Commenting on the derivative market outlook Anand James, Chief Market Strategist at Geojit Financial Services said that Nifty weekly contract has highest open interest at 22500 for Calls and 22000 for Puts while monthly contracts have highest open interest at 23000 for Calls and 22000 for Puts. Highest new OI addition was seen at 22200 for Calls and 21900 for Puts in weekly and at 23000 for Calls and 22200 for Puts in monthly contracts.

“FIIs decreased their future index long position holdings by 9.12%, increased future index shorts by 13.06% and in index options by 27.54% decrease in Call longs, 18.43% decrease in Call short, 42.23% decrease in Put longs and 36.85% decrease in Put shorts,” James added.

Shares of Nestle India slumped more than 5% to an intra-day low. The fall in prices came after the company was found to be adding sugar to infant milk and cereal products across the country and other Asian countries as well as African countries.

Campaigners from Public Eye, a Swiss investigative organisation, sent samples of the Swiss multinational’s baby-food products sold in Asia, Africa, and Latin America to a Belgian laboratory for testing, according to a report by The Guardian. The sent samples were found to have sugar in the form of sucrose or honey in Nido, which is a follow-up milk formula brand intended for use for infants aged one and above. The sugar content was also found in Cerelac, a cereal aimed at children aged between six months and two years.

Read More: Nestle India shares fall over 5% on reports of company adding sugar in infant products; Read to know more

Commenting on Nifty’s outlook toady Anand James, Chief Market Strategist at Geojit Financial Services said that Tuesday’s solid bounce in the last hour could easily be dismissed as a dead cat bounce, but we are inclined to pursue the upside prospects aiming 22300 initially, should we manage to float above 22150. Else, expect 21800 right away, while also improving the odds of a 20300 plunge.

Angel One, a leading retail full-service broking firm, saw a 8.70% increase in its share price during early morning trade today, reaching Rs 3,100 per share, propelled by the release of its Q4FY24 performance report on Wednesday.

In Q4FY24, the company reported a net profit of Rs 340 crore, marking a significant 31% quarter-on-quarter (QoQ) rise and a notable 14% year-on-year (YoY) improvement. Additionally, its total revenue from operations experienced robust growth, soaring by 28% QoQ and an impressive 64.28% YoY, reaching Rs 1,357 crore.

Read More: Angle One shares shoot up 8% after net profit jumps over 30% QoQ

Torrent Power, Indus Towers, Mankind Pharma, Hindustan Petroleum, and JSW Energy were the top gainers in the Nifty Midcap 100. While IGL, Max Healthcare, Oberoi Realty, Oil India, and Lal Pathlabs were the key laggards in the Nifty Midacp 100 on April 18.

Courtesy: NSE

Courtesy: NSE

Nestle India fell over 5.3% to an intraday low of Rs 2,410.60 after a report found that the company was adding sugar to baby foods in India, other Asian countries, and African countries. The stock was the major loser in the Nifty 50. It touched its 52-week low of Rs 1,950.22 on April 17, 2023.

The Nifty 50 was up 148 points or 0.67% at 22,296.05, while the BSE Sensex was up 425 points or 0.58% at 73,368.80.

Just Dial shares surged by 8% following the firm’s announcement of a significant 38.44% rise in consolidated net profit to Rs 115.74 crore in the fourth quarter ending March 31, 2024, compared to Rs 83.6 crore in the same period of the previous fiscal year.

Power Grid Corp, BPCL, Bharti Airtel, Hindalco, and Adani Ports were the top gainers in the Nifty 50. While Nestle India, Apollo Hospitals, Axis Bank, HCL Tech, and Bajaj Finserv were the major losers in the Nifty 50 on April 18.

Bharti Airtel’s share price surged, gaining over 1% to reach intra-day highs of Rs 1233 on the NSE, following the news that Axiata Group and the company have signed a definitive agreement to merge operations in Sri Lanka.

Courtesy: NSE

Vodafone Idea’s Rs 18,000 crore Follow-on Public Offer (FPO) commences today, Thursday, April 18, and concludes on Monday, April 22. The FPO price range is between Rs 10 and Rs 11 per share, with a minimum bid requirement of 1,298 equity shares, allowing bids in multiples of the same.

Market experts are optimistic about the FPO, signaling a bullish outlook. The total offer size comprises fresh equity shares amounting to Rs 18,000 crore.

Read More: Vodafone Idea’s Rs 18,000 crore FPO kicks off today: Here is all you need to know

Courtesy: NSE

Courtesy: NSE

Courtesy: NSE

Eicher Motors, Hindustan Unilever, ONGC, Titan, and Divi’s Laboratories were the top gainers in the Nifty 50. While Infosys, LTIMindtree, IndusInd Bank, Bajaj Finserv, and Wipro were the key losers in the Nifty 50 on April 18 during early hours.

The NSE Nifty 50 opened 0.35% higher at 22,225.90, while the BSE Sensex opened 0.32% higher at 73,179.03.

“The global spotlight remains on the Federal Reserve’s upcoming rate decision. Unexpectedly high US inflation figures for March have quelled expectations for a coordinated rate cut by major central banks in June. Iran’s president issues a stern warning against any Israeli invasion, while Dubai grapples with severe flooding due to record rainfall. President Biden’s plan to increase tariffs on select Chinese goods aims to protect American manufacturers. Despite Iran’s assault on Israel, oil prices declined to $82.85 a barrel, and India anticipates an ‘above normal’ monsoon this year. Technical analysis suggests Nifty’s trading range to be between 21700-23000, with key resistance at 22500 and support at 22000. Adani’s substantial investment in Ambuja Cements and the launch of Vodafone Idea’s follow-on-public offer, potentially India’s largest FPO, are notable business developments. Preferred trading strategies include buying Nifty between 22000-22050 and Bank Nifty between 47100-47300,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

“The Iran-Israel tension in West Asia continues to weigh on stock markets globally. Until this uncertainty is out of the way, markets are unlikely to take a strong directional upmove. The hope is that the feared Israeli response will not lead to an escalated regional conflict. This is reflected in the 3% drop in crude price during the last two trading sessions.

Meanwhile, the market is coming to terms with a ‘higher-for-longer interest rate’ in the US since inflation continues to be sticky at lower levels. It seems that the market is reconciled to 2 rate cuts this year, which too backloaded.

Since the US 10-year bond yield is hovering around 4.57%, more FII selling is likely, putting pressure on large caps. This will provide opportunities for investors to slowly accumulate high-quality largecaps where the margin of safety is high. In the near term, however, heightened activity is likely in mid and smallcaps, particularly in stocks where floating stocks are low. This is a risky area,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“Bank Nifty has managed to hold on to the 50% Fibonacci retracement level 47440 and witnessed a pullback during the last hour of trade. We expect the pullback to continue till 48000 – 48200 over the next few trading sessions. The crucial support level is placed at 47300,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.

On Tuesday, Nifty opened gap down and consolidated for most of the day. It witnessed a pullback during the last hour of trade which helped it to close off the intraday lows. “During the day it managed to close and hold above the 61.82% Fibonacci retracement level (22117) and now we expect a relief rally over the next few trading sessions. On the upside, we expect the gap areas formed in the previous couple of trading sessions to be filled up which is likely to take the nifty towards 22420 – 22500. On the downside 22080 is the crucial support level to hold for the upmove to continue,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.

Balrampur Chini Mills, Bandhan Bank, GNFC, Hindustan Copper, Idea, Metropolis, National Aluminium, Piramal Enterprises, SAIL, and Zee Entertainment Enterprise were on the F&O ban list on April 18.

Foreign institutional investors (FII) sold shares net worth Rs 4,468.09 crore. However, domestic institutional investors (DII) bought shares net worth Rs 2,040.38 crore on April 18, 2024, according to the provisional data available on the NSE.

WTI crude prices were trading at $82.73 up by 0.02%, while Brent crude prices were trading at $87.47 up by 0.02%, on Thursday morning.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.04% at 105.92.