NIFTY:
NIFTY opened at 17529.45 with a big gap up of 190 points. The index rallied further in its initial trades and then went into a process of consolidation. Prices have recorded its intraday high at 17622.40 and then broke on the down side. A sharp decline of more than 350 points brought prices to its intraday low at 17244.55. The index bounced up from that low, recovered from all the losses, and came close to its morning highs. Prices have finally closed at 17576.85 with a gain of 237 points or 1.37% up. All the sectoral indices have closed with gains today except AUTO and OILGAS.METAL outperformed today and ended with a handsome of 4.49% followed by PHARMA which ended higher by more than 2%.
We are now expecting the NIFTY to consolidate inside 17000 support and 17600 resistance. The range can be narrower as time passes but fresh trading opportunities for carry forward traders will emerge after a consolidation. Till then we should prefer trading only on an intraday basis. The short-term trend is up now as prices have closed above 17500. Our approach should be buying the dips and selling on rallies if finds resistance.
BANK NIFTY:
BANK NIFTY opened at 38460.45 with a big gap up of 503 points. The index moved further on the upside and recorded its intraday high at 38802.70.Prices then consolidated for almost half the day. The index moved down during the budget speech, recorded its intraday low at 37690.60 and then recovered all the losses to finally close at 38568.70 with again of 611points. PVT BANKS have significantly outperformed today and ended with a gain of 1.93%.PSU BANKS have seen a decline today and closed with a loss of 0.58%. Within the index, n terms of points, ICICI BANK contributed the highest while SBIN contributed the lowest.
A likely trading range is now visible with support around 37500 and a resistance around 38800. Fresh trade will emerge when prices closes beyond these levels. The short-term trend is sideways and volatility is colling off suggests the range may continue for few more trading days.
TECHNICAL PICKS
| COMPANY NAME | CMP | B/S | RATIONALE+ |
| UBL | 1650 | BUY | The stock is on the verge of giving the breakout on the intraday as well as the daily chart. The stock can be buy above 1655 with a stop loss of 1640 and for the target of 1680. |
| TITAN | 2431 | BUY | The immediate trend of the script is bullish. There is a positive cross over of moving averages as well as of the indicators therefore it can be bought above 2420 with a stop loss of 1170 and target of 2480. |
DERIVATIVE PICKS
| Stock Name | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| TATAPOWER | 260CE | BUY | 9.5 | CMP | 6 | 15 | OI Increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| HEROMOTOCO.Feb 24 | 2659.1 | 0.04 | 1.2 | 3083700 | HINDPETRO.Feb 24 | 291.1 | -7.69 | 14.08 | 14288400 | |
| RELIANCE.Feb 24 | 2393.9 | 0.07 | 2.64 | 33692000 | BPCL.Feb 24 | 375.45 | -3.63 | 11.72 | 29381400 | |
| MCX.Feb 24 | 1542 | 0.07 | 10.83 | 1687350 | IOC.Feb 24 | 118.2 | -3.27 | 8.5 | 42159000 | |
| PIIND.Feb 24 | 2445 | 0.11 | 3.52 | 2097000 | TATAMOTORS.Feb 24 | 503.6 | -2.67 | 15.7 | 79691700 | |
| ALKEM.Feb 24 | 3517.2 | 0.14 | 4.45 | 249000 | CHAMBLFERT.Feb 24 | 418.75 | -2.66 | 9.39 | 3634500 | |
| Short Covering | Long Unwinding | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| VOLTAS.Feb 24 | 1184.1 | 0.42 | -0.42 | 3758000 | COROMANDEL.Feb 24 | 780.85 | -0.19 | -0.97 | 1150000 | |
| SBICARD.Feb 24 | 887.85 | 0.83 | -2.32 | 4660000 | HAL.Feb 24 | 1430.05 | -0.06 | -0.65 | 2479025 | |
| GUJGASLTD.Feb 24 | 683.15 | 1.05 | -3.62 | 1697500 | ||||||
| STAR.Feb 24 | 401.45 | 1.33 | -0.32 | 4150800 | ||||||
| TCS.Feb 24 | 3807.8 | 1.46 | -0.9 | 12130350 | ||||||
TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Crompton Greaves Consume | 414.8 | -2.27 | 2570821 | 0 | 79.84 | Nifty 50 | 17576.85 | 1.37 | 77157 | |
| Ipca Laboratories Ltd. | 1037.55 | 0.28 | 86410 | 0 | 75.21 | Nifty Bank | 38505.5 | 1.4 | 77163 | |
| Dabur India Ltd. | 546.45 | 1.81 | 1500268 | 0 | 74.28 | Nifty it | 35371.65 | 1.57 | 77163 | |
| Hindustan Unilever Ltd | 2305.65 | 1.4 | 1270508 | 0 | 74.23 | India Vix | 19.98 | -8.97 | 77160 | |
| Icici Lombard General In | 1369.15 | 0 | 857386 | 0 | 70.89 | Nifty Auto | 11616.1 | -0.75 | 77163 | |
| Abbott India Limited | 16140.15 | 0.38 | 20818 | 0 | 70.57 | Nifty Metal | 5719.4 | 4.49 | 77166 | |
| Hdfc Life Insurance Comp | 623.9 | 0.23 | 4159628 | 0 | 70.54 | Nifty Media | 2247.2 | 0.53 | 77166 | |
| Piind | 2437.65 | 0.17 | 512872 | 0 | 67.69 | Nifty Fmcg | 37183.8 | 1.96 | 77163 | |
| Infosys Limited | 1772.05 | 2.06 | 5119935 | 0 | 66.94 | Nifty Realty | 488.65 | 1.75 | 77163 | |
| Hdfc Ltd. | 2565.35 | 1.76 | 2980741 | 0 | 66.64 | Nifty Pharma | 13477.5 | 2.26 | 77163 | |
| Power Grid Corporation o | 212.95 | -1.14 | 6466767 | 0 | 66.61 | Nifty Financial Services | 18060.25 | 1.26 | 77166 | |
UPCOMING ECONOMIC DATA
| Domestic International | |
| INR: Preliminary Trade Data on 2nd February, 2022
INR: Nikkei Services PMI (Jan) on 3rd February, 2022 |
•USD: ADP Nonfarm Employment Change (Jan) on 2nd February 2022
•USD: Crude Oil Inventories on 2nd February 2022 |
NEWS UPDATES
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The central government continued its focus on capital expenditure in its budget for FY23 to aid economic recovery at a time private investment remains weak. The government capital expenditure for FY23 is pegged at Rs 7.5 lakh crore, forming about 2.9% of India’s GDP, Finance Minister Nirmala Sitharaman said in her Budget 2022 speech.
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The government has cut spends on food, fertiliser and fuel subsidies for 2022-23. Expenditure on food, fertilisers and petroleum—the government’s largest revenue expense after interest payments—is expected at Rs 3.18 lakh crore for FY23, 26.6% lower than the revised estimates for the ongoing financial year, according to Budget 2022 documents.
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The government has allocated Rs 73,000 crore for India’s rural jobs guarantee programme in the upcoming fiscal. The revised estimate for the Mahatma Gandhi National Rural Employment Guarantee Act for FY22 now stands at Rs 98,000 crore, Finance Minister Nirmala Sitharaman said in her Budget 2022 speech. The government had budgeted just as much for the scheme in FY22 but had to step up allocations during the year as demand for work surged.
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India’s government aims to expand the national highways network by 25,000 kilometres in the upcoming fiscal as part of PM Gati Shakti plan, a platform to track infrastructure projects. The master plan for expressways will be formulated in 2022-23 to facilitate faster movement of people and goods, Finance Minister Nirmala Sitharaman said in her Budget 2022 speech on Tuesday. “Rs 20,000 crore will be mobilised through innovative ways of financing to complement the public resources.”
Source: Economic Times, Indian Express ,Business Today, Livemint, Business Standard, Bloomberg Quint.
BOARD MEETINGS
| Company Name | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| AARTISURF | Audited Results;Quarterly Results | 02-Feb-22 | JKLAKSHMI | Quarterly Results | 02-Feb-22 |
| ACRYSIL | Interim Dividend;Quarterly Results | 02-Feb-22 | JUBLFOOD | Quarterly Results;Stock Split | 02-Feb-22 |
| ADANIGREEN | Quarterly Results | 02-Feb-22 | KALYANIFRG | Quarterly Results | 02-Feb-22 |
| ALKYLAMINE | Quarterly Results | 02-Feb-22 | LLOYDSTEEL | General;Quarterly Results | 02-Feb-22 |
| APOLLOTYRE | Quarterly Results | 02-Feb-22 | M&MFIN | Quarterly Results | 02-Feb-22 |
| AVADHSUGAR | Quarterly Results | 02-Feb-22 | MAHSEAMLES | Quarterly Results | 02-Feb-22 |
| BAJAJCON | Interim Dividend;Quarterly Results | 02-Feb-22 | MUTHTFN | Quarterly Results | 02-Feb-22 |
| BALAMINES | Quarterly Results | 02-Feb-22 | RELCAPITAL | General;Quarterly Results | 02-Feb-22 |
| BALRAMCHIN | Interim Dividend;;Quarterly Results | 02-Feb-22 | SHALBY | General;Quarterly Results | 02-Feb-22 |
| BLUESTARCO | Quarterly Results | 02-Feb-22 | SOMANYCERA | General;Quarterly Results | 02-Feb-22 |
| DABUR | Quarterly Results | 02-Feb-22 | TATACONSUM | Quarterly Results | 02-Feb-22 |
| DCW | Quarterly Results | 02-Feb-22 | TIMKEN | Quarterly Results | 02-Feb-22 |
| DHANUKA | Interim Dividend;Quarterly Results | 02-Feb-22 | TRIVENI | Quarterly Results | 02-Feb-22 |
| FCONSUMER | Quarterly Results | 02-Feb-22 | VGUARD | Quarterly Results | 02-Feb-22 |
| GILLETTE | Interim Dividend;Quarterly Results | 02-Feb-22 | WINDLAS | Quarterly Results | 02-Feb-22 |
| HDFC | Quarterly Results | 02-Feb-22 | ZEEL | Quarterly Results | 02-Feb-22 |
| IIFLWAM | Quarterly Results | 02-Feb-22 | ZUARI | Quarterly Results | 02-Feb-22 |
| IOB | Quarterly Results | 02-Feb-22 | ZYDUSWELL | Quarterly Results | 02-Feb-22 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| CONCOR | 02-Feb-22 | Interim Dividend – Rs. – 2.00 | SHARDACROP | 02-Feb-22 | Interim Dividend – Rs. – 3.00 |
| COSMOFILMS | 02-Feb-22 | Interim Dividend – Rs. – 10.00 | SHAREINDIA | 02-Feb-22 | Interim Dividend – Rs. – 2.00 |
| HAZOOR | 02-Feb-22 | E.G.M. | TORNTPHARM | 02-Feb-22 | Interim Dividend – Rs. – 25.00 |
| NGIL | 02-Feb-22 | E.G.M. | WENDT | 02-Feb-22 | Interim Dividend – Rs. – 20.00 |
| PGINVIT | 02-Feb-22 | Income Distribution (InvIT) | ACCELYA | 03-Feb-22 | Interim Dividend – Rs. – 17.00 |
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