April 15th 2024 Stock Market analysis

Market Plunge: Israel-Iran Tensions Rattle Investors, Oil & Gas Sector Shines

The Indian equity indices continued their downward trend for the second consecutive session on April 15, with widespread selling pressure exacerbated by escalating tensions between Israel and Iran. Investors, who are also closely monitoring March quarter results domestically, exhibited a cautious approach due to these geopolitical concerns. At the closing bell, the Sensex recorded a decline of 845.12 points, or 1.14 percent, ending at 73,399.78, while the Nifty dropped 246.90 points, or 1.10 percent, to settle at 22,272.50. The market commenced the session with a gap-down opening and witnessed a further downturn throughout the day, with the Nifty hovering around 22,250 amid selling pressure across sectors, excluding oil & gas.

Among the Nifty constituents, notable losers on April 15 were Shriram Finance, Wipro, Bajaj Finance, ICICI Bank, and Bajaj Finserv. Conversely, top gainers included ONGC, Hindalco Industries, Maruti Suzuki, Nestle India, and Bharti Airtel.

Technical Outlook on 16th April

Nifty is anticipated to find immediate support levels near 22,189 followed by 22,106, with resistances at 22,355 and 22,438. Currently, Nifty shows signs of potential recovery from lower levels.

On the other hand, Bank Nifty is expected to encounter immediate support around 47,509 and 47,245, while resistances lie at 48,038 and 48,302. Presently, Bank Nifty appears to be in a negative range-bound trading phase.

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Derivative Outlook on 16th April

PCR Analysis: Nifty PCR-OI has decreased with nifty has negative which shows CALL WRITING.

Open Interest Analysis: Nifty future April contract OI has increased with negative close which shows Short Buildup.

Cost of Carry Analysis: Nifty April month contract has ended in high compare with MAY contract and high range compare with previous session which indicates a recover from lower levels.

India VIX Analysis: India VIX has closed at 12.47 vs 11.53 (DoD) basis which shows increase in volatility.

Overall, Market recover from lower levels by tomorrow.

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Reliance Power Transfers Wind Project to JSW Energy, Stocks Experience Downturn

Reliance Power's shares plummeted nearly 5 percent during morning trading on the NSE on April 15, following the company's announcement of the completion of the slump sale of its Vashpet, Maharashtra wind power project to JSW Renewable Energy. At 10 am, the stock was trading at Rs 26. In a regulatory filing on April 12, Reliance Power reported the conclusion of the slump sale/transfer of its 45 MW Wind Power Project located at Vashpet, Maharashtra, to JSW Renewable Energy (Coated) Limited, with the consideration amounting to Rs. 132.39 crore received. On March 27, it was reported that JSW Renewable Energy (Coated), a wholly-owned subsidiary of JSW Neo Energy and a step-down subsidiary of JSW Energy, had agreed to acquire the renewable energy generation capacity from Reliance Power. Earlier, in January 2024, Reliance Power had announced the signing of an agreement to sell its 1,200 MW Kalai II hydroelectric project in Arunachal Pradesh for Rs 128.39 crore to THDC India, with the purpose of monetizing the hydroelectric power project, according to a filing.