Actionable: Buy Asian Paints, Ultratech Cement, Petronet LNG.

Insight Online News

From VCap Money Advisory Desk : Vikash Sahay

16th March 2023: Market Outlook: The US market ended lower but off its lows after the reports of weak economic data and Swiss authorities providing liquidity support to the Credit Suisse. US bond yields fell sharply, and brent crude oil price plunged to below $75, the lowest level seen since Dec 2021. Asian markets have started on a weak note while SGX Nifty is indicating a slightly positive opening. Yesterday, Nifty failed to hold onto its opening gains and ended near day’s low due to concerns over banking contagion in the developed world, which continued to hurt sentiments. Falling crude oil prices are expected to benefit sectors like Paints, FMCG, Cement, Tyre, Aviation etc. The Nifty is currently positioned at an RSI level of 31 and is also located at the lower end of a falling channel, which indicates that it is approaching the near oversold zone. Today being weekly expiry, we expect higher volatility with Nifty’s range to be 16666/16800-17171/17250 and Banknifty’s range to be 38500/38888-39500/40000.

Actionable: Buy Asian Paints, Ultratech Cement, Petronet LNG.

Global market:

DOW:  – 280
SGX NIFTY:   + 40   (prev. close 16974)
NIFTY 50 : 16972
Sensex : 57555
FII:                –  1271   Cr
DII:               +  1824  Cr

Advances:  1518  / Declines:  2011

Dollar: $ 82.60
Dollar Index: 104.58
Gold: $ 1913  per ounce
Crude: $ 74.05  per barrel
10 year US bond rate: 3.49
10 year Indian Bond rate: 7.36

PCR: 1.01
VIX:  16.29

Samvardhana Motherson – Japanese Promoter Sumitomo Wiring Systems is expected to divest 3.4% of its holdings in Samvardhana Motherson International today through a block deal worth Rs.1607 crore, with a floor price of Rs.69.9, representing a discount of approximately 9% from yesterday’s closing.
Patanjali Foods – Company’s 292.58 million shares held by promoter group entities have been frozen by stock exchanges due to the company’s failure to meet the minimum public shareholding requirement.
Shriram Finance – As per reports, Shriram Finance is currently seeking to offload a 15% stake in its subsidiary Shriram Housing Finance, with a valuation target of 1,000 crore.

Securities in Ban: GNFC, IBULHSGFIN.
Derivative View: Weekly Maximum Call OI is at 17200 then 17500 strike while Maximum Put OI is at 16800 then 16700 strike. Option data suggests an immediate trading range in between 16800 to 17250 zones.

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