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Stock Market Highlights: Nifty forms hammer pattern on daily charts. What traders should do on Tuesday
20 Mar, 2023 | 09:52:14 PM IST
Sensex Today Highlights: Nifty today formed a bearish candle with long lower shadow, similar to a hammer candlestick pattern, on the daily scale. Chart readers said the pattern indicates that buying can be seen at support zones but absence of follow-up is resisting it at higher zones.
Now, it has to cross and hold above 17071 zones to witness a bounce towards 17171 and 17250 zones, while on the downside supports are seen at 16850 and 16800 levels, said Chandan Taparia of Motilal Oswal.
India VIX was up by 8.38% from 14.77 to 16 levels. Volatility has been on the rise from the last three weeks which is giving some discomfort to the bulls.
Option data suggests a broader trading range in between 16600 to 17400 zones while an immediate trading range in between 16800 to 17200 zones.
Now, it has to cross and hold above 17071 zones to witness a bounce towards 17171 and 17250 zones, while on the downside supports are seen at 16850 and 16800 levels, said Chandan Taparia of Motilal Oswal.
India VIX was up by 8.38% from 14.77 to 16 levels. Volatility has been on the rise from the last three weeks which is giving some discomfort to the bulls.
Option data suggests a broader trading range in between 16600 to 17400 zones while an immediate trading range in between 16800 to 17200 zones.
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US stocks hold steady after weekend's big bank deal; Dow Jones up 335 points
Most of Wall Street is holding steady Monday after regulators pushed together two huge banks over the weekend to build confidence in the struggling industry.
The S&P 500 was 0.4% higher in early trading. The Dow Jones Industrial Average was up 335 points, or 1.1%, at 32,200, as of 9:57 a.m. Eastern time, while the Nasdaq composite was 0.4% lower.
Much of the attention was still on banks, which may be cracking under the pressure of the fastest flurry of hikes to interest rates in decades. Swiss banking giant UBS said Sunday it would buy its rival Credit Suisse for almost $3.25 billion in a deal quickly put together by regulators. Credit Suisse has been battling troubles for years, but they came to a head last week as its stock price tumbled to a record low.
The S&P 500 was 0.4% higher in early trading. The Dow Jones Industrial Average was up 335 points, or 1.1%, at 32,200, as of 9:57 a.m. Eastern time, while the Nasdaq composite was 0.4% lower.
Much of the attention was still on banks, which may be cracking under the pressure of the fastest flurry of hikes to interest rates in decades. Swiss banking giant UBS said Sunday it would buy its rival Credit Suisse for almost $3.25 billion in a deal quickly put together by regulators. Credit Suisse has been battling troubles for years, but they came to a head last week as its stock price tumbled to a record low.
Top 7 PSBs with highest NIMs as of Q3FY23
RBI slaps Rs 227 crore fine on RBL Bank for non-compliance with rules on loan recovery agents
The Reserve Bank of India (RBI) said on Monday it fined private lender RBL Bank Ltd Rs 227 crore for not complying with certain directives on loan recovery agents.
The RBI noticed "deficiencies in regulatory compliance" after it examined complaints received against the Mumbai-based lender's recovery agents during the financial years 2018-19 to 2021-22, the central bank said in a statement.
The RBI said RBL failed to ensure that the loan recovery agents it engaged during those periods did not resort to intimidation or harassment and that it did not ensure police verification of the agents before employing them.
The RBI noticed "deficiencies in regulatory compliance" after it examined complaints received against the Mumbai-based lender's recovery agents during the financial years 2018-19 to 2021-22, the central bank said in a statement.
The RBI said RBL failed to ensure that the loan recovery agents it engaged during those periods did not resort to intimidation or harassment and that it did not ensure police verification of the agents before employing them.
Oil hits lowest since 2021 on banking fears
Oil prices dropped to their lowest in 15 months on Monday, driven down by concern that risks in the global banking sector and a potential increase to U.S. interest rates could spark a recession that would sap fuel demand.
In volatile trading, Brent crude futures for May fell 87 cents, or 1.2%, to $72.10 a barrel by 1211 GMT. The U.S. West Texas Intermediate crude contract for April was down 85 cents, or 1.3%, at $65.89 before its expiry on Tuesday.
The more actively traded May futures were down 1.2% at $66.11 a barrel.
In volatile trading, Brent crude futures for May fell 87 cents, or 1.2%, to $72.10 a barrel by 1211 GMT. The U.S. West Texas Intermediate crude contract for April was down 85 cents, or 1.3%, at $65.89 before its expiry on Tuesday.
The more actively traded May futures were down 1.2% at $66.11 a barrel.
Lupin's alliance partner gets USFDA nod for generic rocuronium bromide injection.
Bitcoin climbs to 9-month high as bank turmoil sparks rally
Bitcoin climbed to a nine-month high on Monday as turmoil in the banking sector drives some investors to turn to digital assets, as the cryptocurrency built on its best week in four years.
The biggest cryptocurrency rose as far as $28,567, its highest since mid-June, and was last up 0.9%, amid growing expectations that central banks would slow the pace of interest rate hikes.
The biggest cryptocurrency rose as far as $28,567, its highest since mid-June, and was last up 0.9%, amid growing expectations that central banks would slow the pace of interest rate hikes.
Tech View: Nifty forms hammer pattern on daily charts. What should traders do on Tuesday
Nifty today formed a bearish candle with long lower shadow, similar to a hammer candlestick pattern, on the daily scale. Chart readers said the pattern indicates that buying can be seen at support zones but absence of follow-up is resisting it at higher zones.
Now, it has to cross and hold above 17071 zones to witness a bounce towards 17171 and 17250 zones, while on the downside supports are seen at 16850 and 16800 levels, said Chandan Taparia of Motilal Oswal.
India VIX was up by 8.38% from 14.77 to 16 levels. Volatility has been on the rise from the last three weeks which is giving some discomfort to the bulls.
Option data suggests a broader trading range in between 16600 to 17400 zones while an immediate trading range in between 16800 to 17200 zones.
Now, it has to cross and hold above 17071 zones to witness a bounce towards 17171 and 17250 zones, while on the downside supports are seen at 16850 and 16800 levels, said Chandan Taparia of Motilal Oswal.
India VIX was up by 8.38% from 14.77 to 16 levels. Volatility has been on the rise from the last three weeks which is giving some discomfort to the bulls.
Option data suggests a broader trading range in between 16600 to 17400 zones while an immediate trading range in between 16800 to 17200 zones.
European banking sector 'resilient', liquidity levels 'robust': ECB
The European financial system is "resilient" and has sufficient liquidity, the European Central Bank said Monday, as banking shares plunged following the announcement that UBS would take over troubled rival Credit Suisse.
"The European banking sector is resilient, with robust levels of capital and liquidity," the ECB said in a joint statement with the European Banking Authority.
"The European banking sector is resilient, with robust levels of capital and liquidity," the ECB said in a joint statement with the European Banking Authority.
The BANK NIFTY bulls managed to hold the support of 39,000 and formed a hammer pattern on the daily chart. The index remains in buy mode as long as it holds the support of 39,000 on a closing basis. The immediate upside hurdle is visible at the 39,700 - 39,800 zone and a break above this will lead to further short covering on the upside.
- Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Top gainers & losers in closing trade
Price as on 03:36:59 PM 03:36 PM, Click on company names for their live prices.
Closing Bell: Sensex recovers 554 points from day's low, ends 361 points down; Nifty below 17K; HUL up 2%, Bajaj Finserv sheds 4%
Euro zone banks take just $5 million in new dollar swap facility
Euro zone banks borrowed just $5 million from the European Central Bank on Monday via an enhanced, seven-day dollar swap facility unveiled late on Sunday in cooperation with the U.S. Federal Reserve.
Faced with the risk of a fast-moving loss of confidence in the stability of the financial system, the Fed is now offering daily currency swaps to ensure banks in Canada, Britain, Japan, Switzerland and the euro zone would have the dollars needed to operate.
Faced with the risk of a fast-moving loss of confidence in the stability of the financial system, the Fed is now offering daily currency swaps to ensure banks in Canada, Britain, Japan, Switzerland and the euro zone would have the dollars needed to operate.
Indian bond yields dip tracking U.S. peers; Fed meet eyed
The government bond yields were marginally lower on Monday, mirroring US peers, while the rescue of a European lender and dipping odds of a rate hike by the Federal Reserve this week further aided sentiment.
The 10-year benchmark 7.26% 2032 bond yield was at 7.3361% as of 10:00 a.m. IST, after closing at 7.3511% on Friday. The yield fell eight basis points last week, its biggest drop in six.
The 10-year benchmark 7.26% 2032 bond yield was at 7.3361% as of 10:00 a.m. IST, after closing at 7.3511% on Friday. The yield fell eight basis points last week, its biggest drop in six.
One should look to buy Nifty at 16,000: Amish Shah of BofA Securities
Market Radar | "Believe one should look to Buy Nifty at 16,000," writes Amish Shah of BofA Securities in his lates… https://t.co/nIP6SA4ze2
— ET NOW (@ETNOWlive) 1679303727000European banks battered after Credit Suisse rescue
Shares in European banks were battered in early trade on Monday following UBS's state-backed rescue of Credit Suisse that brought with it massive writedowns for the latter's bondholders.
In the meantime, global central banks stepped up their efforts to bolster the flow of cash around the world to avoid the kind of seizing-up that happened back in 2008.
Shares in Credit Suisse fell more than 63% while UBS Group shares were last down 12.5%.
In the meantime, global central banks stepped up their efforts to bolster the flow of cash around the world to avoid the kind of seizing-up that happened back in 2008.
Shares in Credit Suisse fell more than 63% while UBS Group shares were last down 12.5%.
Sensex Today | Index off day's low, trades 550 points lower
SpiceJet chief Ajay Singh on Monday said the airline is significantly restructuring its balance sheet and will aggressively push for fleet expansion. The airline will also be having a significant number of dedicated cargo aircraft, he said, adding that the cargo business has helped the airline pay off its liabilities.
Price as on 02:07:10 PM 02:07 PM, Click on company names for their live prices.
These stocks tumble to fresh 52-week lows today
These pharma stocks tank the most, fall up to 5% today
Price as on 02:05:41 PM 02:05 PM, Click on company names for their live prices.
Relief over Credit Suisse rescue short-lived as bank shares plummet
Banking stocks and bonds plummeted on Monday after UBS Group sealed a state-backed takeover of troubled peer Credit Suisse Group AG, a deal that was orchestrated in an attempt to restore confidence in a battered sector.
In a package engineered by Swiss regulators on Sunday, UBS Group AG will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse Group AG and assume up to $5.4 billion in losses.
Credit Suisse shares slumped 62% in premarket trade to a new low while UBS lost 7.1%. Those sharp moves followed a day of heavy selling in Asian financial markets as early investor optimism about official efforts to stem a banking crisis quickly evaporated.
In a package engineered by Swiss regulators on Sunday, UBS Group AG will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse Group AG and assume up to $5.4 billion in losses.
Credit Suisse shares slumped 62% in premarket trade to a new low while UBS lost 7.1%. Those sharp moves followed a day of heavy selling in Asian financial markets as early investor optimism about official efforts to stem a banking crisis quickly evaporated.
Bank stocks drag FTSE 100 lower at open as banking crisis jitters persist
London stocks fell at the open on Monday, as banks stretched declines after Swiss lender UBS's weekend deal to rescue battered rival Credit Suisse failed to stem fears of a global banking meltdown.
By 0802 GMT, the blue-chip FTSE 100 was down 0.7%, after falling 1% on Friday.
British banks fell 2.9%, extending declines from last week, which was their worst weekly performance in more than a year.
By 0802 GMT, the blue-chip FTSE 100 was down 0.7%, after falling 1% on Friday.
British banks fell 2.9%, extending declines from last week, which was their worst weekly performance in more than a year.
European stocks slide as Credit Suisse buyout fails to soothe investors
European stocks fell on Monday and shares of Credit Suisse dived more than 60% after UBS agreed to buy the troubled bank in a $3 billion deal, valuing the Swiss lender at just a fraction of its market value and sparking fears of a broader banking crisis.
The pan-European STOXX 600 index fell 0.8% by 0807 GMT, after having recorded its biggest weekly decline of the year on Friday.
Shares of Credit Suisse slumped 62.3% after rival UBS Group AG said it will pay 3 billion Swiss francs ($3.23 billion) for the 167-year-old bank and assume up to $5.4 billion in losses, in a package orchestrated by Swiss regulators on Sunday.
Shares of UBS dropped 8.8%.
The pan-European STOXX 600 index fell 0.8% by 0807 GMT, after having recorded its biggest weekly decline of the year on Friday.
Shares of Credit Suisse slumped 62.3% after rival UBS Group AG said it will pay 3 billion Swiss francs ($3.23 billion) for the 167-year-old bank and assume up to $5.4 billion in losses, in a package orchestrated by Swiss regulators on Sunday.
Shares of UBS dropped 8.8%.
Credit Suisse Group AG shares down 62.09%, at open, on track for biggest daily decline ever
Udayshivakumar Infra IPO subscribed 18% so far on Day 1 as GMP rises
The initial public offering (IPO) of Udayshivakumar Infra was subscribed 18% so far on Day 1 with non-institutional investors (NIIs) dominating the bidding. The issue will be available for subscription till March 23. The NII part was subscribed 26%, while retail investors' category was subscribed 17%. Qualified Institutional Buyers (QIBs) stayed away from the issue so far.
Gold, a safe haven asset, is currently in a very favourable financial and economic situation. We anticipate a significant increase in price if gold closes over $2000 (spot), which could potentially occur at levels of $2070 and $2185. For domestic gold, the levels to watch after a close above Rs 60540 are Rs 61920 and Rs 64000. Yet, this week's expected US Fed discussion is extremely significant.
- Rahul Kalantri, VP Commodities, Mehta Equities
Ahluwalia Contracts (India) has secured an order for Construction of Cancer Hospital Building - Platinum Jubilee Block for Tata Memorial Centre at Parel, Mumbai worth of Rs 723.34 crore.
Price as on 12:40:56 PM 12:40 PM, Click on company names for their live prices.
Sensex plunges 800 pts; all the top stocks turn red
Brent crude slips below $71/bbl
The crude oil prices highest lowest level since Nov 2021
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Price as on 12:27:16 PM 12:27 PM, Click on company names for their live prices.
Market LIVE Updates | Krsnaa Diagnostics in consortium has been qualified as L1 bidder for tender worth Rs 450 crore
Price as on 11:57:04 AM 11:57 AM, Click on company names for their live prices.
Tokyo shares end lower on banking worries
Tokyo shares ended lower on Monday, weighed by concerns about the global banking sector as well as a stronger yen. The benchmark Nikkei 225 index fell 1.42 percent, or 388.12 points, to 26,945.67, while the broader Topix index lost 1.54 percent, or 30.12 points, to 1,929.30.
Westlife Foodworld elevates Saurabh Kalra as Managing Director
Price as on 11:32:13 AM 11:32 AM, Click on company names for their live prices.
Gold Price Today: Yellow metal hits new lifetime high, eyes Rs 60,000 mark
MCX Gold futures hit yet another lifetime at Rs 59,520 per 10 grams in Monday's intraday trade, defying weak global market trend.
The April Gold futures were trading at Rs 59,561, up Rs 137 or 0.23% at 10:40 am. Meanwhile, May Silver futures were trading flat around this time at Rs 68,493 per kg, though the bias was slightly negative.
The April Gold futures were trading at Rs 59,561, up Rs 137 or 0.23% at 10:40 am. Meanwhile, May Silver futures were trading flat around this time at Rs 68,493 per kg, though the bias was slightly negative.
Forex Watch | Safe haven yen, dollar regain footing as caution builds over bank contagion
Safe-haven currencies the yen and U.S. dollar recovered from early steep declines and the risk-sensitive Australian and New Zealand dollars flipped to losses as early optimism ebbed over efforts by global authorities to contain a banking crisis.
Japan's currency, which is particularly sensitive to long-term Treasury yields, rebounded from losses as steep as 0.6% to last be flat against the dollar as the U.S. 10-year yield pared an early decline in Tokyo trading and headed back toward a nearly two-month low.
Japan's currency, which is particularly sensitive to long-term Treasury yields, rebounded from losses as steep as 0.6% to last be flat against the dollar as the U.S. 10-year yield pared an early decline in Tokyo trading and headed back toward a nearly two-month low.
Market LIVE Updates | These stocks defy global market mood, rise up to 5%
Price as on 10:56:54 AM 10:56 AM, Click on company names for their live prices.
Sensex Today | Check out how top stocks are doing as Sensex falls 700 points
The morning star finish on Friday encourages us to stick with the 17470 trajectory that we had embarked on, late last week, anticipating a relief rally. Alternatively, stalling in the 17100-185 band could signal that the recovery attempt is short lived, but we would wait for a break of 16800, to re-assess the prospects of a 16200-15500 plunge. This is not our favoured view for nowthough, and will continue to hope that upswings will gain momentum without stretching much beyond 17000, but we do need a break beyond 17224 to be more confident.
- Anand James - Chief Market Strategist at Geojit Financial Services
Cochin Shipyard jumped over 6% after winning 5.50 billion Rupees order for zero emission feeder container vessels from Samskip Group.
Price as on 10:17:11 AM 10:17 AM, Click on company names for their live prices.
Paras Defence and Space Technologies wins contract worth Rs 64 crore for Avionics Suite for Saras MK - 2 Aircraft from Council of Scientific & Industrial Research (CSIR) - National Aerospace Laboratories (NAL), Bengaluru.
Price as on 10:13:23 AM 10:13 AM, Click on company names for their live prices.
Udayshivakumar Infra IPO opens for subscription. Should you bid?
Religare broking has a "neutral" rating on the IPO. The brokerage said the company has expertise such as an in-house design and engineering team which reduces dependency on outsourcing, a fleet of modern construction machinery and equipment to ensure high-quality construction and skilled manpower to execute projects in a timely manner.
Check out the top 10 losers in morning trade
Price as on 10:03:50 AM 10:03 AM, Click on company names for their live prices.
Sector Watch: All sectors trade in red; Nifty Metal & PSB's shed 2% each
The morning star finish on Friday encourages us to stick with the 17470 trajectory that we had embarked on, late last week, anticipating a relief rally. Alternatively, stalling in the 17100-185 band could signal that the recovery attempt is short lived, but we would wait for a break of 16800, to re-assess the prospects of a 16200-15500 plunge. This is not our favoured view for nowthough, and will continue to hope that upswings will gain momentum without stretching much beyond 17000, but we do need a break beyond 17224 to be more confident.
- Anand James - Chief Market Strategist at Geojit Financial Services.
Take a look at the top losers!
Price as on 09:36:13 AM 09:36 AM, Click on company names for their live prices.
Market Live Updates: Sensex tanks over 500 points!
Glenmark Pharmaceuticals receives ANDA approval for Prochlorperazine Maleate Tablets USP, 5 mg and 10 mg.
Price as on 09:22:36 AM 09:22 AM, Click on company names for their live prices.
Rupee rises 10 paise to 82.49 against US dollar in early trade.
Check out the top movers in morning trade
Price as on 09:20:38 AM 09:20 AM, Click on company names for their live prices.
Opening Bell: Sensex slips over 350 pts, Nifty below 17,000; TCS drops 3%, Infy 2%
The fears of financial contagion rising from the banking crisis in US and Europe appear to be largely contained by the quick response of the governments and central banks. The big learning from the global financial crisis of 2008 is that failure of large financial institutions will lead to systemic issues leading to financial contagion and ultimately to recession. Learning from this crisis, this time there has been a concerted global action - the latest being the buyout of Credit Suisse by UBS - to contain the crisis. The volatility index in the US at around 25 doesn’t indicate any panic like in 2008. However, investors may remain cautious and wait for stability. The boost to India’s macros arising from reduction in trade deficit and big decline in Brent crude to $73 are positives from the market perspective.
- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
SGX Nifty 50 signals a negative start
Nifty futures on the Singapore Exchange traded 69 points or 0.40% lower at 17,093, indicating a negative start for Dalal Street.
Asian markets steady
Asian stocks steadied and U.S futures rose on Monday in relief at a weekend rescue deal for Credit Suisse and a concerted effort from central banks to shore up the mood, though trade was tense and volatile as contagion fears stalked financial shares.
- Nasdaq 100 futures rose 0.5%
- Euro Stoxx 50 futures rose 1%
- Japan’s Topix index fell 0.3%
- Hong Kong’s Hang Seng Index fell 1.7%
- Australia’s S&P/ASX 200 Index fell 0.3%
Wall Street ends sharply lower on Friday
Wall Street closed lower on Friday, marking the end of a tumultuous week dominated by an unfolding crisis in the banking sector and the gathering storm clouds of possible recession. All three indexes ended the session deep in negative territory, with financial stocks down the most among the major sectors of the S&P 500.
- S&P 500 lost 1.10%
- Nasdaq Composite lost 0.75%
- Dow Jones Industrial Average fell 1.20%
Oil edges up on historic Swiss banks deal
Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world's largest central banks sought to reassure and stabilise global financial markets.
Brent crude futures rose 35 cents, or 0.5%, to $73.32 a barrel by 0007 GMT after a near 12% loss last week, its biggest weekly fall since December. US West Texas Intermediate crude was at $67.11 a barrel, up 37 cents, or 0.6%, after a 13% decline last week, its biggest since last April.
Brent crude futures rose 35 cents, or 0.5%, to $73.32 a barrel by 0007 GMT after a near 12% loss last week, its biggest weekly fall since December. US West Texas Intermediate crude was at $67.11 a barrel, up 37 cents, or 0.6%, after a 13% decline last week, its biggest since last April.
Stocks in F&O ban today
- Indiabulls Housing Finance
- Gujarat Narmada Valley Fertilizers and Chemicals
FII/DII action
Foreign portfolio investors (FPIs) have net sold shares worth Rs 1,766 crore on Friday. DIIs, on the other hand, bought shares worth Rs 1,817 crore.
Rupee rose by 18 paise
The rupee reversed its four-day losing streak and rose 18 paise to 82.58 (provisional) against the US dollar on Friday, tracking positive sentiments in the domestic equity markets.
