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EOD 16630/+35/+0.21%
EOD 34546/+70/+0.20%
25.35/-0.90%
SGX Nifty at 1750h 16807/+157
2230h/10-3-22
As we prepare to end the day and retire for a restful sleep, SGX Nifty is already down by 136 points breaking the day low for now which may help let someone sleep well and some others stay awake chasing SGX Nifty.
Russia no longer seems to be the threat for the markets as is seen in the media, which is understandable as no news item generally keeps hitting headlines for a longer period of time.
I am curious to see where the indices end this week.
0925h
The indices expectedly opened gap-down as the global cues were negative and the media now citing US inflation as more worrisome than the Russia-Ukraine situation.
The opening 15 minutes saw Bank Nifty fall to 34094 & hit a high of 34620 whereas corresponding numbers for Nifty were 16470 to 16610. This range indicates extreme volatility that is prevalent even as India VIX is flat for now.
Around 1000h
The indices hit another high for the day with Nifty at 16694 & Bank Nifty at 34880 and then the usual drifting play started with the VIX remaining more or less flat. As I had mentioned earlier in the week, a close above 16600 for Nifty & 34800 for Bank Nifty is what is needed to let some sort of sanity in price movements return with a corresponding decline in the volatility.
Around 1200h
The indices now seem to be waiting for the elder brother to get going which is almost 90 minutes away. This is the period where weak links in the index heavyweights may start selling off. As such the pre open period is crucial as any weakness in indices could be sold into.
1330h & thereafter
Surprisingly, the US futures were mildly negative around FTSE open which turned out to be positive and didn’t show any sign of weakness. At that stage, our indices followed the US futures and remained under pressure.
The India VIX was almost flat even though the indices held on to 34400+ & 16600+ levels. There was extreme choppiness as the moves were fast and with wide spreads.
I thought that Bank Nifty may see a short-covering rally on account of HDFC Bank (NS:) but that didn’t happen as HDFC (NS:) Bank ended below 1400 which is not a good sign.
Whereas Nifty has ended the week above 16600, Bank Nifty failed to end above 34800 and fell short by 250+ points. This is likely to put pressure on Nifty in the coming week.
Nifty Support 16200-400
Bank Nifty Support 33800-34000
11-3-22 1750h
SGX Nifty is showing +157 points as the Russian President indicated a potential positive bias in relation to talks with Ukraine
Video link:
https://youtu.be/JTXFR4qcrFk
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