Nifty And Nifty Bank Both Indices Resumed Its Down Move After One Day Of A Relief Rally

NIFTY:

The NIFTY opened at 17591.35 with a gap up of 80 points. The index could not sustain at the higher levels and started drifting downwards after the opening tick. Prices recorded its intraday high at 17599.75, saw a sharp decline, and filled the gap. The index started a consolidation process afterward which eventually broke on the downside. Prices have seen another leg of a down move, going below 17500, and recording its intraday low of 17421.80. The index finally closed at 17465.80 with a loss of 45.45 points or 0.26% down. All the sectoral indices have moved down except OIL GAS and PHARMA which closed with some gains. METAL led the bears today and ended 3% down followed by AUTO and REALTY. Buying opportunity may come if the index holds 17500 support in the next week. As of now, we should step aside and avoid trading the index as the chance of brief consolidation is higher.

BANK NIFTY:

The BANK NIFTY opened at 40259.10 with a gap up of 183 points. Prices initially moved higher but soon faced resistance and turned down after recording its intraday high at 40348.10. The decline continued for the whole day. The index recorded its intraday low at 39818.90 and finally closed at 39904.70 with a loss of 172 points.PSU BANK underperformed today, saw a sharp downside move, and closed lower by 0.88%. PVT BANK has also moved down and ended lower by 0.11%. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while HDFC BANK contributed the least. After oneday of a relief rally, the index resumed its prevailing trend which is down, and is now trading very near to its support level of around 39500. Resistance is visible around 41000.The trend is down. However, after a recent fall, we are expecting some kind of consolidation. We will get a shorting opportunity on any rally of if the index closes below 39500. Buying may emerge if prices hold the support.

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UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Federal Fiscal Deficit (Jan) 28th February, 2023 INR: GDP Quarterly (YoY) (Q3) 28th February, 2023	USD: Pending Home Sales (MoM) (Jan) on 27th  February, 2023 USD: Core Durable Goods Orders (MoM) (Jan) on 27th February, 2023

NEWS UPDATES

• Benchmark indices ended lower in the volatile session on February 24 with Nifty below 17,500. At Close, the Sensex was down 141.87 points or 0.24% at 59,463.93, and the Nifty was down 45.50 points or 0.26% at 17,465.80. About 1483 shares have advanced, 1877 shares declined, and 157 shares are unchanged.

• Airline operator Spicejet on February 24 reported 160 percent jump in its consolidated net profit at Rs 110 crore for the quarter ended December 2022. Its net profit stood at Rs 42 crore in the year-ago period.

• The National Company Law Appellate Tribunal (NCLAT) granted interim relief to Zee Entertainment Enterprises Ltd (ZEEL) on February 24 and stayed the order directing the initiation of insolvency proceedings against the media and entertainment firm.

• Ashok Leyland Will direct investments more on alternative fuel vehicles, Shenu Agarwal, MD & CEO, says the company’s plan is to accelerate product development and roll them out within 2023. He says Ashok Leyland has been contemplating a foray into the sub-two-tonne segment for some time now.

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

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