A GAP-UP OPENING DID NOT SUSTAIN TODAY; NIFTY ENDED ON A FLAT NOTE

NIFTY:

The NIFTY opened at 18094.75 with a gap up of 79 points. The index continued moving higher but soon faces resistance and started a consolidation process. The index broke on the downside after recording its intraday high at 18134.75. Prices saw a decline that lasted till the end and the index recorded its Intraday low at 18000.65. Prices finally closed at 18035.85 near its day’s lows with a gain of just 20 points or 0.11% up.IT, METAL, and REALTY outperformed today and ended with a gain of over 1% followed by PHARMA and OIL GAS. BANK, FINANCIAL, and AUTO underperformed today and ended with a loss. It was again a trend day today but on the downside where prices have seen a steady down move throughout the day, recording its intraday high near the opening tick and intraday low near the closing tick. We will get a buying opportunity again when prices either dip towards 17900 and hold this support or break and close above 18100 resistance. As far as prices are trading within this 200 points range, we should avoid trading the index.

BANK NIFTY:

The BANK NIFTY opened at 41925.70 with a gap up of 169 points. Initially, prices moved higher but soon started a consolidation process which eventually broke on the downside after the index recorded its intraday high at 41979.10. Prices have drifted downwards and continued the bearish momentum to record its intraday low at 41521.95. The index finally closed at 41554.10 with a loss of 202 points. PSU and PVT BANK, both indices have performed almost the same today, saw an intraday decline, and closed lower by 0.20% &0.16% respectively. Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while HDFC ABNK contributed the lowest. It was a trend day today in the BANK Index on the downside where prices have recorded its intraday high near the opening tick and Intraday low near the closing tick. The short-term trend is still sideways. The index made an attempt to break a trading range inside 41000-41800 but failed to do so and ended within. We should wait for a decisive breakout.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• 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 up 20 points or 0.11% at 18,035.80. About 1814 shares have advanced, 1562 shares declined, and 154 shares are unchanged.

• Adani Power is said to scrap $850 million coal plant purchase. The Adani Group company and DB Power Ltd. mutually agreed not to proceed with the transaction after a long-stop date expired on Wednesday, said the people, who asked not to be identified as the information is private. DB Power operates a 1.2 gigawatt coal power project in the Indian state of Chhattisgarh.

• Byju’s is in negotiations with investors including TPG to raise more than $500 million, a much-needed capital infusion that could help the world’s most valuable edtech startup stave off potential debt issues.

• Wipro is rolling out 87 percent of the variable pay for the third quarter of the financial year 2022-23, an email sent by Chief Human Resources Officer Saurabh Govil to employees has said.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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