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EOD 16975/+312/+1.87%
EOD 35748/+725/+2.07%
24.12/-7.78%
SGX Nifty +118 at 1750h
1720h
SGX Nifty is showing +72 at this time, however, it’s too early to read anything from it as the next round of swing would be seen only when the US futures stabilize.
2100h
The US futures have shot up close to 1% and SGX Nifty reads 16860 almost 200 points higher than the close for the day. This is becoming laughable when we look at what happened earlier in the day. The latest news about Russia-Ukraine is that Russia has placed sanctions on the US President and some other key officials. Is the strong up move on account of this? I have no idea.
The way the series is played out, to me it seems that in the end, it would seem that a lot of turmoil could have been avoided had the US & European countries thought through the implications of their actions.
My only concern is that for no fault of the global investors/traders, they have have lost, in many cases real money, and in the rest, in terms of MTM damages.
2220h
The US futures, for now, are going strong but is mildly negative and that’s something that is hard to understand unless there’s something that is not known to me.
16-3/0750h
The Asian markets are positive and the US futures are mildly negative and SGX Nifty is showing a positive opening at 16900+ as of now. Today’s price action is likely to be even more interesting as the DIIs could manage to be net buyers for only 98 Crores which is way below their average buying. Have they exhausted their buying power or they are banking gains now as the year-end approaches or they do not see much upside from here?
0910h
Nifty hit 16900 resistance at the pre-open so yesterday’s high may act as the first hurdle to end the day over.
Bank Nifty is better placed than Nifty for now with it being up 1.8%+. And the most significant change at the open is the India VIX reading which is down by 5.5%! Does it mean that we may now not go down much on a closing basis? Let’s see how it goes.
1100h
The indices have been moving in a range after hitting 16942 & 35800. Clearly, Nifty is going to face good resistance around 16950 as that’s last post before the 17000 psycho mark. And same goes for Bank Nifty around 35800-900 as ending the weekly expiry as well as the truncated week above 36000 would be a big thing for the index.
India VIX has fallen by 6% even as the indices are moving in a range. This is a good sign.
1240h
Status quo.
Interestingly, India VIX has fallen below 25.
Pre FTSE open, the indices fell and are now trying recover.
1440h
Status quo, India VIX fell further near day’s low. Interestingly, the basis between the Nifty spot and the futures went up from 30 to 38-40.
EOD
The last half an hour witnessed good upmove in indices, particularly in Nifty, as it made a high of 16987 a few points short of the long lost bastion of 17000. Once again, India VIX fell and on EOD basis, it is down by 8.78%! This was the reason why Nifty could come within the striking distance of 17000.
Although in % terms Bank Nifty has risen more than Nifty, both the indices ended on a strong note ahead of the weekly expiry.
Let’s remember that other than positive global cues, there’s no material change in the Russia-Ukraine situation.
I will start looking at stock-specific moves if and when Nifty ends a week above 17200.
Nifty Support 16400-500
Bank Nifty Support 34200-34500
Video link:
https://youtu.be/_rmkuPEXwsc
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