Nifty and Bank Nifty moved down in the first half while sharply recovered in the second half; The Trend remains up

NIFTY:

The NIFTY opened at 22081.55 with a gap up of just 26 points. The index initially moved down for the first hour of trading and then found strong support around 21900 levels. Prices have formed a consolidation there that eventually broke on the upside after recording its intraday low at 21875.25. The index started moving higher and the rally lasted almost till the end. The NIFTY crossed above 22250 towards the end and recorded its intraday high at 22252.50. The index finally closed at 22217.45 with a gain of 162.40 points or 0.74% up. BANK and FINANCIAL underperformed today and were the only sectors that closed in a loss. IT, AUTO, METAL, and MEDIA outperformed today and posted a gain of over 1% followed by FMCG.The intraday movement continued to be very volatile whereas the intraday range was wide today of about 377 points. The index heavyweight HDFC BANK led the bears today while RELIANCE, ICICI BANK, and INFY led the bulls today.

BANK NIFTY:

The BANK NIFTY opened at 46934.55 without any gap. The index initially consolidated and then broke on the downside. A sharp decline took place which brought prices below 46500. The index found support there, consolidated for the afternoon session and then eventually broke on the upside. A sharp rally came which recovered all the losses that came in the first half. The index recorded its intraday high at 47024.05, intraday low at 46426.85, and finally closed at 46944.85 with a gain of just 11 points. PSU BANKS have outperformed today, saw a mild upside move, and closed with a gain of 0.21%. PVT BANKs have underperformed today, saw a mild downside move, and closed with a loss of 0.07%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while HDFC BANK contributed the lowest.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• On the back of mixed global cues, the market started flat but extended profit booking from the previous session dragged the Nifty below 21,900, intraday. However, the last couple of hours of buying helped the index to end near the day’s high.

• Space-related stocks fired up on February 22 after the Union Cabinet approved changes to the Foreign Direct Investment Policy (FDI) in the space sector. The government has allowed 100 percent investment under the automatic route for activities that includes manufacturing of components, systems and sub-systems for satellites.

• IndiGo is in talks with multiple leasing companies and airlines to add to its fleet before the summer schedule begins in April. The airline is in the final stage of negotiations to onboard eight aircraft on wet lease from airlines and another 12 from the secondary market,” a senior executive said.

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

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