Wall Street Closes Higher - Pre Market Analysis

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

Stocks

M&M Financial Services reported a total disbursement of Rs 4,185 crore in February, delivering 53% growth over February 2022. Consequently, the loan book grew further by 1.5% over January 2023. The collection efficiency (CE) was at 97% for February 2023 compared to 98% achieved in February 2022.

Happiest Minds Technologies board has approved raising funds of up to Rs 125 crore through the issue of non-convertible debentures (NCDs) on private placement basis in three tranches.

Adani Ports handled 26.5 mmt cargo in February, which is 10% higher than the previous year period and during April-February, the cargo volumes stood at 307 mmt.

The income tax department conducted raids at the Mumbai office of Edelweiss Financial Services late Thursday.

Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) for Acyclovir Cream, which belongs to a class of medications known as antivirals.

What to Expect Today?

NIFTY opened with a small gap-down at 17,433 and moved down. The index took support at the previous day low and bounced. There was severe selling pressure and the index started another round. NIFTY closed at 17,322, down by 129 points or 0.74%.

BANK NIFTY opened with a gap-down at 40,633 and tried moving up. There was heavy selling and the index closed at 40,390, down by 308 points or 0.76%.

IT closed 1.3% lower.

The US markets closed well in the green.  The  European markets also moved up.

The Asian markets are trading mostly in the green.

The U.S. Futures and European futures are trading in the red except for Dow futures.

SGX NIFTY is trading at 17,455 indicating a gap-up opening.

NIFTY has supports at 17,300, 17,260 and 17,185. We can expect resistances at 17,345, 17,400, 17,465 and  17,580.

BANK NIFTY has supports at 40,350, 40,080 and 39,900. Resistances are at 40,565, 40,750, 40,875 and 41,000.

INDIA VIX is at 13.

Foreign Institutional Investors net-bought shares worth Rs 13,000  crores. Domestic Institutional Investors net-bought shares worth 2,000 crores.

The high FII figure is due to the Adani transaction. There was a block deal where the Adani group sold 15k cr worth of shares to a US firm.

It was a low premium expiry yesterday. However, the moves justified premium as there were no major moves except for that fall and an attempt to recover in the first half.

17,300 will be a major level to watch as the ninth red candle closed there. If that is broken, it would be a bounce and a fall. But there is positivity when you look at global markets. There was a good up-move in the US markets. 

Fed Official Bostic in his speech said that he favours quarter-point hikes only and does not want bigger hikes, unlike Bullard said last week. This led to the positivity we see right now.

We need nearly 150 points of up-move to see a green candle in the weekly timeframe.  The index is moving closer to the swing point of 17,090 in the weekly chart and that would lead to a huge fall.

I will watch 17,300 on the downside in NIFTY. 17,400 can be watched on the upside.

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