Gap Filling Failed; More Down-move Today With the Exhausted Global Markets? Share Market Today

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

Stocks

Sterling Tools subsidiary Sterling Gtake E-mobility (SGEM) forayed into E-LCV segment. With this development, SGEM continues to grow its presence across various E-mobility segments. Starting with supplies to a single Electric 2W customer a year back, the company now has confirmed orders from more than 10 customers.

Bilcare said the board has appointed Shreyans Bhandari as Additional Director and Chairman & Managing Director of the company. He is the son of Mohan Bhandari, earlier Chairman and MD, who is now appointed as Chief Executive Officer.

Star Health and Allied Insurance has signed a Corporate Agency agreement with IDFC FIRST Bank, for distribution of its health insurance solutions to the bank's customers.

Brigade Enterprises has signed joint development agreement to develop 2.1 million square feet of residential apartments in Chennai. Brigade targets revenue of Rs 6,000 crore from its residential business over the next 5 years in the city.

Indian Card Clothing said the board has declared special interim dividend of Rs 25 per share on face value of Rs 10 each for the financial year 2022-23. The board has also given approval for acquiring balance 40% equity stake in Garnett Wire, UK – foreign subsidiary of the company, from the Joint Venture Partner – Joseph Sellers & Son Limited.

What to Expect? 

NIFTY opened with a gap-up at 15,915 and moved down slowly. Support was taken near 15,800 and the index closed at 15,832, up by 132 points or 0.85%.

BANK NIFTY opened with a gap-up at 34,126. The sector was bearish after the positive opening and closed at 33,811, up by 184 points or 0.55%.

IT moved up by 2%.

The US markets and the European markets closed in the red yesterday.

The Asian markets are trading lower. The U.S. Futures and the European futures also are trading lower.

SGX NIFTY is trading at 15,750 indicating a gap-down opening.

NIFTY has supports at 15,700, 15,625 and 15,575. We can expect resistances at 15,820, 15,930 and 16,000.

BANK NIFTY has supports at 33,750, 33,500 and 33,120. Resistances are at 34,000, 34,130 and 34,500.

NIFTY has the highest call OI build-up at 16,000. The highest put OI build-up is at 15,500.

BANK NIFTY has the highest call OI build-up at 34,000 and the largest put OI build-up is at 33,000.

Foreign Institutional Investors net sold shares worth Rs 1,300 crores. Domestic Institutional Investors net bought shares worth Rs 1,200 crores. 

INDIA VIX is at 21.

The US pending home sales data rebounded in line with Jerome Powell’s statement that the US economy is ready to handle rate hikes. However, we cannot come to a conclusion that quickly as we have a lot of economic data to be looked at.

NIFTY has failed to initiate gap-filling and today’s gap-down opening will make it even harder for the index to move to 16,000s zone.

Crude oil prices rose with UAE saying the country has almost reached the supply limit and this was in contrast to the hope that UAE will be able to ease the demand pressure.

Let us see how the IT giants Infosys and TCS perform today after yesterday’s up-move.

I will be closely watching 15,690 on the downside and 15,820 on the upside.

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