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Share Market Closing Note

Benchmark indices ended on a negative note in the volatile session on March 23 with Nifty below 17,100.

State Bank of India, Asian Paints, HCL Technologies, Kotak Mahindra Bank and Adani Enterprises were among major losers on the Nifty, while gainers included Hindalco Industries, Nestle India, Bharti Airtel, Maruti Suzuki and JSW Steel.

Mixed trend saw on the sectoral front, with realty, bank, information technology and PSU bank down 0.5-1 percent, while buying saw in the metal, FMCG and power names.

The BSE midcap index shed 0.5 percent, while smallcap index ended on flat note.

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Topic :- Time:3.00 PM

Nifty declined in last hour and is now trading in red zone. Nifty spot if holds above 17080 level on closing basis then expect some pull back in the market in coming sessions and if it closes below above mentioned level then some sluggish movement is likely to further continue.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5830. If it manages to trade and sustain above 5845 level then expect some upmove in it and if it breaks and trade below 5820 level then some decline can be seen in it.

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Topic :- Time:1.30 PM

SILVER Trading View:

SILVER is trading at 69550. If it manages to trade and sustain above 69700 level then expect some upmove in it and if it breaks and trade below 69300 level then some decline can follow in it.

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Topic :- Time:1.15 PM

Just In:

Infosys said Kiran Mazumdar-Shaw will retire from the post of an Independent Director of the Board, effective March 22 as she completes her tenure. 

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Topic :- Time:1.00 PM

Nifty is highly rangebound however volatile move cant be ruled out. Nifty spot if manages to trade and sustain above 17200 level then expect some upmove in the market and if it breaks and trade below 17060 level then some decline can follow in Nifty.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 770.20. If it breaks and trade below 769.70 level then expect some decline in it and if it manages to trade and sustain above 771.20 level then some upmove can be seen in the Copper.

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Topic :- Time:12.00 PM

Nifty is likely to turn volatile soon. Nifty spot if manages to trade and sustain above 17180 level then expect some upmove in the market and if it breaks and trade below 17140 level then some decline can follow in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex off days low, turns flat; Nifty50 below 17,150

2. Global Surfaces makes stellar debut; lists at 17% premium over issue price

3. Law firms plan fee hikes to retain talent amid foreign entry

4. Another report coming soon, says US short-seller Hindenburg Research

5. US Federal Reserve raises policy rate by 25 bps; 9th straight hike

6. L&T extends gains, up 3% in three days on securing orders worth Rs 9,500 cr

7. VA Tech Wabag rallies 7%, hits 3-month high on strong growth outlook

8. Nazara Tech jumps over 3% on buying majority stake in Pro Football Network

9. GR Infra jumps over 4% after it emerges L-1 bidder for Rs 872 cr project

10. Hindustan Aeronautics tumbles 6% on pricing OFS at discount

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 23 March,2023:

Nifty to turn volatile as the day progresses. Trade as per market trend.

Nifty spot if manages to trade and sustain above 17220 level then expect some upmove in the market and if it breaks and trade below 17140 level then some decline can follow in the Nifty.

Please note this is just opening view and should not be considered as the view for the whole day.

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Topic :- Share Market Closing Note

Sensex gains 445 points, Nifty above 17,100 led by financials.

BSE Midcap and Smallcap indices up 0.5 percent each.

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Topic :- Time:3.00 PM

Nifty spot if manages to hold above 17100 level on closing basis then expect some pull back in the market in coming sessions and if it closes below above mentioned level then some sluggish movement is likely to follow. Avoid open positions for tomorrow.

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Topic :- Time:2.45 PM

Just In:

After Vistara merged with Air India, Vistara CEO Vinod Kannan is optimistic about maintaining the brand through quality and service standards.

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Topic :- Time:2.30 PM

NATURALGAS Trading View:

NG is trading at 186.70. If it manages to trade and sustain above 188 level then expect some upmove in it and if it breaks and trade below 184.30 level then some decline can follow in NG.

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Topic :- Time:2.00 PM

Nifty is showing some recovery now. Nifty spot if manages to trade and sustain above 17120 level then expect some further upmove in the market and if it breaks and trade below 17080 level then some decline can follow. Currently Nifty spot is trading at 17106.

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Topic :- Time:1.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5585. If it breaks and trade below 5560 level then expect some decline in it and if it manages to trade and sustain above 5605 level then some pull back can be seen however overall it will remain in sell on rise till evening session.

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Topic :- Time:1.00 PM

Nifty spot is trading at 17089. If it manages to trade and sustain above 17100 level then expect some upmove and if it breaks and trade below 17060 level then some decline can be seen in it

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 758. If it manages to trade and sustain above 759.20 level then expect some upmove in it and if it breaks and trade below 757.40 level then some decline can be seen in Copper.

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Topic :- Time:12.10 PM

Just In:

AT1 bonds: Indian banks dependence limited, some impact on pricing likely

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Topic :- Time:12.00 PM

Nifty is sliding from its highs. Nifty spot if manages to trade and sustain above 17060 level then expect some upmove and if it breaks and trade below 17020 level then some decline can further follow in it.

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Topic :- Time:11.30 AM

SILVER Trading View:

SILVER is trading at 69224. If it manages to trade and sustain above 69260 level then expect some further upmove in the Silver and if it breaks and trade below 69140 level then some decline can follow in the Silver.

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Topic :- Time:11.00 AM

News Wrap Up:

1. Sensex up 300 pts; RIL, Bajaj Finance gain 2%, IT weak

2. Sterling & Wilson jumps 9% as it emerges bidder for Rs 2,100 cr project

3. Flipkart undertakes management rejig amid resignations, high costs

4. UBS buy gives Credit Suisse Indias employees a glimmer of hope

5. Credit Suisses collapse reveals some ugly truths about Switzerland for investors

6. Windfall tax on crude oil slashed to Rs 3,500/tonne, duty on diesel hiked

7. Please dont stall Delhis budget, Arvind Kejriwal writes to PM Modi

8. UBS needs RBI approval to operate Credit Suisse as a bank in India

9. Hariom Pipe hits new high, up 4% on shareholders nod for preferential issue

10. SBI MF schemes buy 2.2% stake worth Rs 757 cr in HDFC AMC in open market

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The country's forex reserves fell by $2.39 billion to a three-month low of $560.003 billion for the week to March 10, the Reserve Bank said in its latest weekly data release.

In the week to March 3, the reserves rose by $1.46 billion and stood at $562.40 billion.

On an annualised basis, the RBI said, the reserves are down by $47.31 billion during the week under review while on a fiscal year basis, the same plunged by $62.23 billion.

With this erosion, the forex kitty is at its lowest since early December, according to the weekly statistical supplement released by the RBI on March 17.

The loss in the reserves is due to the revaluation of the foreign currency assets, which are the largest component of the forex kitty, to the tune of $2.2 billion to $494.86 billion for the week to March 10.

On a year-on-year basis, the value of foreign currency assets fell by $45.86 billion and from a fiscal year perspective, they lost $59.49 billion.

Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of the non-US units like the euro, the pound and the yen held in the foreign exchange reserves.

The reserve losses are primarily due to the RBI selling dollars to stem the rupee volatility in the spot and forwards market to prevent runaway moves in the exchange rate.

Last week, the rupee stood its ground and lost just 10 basis points against the dollar and the currency traded in the 81.61-82.29 range. The rupee ended at 82.55 on Friday.

The country's gold reserves and SDR holdings too saw a reduction in the week under review with both reserves falling $110 million and $53 million, respectively. The gold reserves and SDR holdings stand at $41.92 billion and $18.12 billion, respectively.

The country's reserve position in the IMF also fell by $11 million, taking it to $5.1 billion.

The reserves have been falling from the peak as the rupee has been under pressure and the monetary authority has been taking measures to defend the rupee from extreme volatility. In 2022, the cost of defending a falling rupee was over $115 billion of the reserves.

The worst drop was in the week to February 10 when the reserves plunged by a steep $8.32 billion to $566.95 billion.

In October 2021, the forex kitty had reached an all-time high of $645 billion.

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HSBC Holdings Plc on March 13 announced that its UK ring-fenced subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited (SVB UK) for £1. SVB UK had loans of around £5.5 billion and deposits of around £6.7 billion as on March 10, 2023.

For the financial year ending December 31, 2022, SVB UK recorded a profit before tax of £88 million. SVB UK's tangible equity is expected to be around £1.4 billion. The final calculation of the gain arising from the acquisition will be provided in due course. The assets and liabilities of the parent companies of SVB UK are excluded from the transaction. The transaction completes immediately. The acquisition will be funded from existing resources, HSBC said in a statement.

Noel Quinn, HSBC Group CEO, said, “This acquisition makes excellent strategic sense for our business in the UK. It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the UK and internationally. We welcome SVB UK's customers to HSBC and look forward to helping them grow in the UK and around the world. SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC. We warmly welcome SVB UK colleagues to HSBC, we are excited to start working with them.”

Bank of England (BoE) in a separate statement that it facilitated the deal, and that customer deposits will be protected and no taxpayer money is involved in the deal

People briefed on the negotiations said potential bidders held conference calls with the BoE through the night.

By 6 am, HSBC had emerged as the leading white-knight bidder for SVB UK, with Noel Quinn, the bank’s chief executive, involved in the overnight talks.

The extraordinary overnight rescue mission involved UK Prime Minister Rishi Sunak, Hunt and City minister Andrew Griffith, while Andrew Bailey, Bank of England governor, and Sam Woods of the Prudential Regulation Authority were also involved.

One person briefed on the haggling over the future of SVB UK said it was a “fully competitive” process with multiple parties interested in taking over the stricken bank. Sunak, in California for a defence summit with leaders of the US and Australia, was said to have been “very hands on” overnight.

The government spent the weekend racing to try to sell SVB UK and put together a backup plan to support companies that have deposits trapped in the lender. US regulators on Sunday evening said that SVB’s American depositors would have access to all of their money on Monday.

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PB Fintech, the operator of Policybazaar, gained for the fifth consecutive session, rising 10.6 percent on February 24 amid nervousness on Dalal Street for the past few days. It was the biggest gainer in BSE200 index.

Other new-age stocks also climbed, including Paytm, which rose 3 percent.

The Policybazaar and Paisabazaar operator has rallied 18 percent in five days to Rs 576.80, the highest level since August 2022.

The stock formed a large bullish candlestick pattern on the daily charts with above-average volumes, making higher highs and higher lows for the fourth straight session, while the benchmark indices made lower highs and lower lows.

The stock is now above the 200-day EMA (exponential moving average) of Rs 545), which is a positive sign. With this, it trades above all key moving averages.

The stock broke out of a long downward sloping resistance trendline adjoining the highs of November 2021 (record high) and February 13, 2023, supporting the positive sentiment.

Before this rally, there was severe selling pressure on the stock, which fell from its record high of Rs 1,470 (November 17, 2021) to a record low of Rs 356.2 one year later (November 17, 2022). Since then, it has not seen that record low again and formed a strong base around Rs 400-550 levels with a higher high and higher low formation.

“The stock appears to have formed an Inverse Head and Shoulder which is a bullish reversal pattern. The breakout of the neckline was assisted with volumes and the stock has moved beyond its 200-EMA for the first time since it listed,” said Viraj Vyas, a technical analyst at Ashika Stock Broking.

He said such extended base breakouts augur well for the stock as it looks to break the lower low and lower high pattern and test Rs 620-650 on the upside with key support at the Rs 520 level.

Vidnyan Sawant, AVP-technical research at GEPL Capital, said PB Fintech has bottomed out near Rs 355 and bounced back. In the current month, the stock stayed above its five-month high, indicating strong momentum.

“On the weekly charts, the stock broke out of a double-bottom price pattern with volume confirmation. The stock price is consistently sustaining above its 200-day SMA (Rs 503) over the past few days, which shows strong positive undertone of the stock,” Vidnyan said.

The relative strength index (RSI) on the weekly timeframe exhibited a breakout, which reflected the presence of strong momentum.

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Share Market Closing Note

Sensex, Nifty end flat after volatile day; NTPC gains 3%, PSB index dips 2%

Adani Enterprises, Apollo Hospitals, Coal India, Bajaj Auto, UPL, Sun Pharma, Tata Motors, HDFC Life, Ultratech Cement, TCS, and Wipro were the top laggards

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Topic :- Time:3.00 PM

Nifty spot if holds above 17800 on closing basis then expect some upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can be seen in the market. Avoid open short positions for tomorrow.

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Topic :- Time:2.40 PM

LME INVENTORY

COPPER DECREASED BY 275

ALUMINIUM DECREASED BY 4450

NICKEL DECREASED BY 192

ZINC INCREASED BY 1975

LEAD INCREASED BY 175 

TIN INCREASED BY 35

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Topic :- Time:2.00 PM

Nifty is gaining some momentum however Putin speech must be eyed which will begin shortly.

Putin speech will have good impact on Commodities.

Nifty spot if manages to trade and sustain above 17900 level then expect some upmove in it and if it breaks and trade below 17860 level then some decline can be seen in the market.

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 56100. If it breaks and trade below 56070 level then expect it to decline further and above 56160 level it is likely to show some upmove however its in sell from rise at the moment.

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Topic :- Time:1.10 PM

Nifty is highly rangebound. Nifty spot if manages to trade and sustain above 17880 level then expect some upmove and if it breaks and trade below 17840 level then some decline can be seen in the market.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 778. If it holds below 780 level then expect it to test 775-774 levels quite soon and if it manages to trade and sustain above 780 level then some upmove can follow in it.

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Topic :- Time:12.00 PM

Nifty is highly rangebound. Nifty spot if breaks and trade below 17860 level then expect some decline in the market and if it manages to trade and sustain above 17920 level then some upmove can follow in the market.

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Topic :- Time:11.45 AM

Just In:

SpiceJet to consider options for raising fresh capital

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex up 200pts, Nifty above 17,900; Adani Ports rise 2%

2. Combined equity market value of 10 Adani Group firms slips below $100 bn

3. India, China to contribute more than half of global growth this year: IMF

4. Vedanta-Foxconn selects Dholera SIR for 1st semiconductor facility in India

5. Tata Motors bags Indias largest electric vehicle fleet order from Uber

6. Adani Ports to prepay Rs 1,000 cr on commercial papers due in March

7. BVR Subrahmanyam new NITI CEO, Param Iyer to join World Bank as ED

8. Adani Power hits fourth 5% upper circuit; No respite for Adani Green

9. Uflex drops 4%, hits 52-wk low on report of Income-Tax raid at Noida office

10. BSE Capital Goods index nears record high; Siemens, L&T gain up to 3%

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Topic :- Time:11.00 AM

After flat opening nifty is still trading flat. Nifty spot if manages to trade and sustain above 17920 level then expect some upmove in the market and if it breaks and trade below 17880 level then some decline can be seen in the Nifty.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 21 Feb,2023:

Stock specific action expected in the market. Nifty to turn volatile as the day progresses.

Nifty spot if manages to trade and sustain above 17880 levels then expect some upmove in the market and if it breaks and trade below 17800 level then some decline can follow in the Nifty.

Please note this is just opening view and should not be considered as the view for the whole day.

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Share Market Closing Note

Nifty ends below 18,000, Sensex down 300 pts; realty, metal, IT, banks worst hit.

Except capital goods, all other sectoral indices ended in the red.

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Topic :- Time:3.00 PM

Nifty spot if holds above 17880 level on closing basis then expect some quick upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can follow.

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 55717.If it breaks and trade below 55680 level then expect some decline in it and if it manages to trade and sustain above 55760 level then some upmove can follow in it.

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Topic :- Time:1.10 PM

Just In:

Macfos IPO oversubscribed on day 1, led by retail investor.

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Topic :- Time:1.00 PM

Nifty is declining. Nifty spot if breaks and trade below 17900 level then expect some further decline in the market and if it manages to trade and sustain above 17960 level then some upmove can follow in the Nifty.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 774.50.If it holds below 777 level then expect some decline in it and if it trades above 777 level then some upmove can be seen in it.

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Topic :- Time:12.00 PM

Nifty is highly rangebound. Nifty spot if manages to trade and sustain above 18000 level then expect some upmove and if it breaks and trade below 17940 level then some decline can be seen in it. 

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex down 150 pts; PSU Bank, Realty indices slip over 1%

2. Twitter shuts two of three India offices; tells staff to work from home

3. Google layoffs reach Indian shores; company fires 453 employees in India

4. Non-BFSI companies net profits shrink sharply for second quarter

5. Adanis crisis to spark democratic revival in India, says George Soros

6. Centre aims to mop up Rs 75,000 cr from senior citizen savings scheme

7. Indias January gold imports plunge 76% to 32-month low on subdued demand

8. Minda Corp, Pricol surge up to 6% amid stake sale buzz

9. Cement shares in focus; UltraTech, Dalmia Bharat hit 52-week highs

10. Medanta hits highest level since listing; stock surges 13% in 2 days

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 17 Feb,2023:

Stock specific action expected in the market. Nifty to turn volatile as the day progresses.

Nifty spot if manages to trade and sustain above 18060 levels then expect some upmove in the market and if it breaks and trade below 17980 level then some decline can follow in the Nifty.

Please note this is just opening view and should not be considered as the view for the whole day.

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Share Market Closing Note

Benchmark indices ended on flat note in the volatile session on February 16.

At Close, the Sensex was up 44.42 points or 0.07% at 61319.51, and the Nifty was 20 points or 0.11% at 18,035.80. About 1814 shares have advanced, 1562 shares declined, and 154 shares are unchanged.

ONGC, Tech Mahindra, Apollo Hospitals, Divis Labs and Nestle India among the major gainers on the Nifty, while losers were BPCL, Bajaj Finance, HUL, HDFC Life and M&M.

Among sectors, information technology, metal and Realty up 1 percent each.

The BSE midcap and smallcap added nearly a percent each.

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Topic :- Time:3.15 PM

Just In:

The government has filed an affidavit in a sealed envelope only for Supreme Court judges in response to a suggestion for an expert committee in the Adani-Hindenburg case.

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Topic :- Time:3.00 PM

Nifty spot if holds above 18040 level on closing basis then expect some further upmove in coming days and if it breaks and closes below above mentioned level then some sluggish movement is likely to follow.

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Topic :- Time:2.30 PM

NATURALGAS Trading View:

NG is trading at 209.50. If it breaks and trade below 208.00 level then expect some decline in it and if it manages to trade and sustain above 210.20 level then some upmove can follow in it. NG will face immediate resistance at 215.30. Selling from higher level is recommended as off now.

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Topic :- Time:2.20 PM

Just In:

Tata Capital plans consolidation of arms before hitting D-St

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Topic :- Time:2.00 PM

Nifty is turning volatile now. Nifty spot if manages to trade and sustain above 18100 level then expect some upmove in the market and if it breaks and trade below 18040 level then some decline can follow in the Nifty.

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 56224. If it manages to trade and sustain above 56260 level then expect some quick upmove in it and if it breaks and trade below 56180 level then some decline can follow in the Gold.

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Topic :- Time:1.00 PM

Market is showing stock specific movement. Nifty spot if manages to trade and sustain above 18100 level then expect some quick upmove and if it breaks and trade below 18040 level then some decline can be seen.

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Topic :- Time:12.45 PM

Just In:

Nestle India Q4 PAT rises 66% YoY to ₹628 crore

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 771. If it holds above 768 level then expect some quick upmove in it and if it breaks and trade below 768 level then some decline can follow in Copper.

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Topic :- Time:12.00 PM

Nifty is trading in green zone. Nifty spot if manages trade and sustain above 18120 level then expect some upmove in the market and if it breaks and trade below 18080 level then some decline can follow in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex up 350pts, Nifty50 above 18,100; IT, metal stocks shine

2. Borrowing blitz makes Adanis empire even more vulnerable amid worst crisis

3. S&P puts Adani Transmissions ESG rating under review over governance issues

4. Centre slashes windfall tax on crude oil from Rs 5,050/tonne to Rs 4,350

5. Banks may recover close to Rs 15,000 crore from Srei group resolution

6. MSCI delays index weighting changes for two Adani companies to May review

7. Amazon Pay, 31 other payment aggregators get RBI nod to continue operations

8. Surf Excel becomes first Indian home care brand to top $1 bn annual sales

9. InterGlobe Aviation slips 5% after 4% equity changes hands via block deal

10. IT shares in focus; TCS hits 9-mth high; Tech Mahindra surges 11% in 2 days

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 16 Feb,2023:

Nifty/Banknifty options expiry today. Stock specific action expected in the market.

Nifty spot if manages to trade and sustain above 18080-18100 levels then expect some upmove in the market and if it breaks and trade below 17960 level then some decline can follow in the Nifty.

Please note this is just opening view and should not be considered as the view for the whole day.

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Share Market Closing Not

Benchmark indices ended lower for the second consecutive session on February 13 with the Nifty falling below 17,800 amid volatility.

At close, the Sensex was down 250.86 points or 0.41 percent at 60,431.84, and the Nifty was down 85.60 points or 0.48 percent at 17,770.90.

On the back of mixed global cues, the market started on a flat note but soon bears took the charge and dragged the Nifty to near 17,700 levels. However, final-hour buying helped to erase some intraday losses.

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Topic :- Time:2.45 PM

Just In:

Tata Group set to log record growth: Chandrasekaran

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Topic :- Time:2.00 PM

Nifty spot if manages to trade and sustain above 17800 level then expect some upmove and if it breaks and trade below 17760 level then some more decline can happen.

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Topic :- Time:1.30 PM

SILVER Trading View:

SILVER is trading at 66568.If it manages to trade and sustain above 66600 level then expect some upmove in it and if it breaks and trade below 66480 level then some decline can follow in it.

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Topic :- Time:1.20 PM

Just In:

DBS says not concerned about exposure to Adani group

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Topic :- Time:1.10 PM

Nifty spot if manages to trade and sustain above 17780 level then expect some upmove in the market and if it breaks and trade below 17760 level then some decline can follow. Currently nifty spot is trading at 17770.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 766.50. If it holds below 768 level then expect some fall in it and if it manages to trade and sustain above 768 level then some upmove can follow in it.

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Topic :- Time:12.10 PM

Nifty is declining. Nifty spot if breaks and trade below 17720 level then expect some further decline in the market and if it manages to trade and sustain above 17760 level then some upmove can be seen in the Nifty.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex off days low, down 200pts; Nifty50 below 17,800

2. Sebi to update FM Nirmala Sitharaman on Adani probe this week

3. Hindenburg effect: Adani Group cuts revenue growth target, capex amid rout

4. Vodafone Idea in talks with banks to refinance Rs 3-4k crore loans

5. Glenmark Pharma jumps 5% post December quarter earnings

6. Coforge slides 7% as over 7 million equity shares change hands on bourses

7. Balkrishna Industries tanks over 11% as Q3 profit plunges 68% YoY

8. Oil India hits 8-month high on highest-ever quarterly profit in Q3FY23

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 13 Feb,2023:

Nifty to turn volatile as the day progresses. Trade as per market direction.

Nifty spot if manages to trade and sustain above 17880 level then expect some upmove in the market and if it breaks and trade below 17800 level then some decline can follow in the Nifty.

Please note this is just opening view and should not be considered as the view for the whole day.

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Russia will cut oil production by 500,000 barrels per day, or around 5% of output, in March, Deputy Prime Minister Alexander Novak said on Friday, after the West slapped price caps on Russian oil and oil products.

The G7, the European Union and Australia agreed to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced above $60 per barrel from Dec. 5 as part of Western sanctions on Moscow over its actions in Ukraine.

The EU also slapped a ban on purchases of Russian oil products and set price caps from Feb. 5.

"As of today, we are fully selling the entire volume of oil produced, however, as stated earlier, we will not sell oil to those who directly or indirectly adhere to the principles of the 'price cap'," Novak said in a statement.

"In this regard, Russia will voluntarily reduce production by 500,000 barrels per day in March. This will contribute to the restoration of market relations".