Trade Setup: Top 15 things to know before market opens on March 29, 2022

Indian equity indexes were trading down but made a recovery to conclude the day with gains of roughly 0.5%, owing to fresh purchasing in Oil & Gas, Banking, and Energy stocks. Furthermore, a drop in crude oil prices and calm in global markets on the prospect of a new round of talks between Russia and Ukraine bolstered the sentiment.

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The Nifty50 has formed a small-bodied positive candle on the daily chart with a long lower shadow, suggesting the formation of a bullish hammer type pattern, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

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“However, having moved within a narrow range for the past few sessions, such a hammer pattern amid rangebound movement could be less predictive. Market action signals the emergence of buying from the lower end of the range and key support,” he said.

Indian Indices

Sensex rose 231.29 points or 0.40% to 57,593.49 and Nifty was up by 69.00 points or 0.40% to 17,222.00 in the previous session. Sensex touched a high and low of 57,638.34 and 56,825.09, respectively. There were 20 stocks advancing against 10 stocks declining on the index. Nifty traded in a range of 17,235.10 and 17,003.90. There were 29 stocks advancing against 20 stocks declining, while 1 stock remains unchanged on the index. 

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Broader Indices

The broader indices ended in red with the BSE Midcap index falling 0.40%, while the Small cap index was down by 0.53%. The gaining sectoral indices on the BSE were Oil & Gas up by 1.07%, Bankex up by 1.01%, Energy up by 0.97%, Telecom up by 0.73% and Metal up by 0.70%, while Consumer Durables down by 0.61%, Healthcare down by 0.50%, Capital Goods down by 0.46%, IT down by 0.38% and Industrials down by 0.34% were the top losing indices on BSE.

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Support and Resistance levels

The key support level for the Nifty is placed at 17,072.23, followed by 16,922. If the index moves up, the key resistance levels to watch out for are 17,303 and 17,385, according to pivot charts.

SGX Nifty

The trends on SGX Nifty indicate a flat opening for the index in India with a 10-points gain. The Nifty futures were trading at 17,434.20 on the Singaporean Exchange around 06:40 hours IST.

Asian Markets

Asian markets finished broadly lower yesterday with shares in China leading the region. The Shanghai Composite was down 1.39% while Hong Kong’s Hang Seng was off 1.19% and Japan’s Nikkei 225 was lower by 0.73%.

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US Markets

The S&P 500 rose 32.46 points, or 0.7%, to 4,575.52.

The Dow Jones Industrial Average rose 94.65 points, or 0.3%, to 34,955.89.

The Nasdaq rose 185.60 points, or 1.3%, to 14,354.90.

The Russell 2000 index of smaller companies rose 0.08 points, or less than 0.1%, to 2,078.06.

European Markets

European markets finished mixed on Monday. The DAX gained 0.78% and the CAC 40 rose 0.54%. The FTSE 100 lost 0.14%.

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Veranda Learning Solutions’ initial public offering (IPO) opens tomorrow

The IPO of Veranda Learning Solutions will open tomorrow and the digital learning platform has fixed the price band at Rs 130-137 per share for its Rs 200 crore public offer. The IPO of Veranda Learning Solutions will remain open till March 31. The offer consists of a fresh issue of Rs 200 crore. Ten per cent of the net offer in Veranda Learning Solutions IPO will be available for retail investors while 75% would be available for allocation on a proportionate basis to Qualified Institutional Buyers (QIBs) and up to 15% to non-institutional bidders. Veranda Learning Solutions shares are proposed to be listed on both BSE and NSE.

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ONGC sells Sokol oil from Russia to BPCL and HPCL: reports

India’s ONGC Videsh Ltd has sold at least one cargo of Russian Sokol oil to India refiners Hindustan Petroleum Corp and Bharat Petroleum Corp after failing to draw interest in a tender earlier this month, reported Reuters. ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp (ONGC), has a stake in Russia’s Sakhalin-1 project and sells its share of the oil from the project through tenders. According to Reuters, HPCL and BPCL had been able to offer a discounted price for the cargo. This marks the first purchase of Sokol crude by HPCL. BPCL had previously purchased the grade in 2016. The two refiners will pay ONGC in rupees.

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SEBI provides a three-day window for investors in Ruchi Soya FPO to withdraw their applications

The Securities and Exchange Board of India (SEBI) on March 28 ordered a three-day window for all investors in Ruchi Soya Industries’ Rs 4,300 crore follow-on public offer (FPO) to withdraw their applications. The regulatory body’s directive came amidst the “circulation of unsolicited SMSes advertising the issue”. The messages, that were allegedly sent to Patanjali Ayurved users, recommended them to invest in the offer. “Great news for all beloved members of Patanjali Parivar. A good investment opportunity in Patanjali Group. Patanjali Group company- Ruchi Soya Industries Ltd has opened the Follow-On Public offer (FPO) for retail investors. The issue closes on 28 March 2022. This is available in the price band- Rs 615-650 rupees per share, i.e discount of about 30% to market price. You can apply for shares through your bank/ broker/ ASBA/UPI in your Demat account”, the unsolicited message read. SEBI, citing the circulation of the above message, has asked Ruchi Soya to issue an advertisement in newspapers cautioning the investors about the circulation of such unsolicited SMS. The advertisement is to be issued on “March 29 and 30”, the market regulator said in its order.

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Canada Pension Fund to sell 0.56% stake in SBI Life insurance

SBI Life insurance on March 28 launched a block deal wherein Canada Pension Fund will sell its 0.56% stake in the company at a price band of Rs 1,039 – Rs 1,077 apiece, per a CNBC-TV18 report. This is the second sale by Canada Pension Fund in a week. Last week it sold 4 crore shares in Kotak Mahindra Bank. The Canada Pension Fund on March 23 offloaded a 1.41 to 2.02 % stake in Kotak Mahindra Bank at Rs 1,681.26-1,769.75 per share. The total deal value was estimated to be around Rs 4,707.5 crore to Rs 4,955 crore. For the December 2021 quarter, SBI Life reported net sales of Rs 20,671.96 crore, down 22.63% year-on-year (YoY). It had logged Rs 26,717.85 crore sales in December 2020.

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Government’s overall liabilities increased by 2% in December quarter to Rs 128.41 lakh crore

The government’s total liabilities rose to Rs 128.41 lakh crore in the December quarter from Rs 125.71 lakh crore in the three months ended September 2021, according to the latest public debt management report. The increase reflects a quarter-on-quarter increase of 2.15 per cent in October-December 2021-22. In absolute terms, the total liabilities, including liabilities under the ‘Public Account’ of the government, jumped to Rs 1,28,41,996 crore at the end of December 2021. As of September 30, the total liabilities stood at Rs 1,25,71,747 crore. The report released by the finance ministry on Monday said public debt accounted for 91.60 per cent of the total outstanding liabilities in the December quarter compared to 91.15 per cent at the end of September.

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Bulk Deal data

MAHIMA GOEL sold 1,90,000 shares in AKG Exim Limited at Rs 36.31 per share on the NSE.

NOPEA CAPITAL SERVICES PRIVATE LIMITED sold 70,400 shares in Atal Realtech Limited at Rs 105.08 per share on the NSE.

LLM APPLIANCES PRIVATE LIMITED sold 1,78,791 shares in Btrfly Gandhi Appl Ltd at Rs 1378.03 per share on the NSE.

AGARWAL RAVINDER KUMAR bought 80,000 shares in Cyber Media (India) Ltd at Rs 29.75 per share on the NSE.

GUTTIKONDA RAJASEKHAR bought 3,00,000 shares of Goldstone Tech Ltd at Rs 66.50 per share on NSE.

RAJASTHAN GLOBAL SECURITIES PVT LTD sold 1,66,400 shares of KN Agri Resources Limited at Rs 153.65 per share on NSE.

FABMOHUR ADVISORS LLP sold 3,36,470 shares in MTAR Technologies Limited at Rs 1,769.14 per share on the NSE.

RAMLAL KANWARLAL JAIN sold 64,86,893 shares in Vikas EcoTech Limited at Rs 5.63 per share on the NSE.

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DII and FII data

Foreign institutional investors (FIIs) sold shares worth a net Rs 801.41 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 1,161.70 crore in the Indian equity market on March 28, as per provisional data available on the NSE.

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NSE F&O Ban

Vodafone Idea, PVR, and Sun TV Network are under the F&O ban for March 29. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.