Nifty Joins BNF In the Breakout - Pre Market Analysis

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

Stocks

Axis Bank reported a loss of Rs 5,728.42 crore in the March quarter on account of the acquisition of Citibank India's consumer business. Excluding the one-time hit due to the deal, the bank made a net profit of Rs 6,625 crore in Q4, a growth of 61% YoY.

LTI Mindtree has reported a net profit of Rs 1,114 crore for the fourth quarter, which is flat compared with Rs 1,108 crore clocked in the corresponding quarter of last year.

Wipro Ltd has posted a consolidated net profit of Rs 3,074 crore for the fourth quarter ended March 2023, down 0.4% over a year ago. The profit stood at Rs 3,087 crore in the same quarter last year.

Tech Mahindra reported a consolidated net profit of Rs 1,118 crore for the fourth quarter ended March 2023, down 25.8% over a year ago. The profit stood at Rs 1,506 crore in the same quarter last year.

Glenmark Life's profit for the March quarter jumped 48% year-on-year to Rs 146 crore, while revenue from operations jumped 21% YoY to Rs 621 crore.

What to Expect Today?

NIFTY opened flat at 17,827 and buying pressure was evident right from the first candle. It was a perfect up-trending day. The index broke the major resistances and closed at 17,915, up by 102 points or 0.57%.

BANK NIFTY opened flat at 42,802 and consolidated in the range of the first 15-m candle. There were volatile moves in the second half. BNF closed at 43,000, up by 171 points or 0.4%.

IT moved up by 1.07%.

The US markets had a big rally yesterday and the European markets closed flat to red.

The Asian markets are trading higher.

The U.S. Futures and European futures are trading flat to red.

SGX NIFTY is trading higher at 18,075.

All the factors combined indicate a gap-up opening.

NIFTY has supports at 17,850, 17,780, 17,710 and 17,690. We can expect resistances at 17,955, 18,000 and 18,040.

BANK NIFTY has supports at 42,850 42,650 and 42,435.  Resistances are at 43,000, 43,265 and 43,500.

INDIA VIX is at 11.4.

Foreign Institutional Investors net-bought shares worth Rs 1,700 crores. Domestic Institutional Investors net-bought shares worth 100 crores.

Nifty has made its breakout, joining Bank Nifty. 17,870 was broken with strength yesterday. Now that the global markets are also moving up, we may see a continuation in the up-move. 

Nifty is approaching a new resistance zone of 17955-18000-18040. These levels can be broken soon if the global cues and FIIs are supportive.

Bank Nifty closed exactly at 43,000. There was a huge call OI build-up at 43,000.

Germany CPI and GDP data will be released today. The European markets are expected to move higher once they open as there is positivity in all other markets now.

It is the weekly close today. It is a strong green candle now. Are we heading to a new all-time high?

I will watch 17,780 on the downside in NIFTY. 18,000 can be watched on the upside.

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