Trending Friday? Pre Market Analysis

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

Stocks

Aviation major IndiGo posted consolidated net profit of Rs 919 crore during the January-March period as against a loss of Rs 1,682 crore in the year-ago period. Revenue from operations during the March quarter rose 76% year-on-year to Rs 14,160 crore.

Bata India has reported 4% growth in standalone net profit at Rs 65 crore for the quarter ended March. Revenue from operations rose 17% to Rs 778 crore during the quarter under review.

Tata Elxsi's net profit rose 25% to Rs 201 crore during the March quarter, compared with Rs 160 crore a year ago. Revenue from operations during the quarter rose 23% to Rs 838 crore

United Spirits has posted 7% year-on-year growth in net profit at Rs 204 crore for the March quarter. Revenue from operations, however, fell 25% year-on-year to Rs 5,783 crore.

G R Infraprojects posted net profit of Rs 390 crore for the quarter ended March. Revenue from operations stood at Rs 2,461 crore.

What to Expect Today?

NIFTY opened with a gap-up at 18,270 and had a steady down-trending day. There was volatility in between due to SBI results. NIFTY closed at 18,130, down by 52 points or 0.28%.

BANK NIFTY opened with a minor gap-up at 43,792, moved higher and faced resistance at 44,000. A double-top was formed and the index fell to close at 43,808, up by 87 points or 0.2%.

IT closed 0.18% lower.

The US markets and the European markets closed well in the green.

The Asian markets are trading mixed, mostly in the green.

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

SGX NIFTY is trading higher at 18,210.

All the factors combined indicate a flat to gap-up opening.

NIFTY has supports at 18,110, 18,065 and 18,000. We can expect resistances at 18,200, 18,250 and 18,315.

BANK NIFTY has supports at 43,610, 43,435 and 43,265 . Resistances are at 43,900, 44,000 and 44,100.

INDIA VIX  is at 12.8.

Foreign Institutional Investors net-bought shares worth Rs 1,000 crores. Domestic Institutional Investors also net-sold shares worth 900 crores.

Though Nifty had a down-trending day, Bank Nifty saw a good fight of buyers and sellers. The low was protected for most of the day and there came SBI induced volatility.

There is strength in the global markets. However, we rallied independent of the trend in the other markets. Will we fall without taking cues from the global markets?

At the same time, consensus is dangerous and when everyone was expecting the all-time high to be taken out, it did not happen. There is a possibility that a new ATH could be formed after a shake-out.

Friday is known for trending moves. Let us see if today is a trending Friday.

SBI results induced volatility in the market, as always. The results were good and have beaten street estimates. The expected net profits were 68% YoY and the figure came out at 83% YoY.

There are three red candles now in the day-chart for Nifty. 18,065 is a crucial swing point. The weekly candle is bearish and we have to see if it engulfs the previous candle.

Bank Nifty’s weekly candle is still green. However, you can see selling pressure.

I will watch 18,065 on the downside in NIFTY. 18,200 can be watched on the upside.

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