Outlook

NIFTY:

Nifty came under pressure due to global market as it moving near 17500 which  is 38 percent correction of recent up move. The index declined almost 4% last  week led by weakness in the technology stock . In the US, the Nasdaq Index  moved to its lowest levels since June 2021. Midcap and small cap indices also  came under pressure as they lost more than 4% each during the week.

We believe volatility will remain higher in the coming week on account of  upcoming Union Budget. On the data front, the Put base at 17500 likely to act  as an immediate support. It is likely to move towards its previous support  17850 in the coming week. On the higher side, the Call writing at 18000 strike  may remain crucial hurdle in the coming sessions

In the coming session, the index is likely to open on a subdued note tracking  weak global cues. The formation of lower high-low signifies corrective bias.  Hence intraday pullback towards 17775-17802 should be used to create short  position for target of 17400.

 

BANK NIFTY:

For a major part of last week, the Bank Nifty had relatively outperformed the  Nifty. However, it failed to give any positive close during the week as cash  based selling continued. Private as well as PSU banks continued to witness  selling pressure and even HDFC Bank failed to surprise the Street post its  quarterly numbers

Numbers are lined up for banks, which should trigger some volatility during the  expiry week. The volatility index remained elevated ahead of the Union Budget  whereas last week the rupee depreciated and cash based selling by FIIs  continued. Rollovers are likely to pick up pace during the week, which should  trigger stock specific actions

Buying the decline strategy should work well in coming earnings season as we  expect Bank Nifty index to hold strong support of 37500 levels being the  confluence of the following technical observations

(a)23.6 % retracement of the current up move (34018 – 38851)

(b)the recent breakout area is placed around 37500 levels In the coming  session.

TECHNICAL PICKS

TECHNICAL PICKSDERIVATIVE PICKS

DERIVATIVE PICKS

DERIVATIVE PICKS-2TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Pfizer Ltd. 4747.6 0 21993 0 86 Nifty 50 17617.15 -0.79 71760
Tata Consultancy Serv Lt 3840 0.35 3111295 0 80.34 Nifty Bank 37574.3 -0.73 71760
Mahanagar Gas Limited 852.8 -2.04 534721 0 74.17 Nifty it 36054.55 -1.66 71760
Petronet Lng Limited 212.85 -1.5 1344692 0 74.09 Nifty Auto 11561.75 -0.19 71760
Hdfc Ltd. 2592.95 0.92 3952726 0 72.64 Nifty Metal 5719.55 -1.91 71760
Escorts India Ltd. 1868.6 0.48 549498 0 70.35 India Vix 18.89 6.18 71760
Max Financial Services l 933.25 -4 1505907 0 70.26 Nifty Realty 491.2 -2.36 71760
Honeywell Auto India Ltd 43863.75 -2.95 5723 0 69.89 Nifty Fmcg 36812.9 0.36 71760
Hdfc Bank Ltd. 1521.6 0.83 5768339 0 69.03 Nifty Pharma 13243.05 -1.57 71760
Reliance Industries Ltd 2477.85 0.02 6153150 0 68.58 Nifty Financial Services 18047.05 -0.5 71760

UPCOMING ECONOMIC DATA

UPCOMING-ECONOMIC-DATANEWS UPDATES

  • ICICI Bank on Saturday reported a 25 per cent jump in net profit in the October–December quarter (Q3FY22), aided by lower provisions and a robust increase in net interest income (NII). The lender’s net profit in the reporting quarter stood at Rs 6,194 crore, its highest ever quarterly profit, beating Street estimates. Analysts had estimated a net profit  of Rs 5,800 crore. Its net interest income rose 23 per cent to Rs 12,236 crore in Q3FY22 as compared to Rs 9,912 crore in the corresponding period of last financial year.

  • YES Bank’s net profit rose by 77 per cent at Rs 266 crore for the third quarter ended December 2021 (Q3FY22) predominantly on reduction in provisions. The net profit was Rs 151 crore in Q3FY21. Sequentially, net profit rose by 18.2 per cent to Rs 225 crore in the second quarter ended September 2021 (Q2FY22).

  • Vodafone Idea Ltd.’s quarterly loss widened owing to an increase in its marketing and finance costs, while roaming and access charges, too, rose. Net loss stood at Rs 7,230.9 crore in the quarter ended December, according to its exchange filing. That compares with the Rs 6,998-crore loss estimate of analysts tracked by Bloomberg.

  • Reliance Industries Ltd.’s quarterly profit surged beating estimates, aided by an increase in benchmark gross refining margins and product cracks, and the performance of its retail segment. The Mukesh Ambani-led conglomerate’s profit rose 41.6% year-on-year to Rs 18,549 crore in the quarter ended December, according to its exchange filing. That compares with the Rs 15,046.7-crore consensus estimate of analysts tracked by Bloomberg. Revenue (minus excise duty) rose 57% over a year earlier to Rs 1,85,047 crore—higher  than the estimated Rs 1,75,300 crore.

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

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