Nifty to Open Lower Despite the Up-move in the US Markets - Share Market Today

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

Stocks

Deepak Kumar Rustagi is appointed as Chief Financial Officer (CFO) and key managerial personnel (KMP) of SIEL Financial Services with effect from March 17. Ram Jeevan Chaudhary will be relieved from his responsibilities as Chief Financial Officer.

Greenlam Industries has executed a share subscription agreement with Smiti Holding and Trading Company for allotment of up to 63.1 lakh equity shares at a price of Rs 309 per share. Smiti Holding is an investor and will get shares on a preferential basis.

CARE revised its credit rating on Filatex India's long-term bank facilities to A+, from 'A', with a stable outlook.

Hero MotoCorp launched Euro-5 compliant variants of its three globally popular products (Xpulse 200 4V motorcycle and Dash 110 & Dash 125 scooters), in Turkiye. Hero has been operating in Turkiye since 2014 and caters to its customers through a network of over 100 touchpoints, which provide sales, service and spares.

Astral has subscribed to Optionally Convertible Debentures of Rs 194 crore allotted by Gem Paints, and has appointed majority directors on the board of Gem Paints, and Esha Paints. Accordingly, Gem Paints and Esha Paints have become a subsidiary and step-down subsidiary of the company respectively.

What to Expect? 

NIFTY opened with a gap-up at 15,460 and showed a slight down-move in the beginning. The bulls took over and NIFTY broke all the major resistances. The index closed at 15,639, p by 289 points or 1.88%.

BANK NIFTY opened with a gap-up at 32,981, took support at 32,870 and moved higher. There was a sell-off towards the end and the index closed at 33,192, up by 507 points or 1.55%.

IT moved up by 3.3%.

The US markets moved higher by more than 2%. The European markets closed around 0.5% higher.

The Asian markets are down. The U.S. Futures and the European futures are trading nearly 0.7% lower.

SGX NIFTY is trading at 15,545 indicating a gap-down opening.

NIFTY has supports at 15,580, 15,540, 15,440 and 15,380. We can expect resistances at 15,630, 15,700, 15,780 and 15,880.

BANK NIFTY has supports at 33,120, 32,870 and 32,500. Resistances are at 33,500, 33,720 and 34,000.

NIFTY has the highest call OI build-up at 16,000 followed by 15,700. The highest put OI build-up is at 15,000 followed by 15,300.

BANK NIFTY has the highest call OI build-up at 33,500 and the largest put OI build-up is at 33,000 shifting from 32,000.

Foreign Institutional Investors net sold shares worth Rs 2,700 crores. Domestic Institutional Investors net bought shares worth Rs 3,100 crores. 

INDIA VIX is at 21.1.

That was a clean up-move for the markets yesterday. However, make sure that you do not fall into the trap as we discussed earlier. We need the gap-filling to begin for confirmation. Trigger is at 15,900 and 33,800 in NIFTY and BNF respectively.

You can notice a clear W pattern formed in the hourly chart in BNF. The next resistance to watch for the breakout is the same 33,800. There was selling pressure in BNF towards the close but the IT sector moved higher throughout the day.

It is worth noting that Yen has hit a 24 year-low against Dollar with the US bond yields rising. It can be attributed to the low interest rates in Japan. The Finance Minister said that appropriate actions will be taken soon. Though this may not seem important in the first look, the fact that Japan has the ambience of lowest inflation will drive global attention to the situation.

Though the US markets opening after three days shot up by more than 2%, there is no response from the Asian markets. Let us track the impact of European markets’ opening. Fed Official Thomas Barkin said that the Fed will try to combat inflation by quick rate hikes. Jerome Powell will begin his two-day testimony before the US congress tonight.

I will be closely watching 15,540 on the downside and 15,700 on the upside. Let us watch 32,870 and 33,800 in BNF.

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