Category: 上海后花园论坛

Milipol India: A Milestone in International Homeland Security Collaboration

Posted on by

‘Milipol India’ made its debut as a new addition to the esteemed Milipol International Network, dedicated to the realm of Internal Security. The inauguration, a solemn affair, took place on a Thursday, in the presence of Sabrina AGRESTI-ROUBACHE, France’s Minister of State for Citizenship, who holds a vital role attached to the Minister of the Interior. She was accompanied by Atul Dulloo, Secretary (BM), and Chandraker Bharti, AS (CIS & PM), who were also present.

This three-day exhibition, a collaborative effort between InterAds Exhibition Pvt Ltd., India, and Comexposium, France, unfolded with strong support from the Ministry of the Interior of France, the Ministry of External Affairs, and Home Affairs in India. The participation at this event was remarkable, featuring more than 150 national and international exhibitors, alongside numerous sponsors.

She also noted the remarkable enthusiasm exhibited by the Indian business community, which represented a staggering 95% of the exhibitors at this three-day event. In her view, this demonstrated the strength and dynamism of India’s business ecosystem.Thierry Mathou, Ambassador of France to India, echoed the sentiment of Indo-French cooperation in homeland security. He acknowledged the growth of this cooperation in recent years, based on mutual trust between the two nations. This partnership, he emphasized, played a pivotal role in combating terrorism and had now extended its influence to the Indo-Pacific region. ‘Milipol India’ was designed to be a flagship event, bringing together regional and international decision-makers, companies, and experts to devise solutions for the homeland security challenges of the future. It was envisioned as a biennial event in India, a testament to the enduring commitment of France and India in addressing security concerns.‘Milipol India’ created a global stage where international sellers and buyers converged to explore the latest technologies, present emerging trends, and engage in discussions to meet the industry’s evolving needs.Participating countries such as Canada, the USA, France, the UAE, Belgium, Brazil, Vietnam, and the Czech Republic showcased their latest trends, technologies, and innovations. The concurrent three-day conference covered a wide spectrum of security topics, featuring contributions from various law enforcement agencies, research institutions, and international organizations. It promised to provide valuable insights into current security challenges and potential solutions.

India’ emerged as a significant milestone in the field of internal security, uniting nations, experts, and businesses to address the pressing security concerns of our times. It was a testament to the enduring collaboration between India and France in the realm of homeland security and represented a powerful platform for the exchange of knowledge and solutions.

RIL-Sebi dispute: New SC bench to hear Sebi’s plea for review

Posted on by

The Supreme Court on Friday said it will form a bench to hear Securities and Exchange Board of India’s (Sebi) petition, seeking review of its earlier judgment that had directed the market regulator to share certain documents with Reliance Industries.

The company claims these documents will exonerate it and its promoters from criminal prosecution initiated by the regulator in a case related to the alleged irregularities in acquisition of its own shares between 1994 and 2000.

Sebi had sought urgent listing of its review petition against the August 5 judgment. Even RIL’s contempt petition against Sebi is yet to be taken up for hearing.

Also read: Rupee likely to fall further, dollar index may rise to 114 if US Fed hikes rate by 75 bps in November

So far, Sebi has not shared the three documents — the two legal opinions by former SC judge BN Srikrishna and the former ICAI president YH Malegam’s report which examined the irregularities — that the SC had asked it to share “forthwith”, thus prompting RIL to file a contempt petition against the market watchdog and its authorised representative Vijayan A.

The Ambani firm said that Sebi had obviously “misadvised itself” in assuming that its compliance with the judgment is a matter of discretion and on which it can see advice.

While asking Sebi to furnish “forthwith” the documents to RIL, the SC had, in its August 5 judgment, said that “the duty to act fairly by Sebi, is inextricably tied with the principles of natural justice, wherein a party cannot be condemned without having been given an adequate opportunity to defend itself.”

Sebi had, in January 2019, rejected RIL’s request for the “privileged” documents on the grounds that under the Sebi (Settlement Proceedings) Regulations, the accused company had no right to seek information from it.

Chartered accountant S Gurumurthy had filed a complaint with Sebi in 2002, alleging fraud and irregularities by RIL, its associate companies and their directors/promoters, including Mukesh Ambani and his wife, Nita; Anil Ambani and his wife, Tina; and 98 others in the issue of two preferential placement of non-convertible debentures in 1994. Sebi had alleged that RIL, along with Reliance Petroleum, had “circuitously funded the acquisition of its own shares” in violation of the Sections 77 and 77A of the Companies Act, 1956 and the market regulator’s then takeover code, among various other regulations.

Also read: Nifty turns negative for 2022, Sensex falls 1.5%, Bank Nifty tumbles 3%; what is dragging markets today?

Earlier, the Bombay High Court, had on March 28, refused to grant any relief for production of material gathered by the regulator, saying it would hear Sebi’s appeal against a special court decision along with RIL’s objections to the criminal case.

Sebi had sought restoration of the case before the HC after the special court had on September 30, 2020 dismissed its July 10, 2020 complaint related to RIL transactions.

The special court had dismissed Sebi plea for being barred by limitation as there was a delay of more than 15 years.

Will Sensex, Nifty repeat Nov rally this month? Share market at all-time high; rebalance portfolio | INTERVIEW

Posted on by

With BSE Sensex and Nifty 50 riding at all-time high levels, investors have an opportunity to get out of the stocks with weak fundamentals and invest in companies of high quality, said Hiren Ved — Director, CEO and CIO, Alchemy Capital Management. In an interaction with Surbhi Jain of Financial Express Online, Ved said that investors put in a lot of effort to time the market, which in his opinion should be utilised for identifying companies with strong fundamentals. For the upcoming initial public offers, Ved advised investors to evaluate each company on its merit rather than investing for short-term listing gains. Here are edited excerpts from the interview.

Equities are at all-time highs, should investors rebalance their portfolio?

Over half a dozen companies plan to launch IPO this month, what should be investors’ strategy?

In a bull market, there tends to be a frenzy for IPOs as the stock can give handsome returns on the day of listing itself. Our advice to investors would be to evaluate each company on its merit rather than just invest in an IPO for short-term listing gains.

What are your underweight and overweight sectors?

In the current environment, we are balanced across domestically correlated sectors like Financials, Consumer Discretionary and Autos but we also have exposure to global facing sectors like Pharma and IT. We are underweight on metals and commodity oriented sectors as we don’t invest in them but we expect these sectors to do well in short to medium term.

Post auto sales number for November, what trends do you see?

 Passenger vehicles and two-wheelers have been doing well ever since the economy started opening up due to increased demand for personal mobility. However, what is heartening is that we are seeing some signs of recovery in the commercial vehicles segment. This is important as MHCV sales are a good barometer of underlying economic activity.

With so much developments on COVID-19 vaccine, is it time to hold pharma stocks?

What one needs to appreciate is that Pharma by nature is a counter cyclical industry. The Pharma companies in India cater to a large domestic market of USD20bn+. They also have a large presence in the USD60bn+ generic market in the US. In fact in volume terms Indian companies cater to 40% of the US generic market. A few Indian pharma companies also have good exposure to Europe as well as emerging markets such as Brazil, Russia & China. Many large pharma companies are in the process of transitioning from pure generic plays to Speciality plays in the important generic market of the US. For this leading Indian generic pharma companies have invested a lot in research & development at around 8-10% of sales in the last 5 years. Along with it one has a large domestic market which tends to grow at 10% pa.

Another great opportunity for Indian Pharma companies is in the Global (Custom Development & Manufacturing) CDMO space. The CDMO market is expected to be USD 158bn by 2025 from USD 100bn in 2019 and is estimated to grow at 7%, with certain sub-segments such as biologics expected to continue growing in the low teens. To summarize, pharma is an industry with a steady base demand and lots of avenues for growth as far as leading Indian pharma companies are concerned.

Sensex, Nifty rallied 12% in November, what do you expect from Indian share market in December?

In November, we saw that FIIs pumped in US$8bn in Indian equities. This is the highest ever flow which India has received in a month and largely explains the rally which we saw in November. In fact, the Nifty is up 80% from the lows which we saw in March. After such a sharp rally, it is quite possible we could have a small correction. However, one should not be overly puttered by such intermittent correction although some correction in the short-term is very much possible. However, one should not miss the forest for the trees. Although nascent, there are some large macro shifts taking place both globally and in India. After a long time, we are seeing the dollar weakening, and the US current account deficit widening. Which bodes well for EM equities. If EMs do well, India will continue to get its share of passive flows. Moreover, it does seem that our country is at the cusp of a new growth cycle.

There is a clear impetus by the government on manufacturing, cost of capital has come down significantly and the health of the financial system looks far better than what it has been in the last five years. Notwithstanding the near-term gyrations, we continue to remain positive on markets from a medium to long term horizon.

Petrol, diesel price today, 17 Sep 2022: Fuel cost steady; Check fuel rates in Delhi, Mumbai, other cities

Posted on by

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 17 September 2022 (Saturday), keeping costs steady for more than three months now. Petrol and diesel in Delhi are priced at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

Also read:Delhi GST collection jumps 21% on-year to Rs 4,349 crore in August on strong business activity, consumption

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Also read: Panel to suggest ways to boost PE investments

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Durga Puja 2023: Kolkata Metro to operate additional services on North-South corridor – Check the last metro timings

Posted on by

Good news for all Carnival goers! Kolkata Metro will operate additional services on the North-South corridor today. The special services will be in operation till midnight on Friday. The move comes after the West Bengal government has requested the city’s rapid transit system to run services to facilitate the people to see the famous Durga Puja Carnival to be held o­n the day o­n Red Road.

Additional services:-

The country’s oldest metro network will run 252 services on the Blue Line instead of 234 services.

Kolkata Metro rake maintenance during Durga Puja 2023:-

The maintenance of Metro rakes has played an important role in the smooth operations of Kolkata Metro during the Durga Puja. Presently, a total of 16 Medha rakes, 13 ICF rakes and 1 Dalian rake are in operation in the North-South Metro corridor. Their maintenance is being done at Metro Carshed at Noapara. The metro staff and officers with their sheer and utmost dedication and sincerity executing the complex duty of rake maintenance.

RBI intervening in forex market to cushion Rupee fall; spends $82.8 bn from forex reserves in 9 months

Posted on by

By Ritika Chhabra

The Fed raised the interest rates by another 75bps yesterday, as expected. This is the third back to back 75bps rate hike this year by the US central bank. With the latest hike, the Fed fund rate (FFR) now stands in the range of 3.0%-3.25% and is highest since January 2008. The FOMC revised the median FFR at the end of 2022 up by 100bps to 4.4% from 3.4% in June, indicating a cumulative rate hike between 125bps over the next 2 FOMC meetings this year. For 2023, the median FFR is revised up 4.6% vs. 3.8% in June, suggesting no rate cuts in 2023 and maintaining the terminal rate of 4.6% till 2024. 

These projections are much more aggressive than what investors had been pricing earlier. The dot plot projections are suggesting that the Fed will ‘keep at it’ till it can see inflation coming down under its target range. The Fed also made it clear that it is ready to sacrifice growth and is increasingly of the view that the demand and labor market need to cool off to get the runway inflation under control. The Fed chairman, Jerome Powell repeatedly used the words ‘restrictive interest rates for a longer period’ to emphasize that the central bank’s main goal is to tame inflation that is running hot at 4-decade high levels.

What does it mean for the Indian economy? 

A more aggressive tone by the Fed doesn’t spell good news for emerging market currencies including INR. Post yesterday’s FOMC meeting, the DXY index zoomed to 111.78, highest in 20 years. The INR once again crossed the psychological value of 80 against dollar, touching a new all-time low of 80.68. The RBI has been continuously intervening in the forex market to cushion the fall in rupee value. This intervention is depleting India’s foreign currency reserves at an accelerated pace. The RBI has already spent $82.8 billion from its forex reserves in 2022 so far, with the reserves currently standing at $550.8 billion as on 9th September 2022 against $642.4 billion last year. The reserves are now equivalent to covering about nine months of import compared to 16 months a year ago. 

With the reserves depleting in the past, the RBI will now be more prudent in the extent of its intervening to support the rupee. Going forward, the RBI might let the rupee weaken due to widening trade balance, elevated global commodity prices and stretched valuations of INR compared to other Asian currencies. In addition, higher interest rates in major economies globally will put a pressure on the RBI to go for a higher rate hike and stay at higher rates for a longer period, which might slow down the domestic economic growth. As Powell said in his press meet – “There is no painless way to tame inflation”. It might just be the start of the pain.

Also Read: Fed chair Powell signals recession may be price to pay for crushing inflation

(Ritika Chhabra is an Economist and Quant Analyst at Prabhudas Lilladher. The views expressed are the author’s own and do not reflect the official position or policy of FinancialExpress.com.)

Sensex ends at 2-month low, Nifty support shifts to 200-day SMA at 16850; use volatility to buy quality stocks

Posted on by

BSE Sensex and NSE Nifty 50 tanked on Monday amid global growth concerns, and weak cues. BSE Sensex crashed 954 points or 1.6 per cent to settle at 57145, while NSE Nifty 50 index plunged 311 points or 1.8 per cent to finish trade at 17016. Stocks of index heavyweights such as Reliance Industries Ltd (RIL), ICICI Bank, ITC, HDFC Bank, Axis Bank, and Maruti Suzuki India, among others contributed the most to the indices’ fall. Broader markets underperformed the equity market frontliners. S&P BSE Midcap index tumbled 2.8 per cent or 719 points to settle at 24,553, while S&P BSE Smallcap plunged 3.3 per cent or 959 points to finish at 27854. Bank Nifty index plunged 2.35 per cent or 930 points to settle at 39,027. India VIX, the volatility index, jumped 6.3 per cent to finish at 21.89 levels.

Also read: RBI MPC likely to raise repo rate 50 bps to tame inflation; may pause rate hike after Dec monetary policy

Global risk assets including equities extended their selloff on Monday as fears of faster inflation and global recession continued to rise. The Chinese government raised the foreign exchange risk reserve requirements for financial institutions to stem a drop in the yuan, making it more expensive for traders to short the currency. S&P Global ratings has retained India growth outlook at 7.3 per cent for the fiscal year 2022-2023 and 6.5 per cent for the next fiscal year, although it sees the risks tilted to the downside. Nifty has broken the important support of 17166 and now is on the verge of breaking 17000. 16947 and 16794 are the next supports for Nifty while 17166 could be the resistance in the near term.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

The speed with which central banks across the globe are hiking interest rates, investors are worried that slackening growth would push key economies into recession. With the monetary policy decisions on the anvil, rate-sensitive stocks like banking, realty & auto crumbled badly as rate hikes could dent demand going ahead. However, due to markets being in oversold territory, we could witness a quick pullback rally. For traders, the 200-day SMA and 16850 would act as a key support level. On the flip side 17150 and 17200 could be the immediate hurdle for the bulls.

Also read: S&P Global projects India’s FY23 GDP growth at 7.3%; estimates inflation to fall to 5% in next fiscal

Vinod Nair, Head of Research, Geojit Financial Services

The soaring dollar as a result of aggressive monetary tightening, slowing economic growth and rising demand from cautious investors are causing turbulence in the global equity market. This is creating mayhem in the domestic market led by weakening INR, elevated bond yields and pessimistic trends of Asian peers. Only the IT sector, which exhibited the weakest performance in the last 1yr, defied the trend in anticipation that the global recession is mostly factored in the price and are trading at reasonable valuations.

Mohit Nigam, Head – PMS, Hem Securities

We believe investors should avoid taking riskier positions in the near term as the volatility is likely to continue for some time. Investors should rather use this volatility to accumulate good quality stocks with strong growth visibility and solid fundamentals. On the technical Front immediate support and resistance in Nifty 50 are 16800 and 17400 respectively. Immediate support and resistance in Bank Nifty are 38000 and 39500 respectively.

Rupee sinks further to 81.95

Posted on by

The rupee on Wednesday sank to a record low of 81.95 against the dollar amidst a relentless surge in the greenback and a sharp rise in the US treasury yields. The domestic currency closed the session at 81.90, down 37 paise over Tuesday’s close.

With the greenback continuing to strengthen, most Asian currencies were under pressure, especially the offshore Chinese yuan, which lost more value than the rupee. Given India’s large trade deficit with China, the relatively faster depreciation of the yuan is a cause for concern. The Korean won, the offshore Chinese yuan, the Thai baht and the Indonesian rupiah were all down anywhere between 0.5- 1.2%.

The dollar index, which measures the value of the greenback against a basket of six currencies, strengthened to near 115 levels and, according to current watchers, could gain further. The dollar index was trading at 114.78, a new twenty-year high. Last week, the US Federal Reserve hiked interest rates by 75 bps for the third consecutive time with chairman Jerome Powell saying that the central bank officials are “strongly resolved” to bringing down inflation. The more-than-expected hawkish commentary and the prospect of bigger rate hikes spooked the markets.

Amid the rising dollar, the yield on the 10-year US Treasury was ruling above 4.01%, levels not seen since October 2008. The yields are up 80 basis points in September so far. News agencies reported that the 30-year yield in the UK had risen to highest since 1998 amid debt sale.

The local currency markets remain anxious about India’s widening current account deficit (CAD) and foreign funds outflows from the equities market. The weak sentiment saw the Indian currency slip to 81.95 in intra-day trades. The Reserve Bank of India (RBI) is understood to have intervened in the markets, dealers said, adding the dollar sales helped the rupee close above the 82-mark.

Typically, at the end of the month, oil companies are in the market to buy dollars.

Meanwhile, ahead of the RBI’s announcement on the monetary policy review on Friday, the yield on the ten-year bond closed at 7.334%, up 4 bps from previous close of 7.293%. While the bond markets have priced in a hike in the repo rate of 50 basis points, the rise in yields suggests the markets believe the terminal rate could be higher than earlier anticipated. The OIS (Overnight Index Swap) markets are pricing in a terminal rate of 6.8%.

Most economists expect a terminal repo rate of over 6% with some penciling in a level of 6.5%. The repo is currently at 5.4%. Rising yields are a worry for banks, which hold large bond portfolios, as they would incur mark-to-market losses.

Sebi penalises 10 entities for diverting IPO proceeds in Birla Pacific Medspa case

Posted on by

Capital markets regulator Sebi has imposed penalties totalling Rs 3.42 crore on 10 entities, including Birla Pacific Medspa and Yashovardhan Birla, for violating listing agreements as well as diverting proceeds from the initial public offer of Birla Pacific Medspa Ltd.The regulator imposed a fine of Rs 1.07 crore on Birla Pacific Medspa Ltd, Rs 32 lakh on Abhijit Desai, Rs 26 lakh on PVR Murthy and Rs 25 lakh each on Yashovardhan Birla, Venkateshwaralu Nelabhotla, Mohandas Adige, Anoj Menon, Rajesh Shah, Upkar Singh Kohli and Tushar Dey.

The order came after Sebi conducted an investigation into the initial public offer of Birla Pacific Medspa Ltd (BPML) for the period July 7-15, 2011.The scrip of BPML was listed on BSE on July 7, 2011, after the IPO was open for subscription from June 20-23, 2011.The price of the scrip had seen sharp volatility on the listing day, closing at Rs 25.35, 154 per cent more than the issue price of Rs 10 per share, Sebi said in an order on September 28.BPML received IPO proceeds of Rs 65.17 crore, however, funds received in the IPO were not utilised for setting up of the 55 ‘Evolve’ healthcare clinics across India as stated in the prospectus by the firm and funds to the extent of Rs 34.91 crores were actually siphoned off by the company.

It was also observed that BPML had extended funds to certain entities which were used to support the scrip price on the day of the listing, thereby violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms. In addition, BPML has not filed any disclosure of deviation in the use of IPO proceeds along with its financial results to the stock exchanges and the fillings of the financial results were signed by Murthy on behalf of the company, thereby violating the listing agreements under SCRA. Accordingly, the market watchdog imposed a fine of Rs 2 lakh on BPML.

However, this penalty would be subject to the outcome of Sebi’s appeal pending before the Supreme Court. Section 23E in the SCRA pertains to listing conditions.Meanwhile, in a separate order, Sebi slapped fines totalling Rs 71 lakh on 35 entities for violating market norms in the matter of First Financial Services Ltd.

The order came after Sebi conducted an investigation into trading and dealings in the scrip of First Financial Services Ltd and observed abnormal movement in the price and trading volume of the scrip on BSE during the period May 2012 to March 2014. 

Sensex, Nifty end lower amid volatility post hawkish US Fed commentary; Nifty support at 17500

Posted on by

BSE Sensex and NSE Nifty 50 ended in red on Thursday, as investors reacted to the 75bps interest rate hike by the US Federal Reserve. Moreover, the weekly F&O derivatives expiry added to the volatility in the stock market. BSE Sensex fell 337 points or 0.6 per cent to 59,120, while NSE Nifty 50 was down 89 points or 0.5 per cent to settle at 17630. Stocks of HDFC Bank, ICICI Bank, Reliance Industries Ltd (RIL), Housing Development Finance Corporation (HDFC), Axis Bank among others contributed the most to the indices’ loss. The broader market indices outperformed the equity frontliners. S&P BSE Midcap gained 0.3 per cent or 82 points to settle at 25,860, while S&P BSE SmallCap index added 0.5 per cent or 138 points to finish at 29,377. Bank Nifty index tumbled 1.4 per cent to settle at 40,631.

Also read: US Federal Reserve may hike interest rate by 75bps yet again in November; FOMC unlikely to cut rates in 2023

Indian markets reacted mainly to the US Federal Reserve’s hawkish undertone on interest rate that fuelled pessimism amongst the investors. As expected, banking stocks bore the brunt that led to extended correction in local benchmarks. Technically, Nifty has formed lower top formation on daily and intraday charts and closed below the 20-day SMA (Simple Moving Average), indicating continuation of weakness in the near future. The index has been consistently facing resistance at higher levels and at the same time regularly taking support near the 17500 level. For the traders 17500 and 17700 would be the important level to watch out for and below 17500, the index could slip till 17400-17350 levels. On the flip side, a range breakout over 17700 could push the index up to 17800-17850.

Kunal Shah, Senior Technical Analyst, LKP Securities

The Bank Nifty index witnessed selling pressure at higher levels and remains in a sell-on-rise mode as long as it stays below the level of 42,000. The index immediate downside support stands at 40,500 and a breach below this will open gates for further downside toward the 39,000 level. The index is trading in a tight range between 40,000-42,000 and a break on either side will give a directional move to the index.

Also read: India’s GDP to grow at 7.5% in FY23 despite developed-economy recession; inflation to stay above 6% till Nov

Vinod Nair, Head of Research, Geojit Financial Services

The Fed turned more hawkish than anticipated, increasing its rate forecast to 4.4% by the end of 2022. The indication is that 125bps more rate hikes can be expected in the next 2 policy meetings scheduled this year. Following this, the US dollar index rose above 111, depreciating INR to beyond 80. The Indian stock market was able to sustain its resilience with limited cuts but if the rupee continues its weakness the domestic market would turn less attractive for foreign investors in the short-term, affecting performance.

Palak Kothari, Senior Technical Analyst, Choice Broking

On the technical front, the Nifty has been trading with Lower Highs & Lower Low formation for the last 3 trading sessions on a daily basis which has weakness in the counter for an upcoming session. Furthermore, Nifty formed a Doji candle on a daily chart which points out the confusion between buyer & seller. Nifty has been facing resistance from 21 DMA as well as the middle band of Bollinger which adds bearishness to the prices. On the OI Data, On the call side, the highest was witnessed at 17800 while on the put side was at 17500 level. The daily momentum indicator MACD was trading with a negative crossover which points out the weakness in the counter. The support for nifty has shifted around 17500 levels while on the upside 17800 may act as an immediate hurdle. On the other hand, Bank nifty has support at 40000 levels while resistance at 41500 levels. Overall, the Nifty is looking volatile for an upcoming session. Nifty may find support around 17500 levels while breaching below will open the gate for 17380-17200 levels