MarketBuzz
1215: Marketbuzz Podcast with Kanishka Sarkar: 22,000 key Nifty 50 level to watch, Fed policy this week and more
[MUSIC PLAYING] Good morning, everyone. You are tuned in to CNBC TV18's Market Bus podcast. And this is Kaneshkar Saarkar bringing you all the important queues ahead of today's trading session. As we head into the trading week today, a key question is, will NFT continue to hold on to the 22,000 level after the worst week in five months? Listen in for the queues. Now, NFT and NFT Bank both ended lower on March 15, the previous trading session, while the broader market stayed to sharp recovery from the day's low. On the last trading week of the week, the foreign institutions were buyers in the cash market, while domestic institutions were net sellers. Experts say that NFT's momentum indicators suggest bearish momentum in the near term. Nagarad Shrati of HDFC Security has said that the short term trend of the NFT remains weak. And a decisive move below 21,900 can open sharp downside towards levels of 21,500 in the near term. Therefore, 22,000 level remains the immediate resistance mark. Now, for the NFT Bank, on the other hand, the 46,000 level is now very important, followed by 45,500. Following the orders of Sebi and Amfi, many reserve funds have released the results of their stress tests. Nippon India Small Cap Fund, an asset-based holding company with around 4,600 crore rupees, says it has accumulated 50% of the portfolio in equity in 27 days. At the same time, Edelweiss mutual fund says that it has created 50% of its portfolio in two days of investment. The results of the stress test will be issued to all these fund houses every 15 days after March 15th. Now, it remains to be seen how the market reacts to it. Now, talking about global queues, Wall Street awaits guidance on monetary policy from the Federal Reserve this week. In the previous session on Friday in the US, all three indexes fell as inflation concerns remain front and center ahead of the Fed this week. The S&P 500 lost 0.65%, while the Dow Jones did half a percent and the NASDAQ composites lit almost a percent. Meanwhile, Apple has reached a $490 million settlement to resolve a class action lawsuit that alleged that chief executive Tim Cook defrauded shareholders by concealing falling demand for iPhones in China. Now, this morning, Japan's Nikkei index led gains in the Asia-Pacific markets ahead of a week full of central bank meetings, while investors awaited a slew of economic data from China. Japan's Nikkei rose 2%, while the topics climbed 1.6%. In Europe, the Bank of England is expected to keep rates unchanged at 5.25%. I mean, Hong Kong, the Hanksack index opened 0.2% lower, while the CSI 308 index was 0.17 higher. This is on a day when China is set to release a slew of economic data, including its February retail sales industrial output and urban employment numbers. Oil prices on the other hand ticked up in early trade, forming up gains from last week when prices rose nearly 4% in the view that supply was tightening. Brent crude oil futures were made everywhere above $85 a barrel. Now, at a time, and global queues are very significant, back home, some of the stocks to track include Zumato, HDFC Life, and Ourobindo Pharma among others. Now, the Cough Forge board has approved raising 3,200 crore rupees via QIP. Adani group stocks will be in focus as the group is to invest more than 1.2 lakh crore in FY 25 in the renewable business. Meanwhile, Aditya Billa Fashion has got no objection later from BSE and NSE on the scheme of merger of the company with TCNS clothing. Crompton Greys is granted patent for invention of a linear no tubular system for 20 years, starting August 14, 2020. SJVNS got a letter of intent from Gujarat, Ujavikas Nigam, but a 200 MW solar project. Hindustan Aeronautics has got a 2,890 crore rupees order from Defense Ministry from a mid-life upgrade of 25 Dornier aircraft of the Indian Navy. LIC shares will also be in focus as the government has approved a 16% wage hike for basic wage for LIC employees. LIC wage hike is affected from August 2022. Now, in other news, the Election Commission of India has announced the dates for the upcoming Lok Sabha polls, as well as the simultaneous election to four states in seventh phases, starting April 19. The results will be announced on June 4th, now it remains to be seen how the market reacts to the development. Well, those are a few cues to watch out for today. Have a good trading session. This is Kannushka Sankar signing off. Stay tuned to CNBC TV at hand. (upbeat music) (upbeat music) [MUSIC] You