keep in mind that it is FIN NIFTY expiry today.

I will watch 18,250 on the downside in NIFTY. 18,335 can be watched on the upside.

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