Nifty And Nifty Bank Have Seen A Relief Rally

NIFTY:

The NIFTY opened at 17360.10 with a gap up of 57 points. The index continued its early morning bullish momentum and started moving higher from its opening tick. Prices have recorded its intraday low at 17345.25, saw a sharp upside move, and went above 17400. The index then started a consolidation process and found intraday support around 17400. The index bounced up sharp from the above-mentioned support levels and recorded its intraday high at 17467.75. Prices have finally closed at 17450.90 with a gain of 146.95 points or 0.85% up. All the sectoral indices have seen an upside move today and closed with gains. META led the bulls today by ending nearly 4% higher followed by IT, MEDIA, REALTY, OIL GAS, and BANK. The index has seen a relief rally today and ended well above 17400. We have mentioned a support level of around 17300. Prices have bounced up sharply from this level and are now heading toward its resistance level around 17800. As of now, we should step aside and avoid trading the index. We should wait for a clear sense of direction, which may be clear in the next couple of days.

BANK NIFTY:

The BANK NIFTY opened at 40473.85 with a gap up of 191 points. The index continued its early morning bullish momentum and started rising after recording its intraday low at 40341.95 in its initial trades. The index kept on rising throughout the day, recorded its intraday high at 40725.35, and finally dosed at 40703.45 with a gain of 421 points. PSU BANK outperformed today, saw a sharp intraday rally, and closed higher by 2.98%. PVT BANK has also moved up today and ended with a gain of 1.01% Within the index, in terms of points, SBIN contributed the highest on the upside while HDFC BANK contributed the lowest. The index bounced up from the support level and now heading toward the resistance level. This rally may be a beginning of a new up move or it’s just a relief rally, we have to wait for a couple

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Indian benchmark indices ended on positive note on March 1 with Nifty around 17,450. At close, the Sensex was up 448.96 points or 0.76% at 59,411.08, and the Nifty was up 146.90 points or 0.85% at 17,450.90. About 2396 shares have advanced, 1009 shares declined, and 129 shares are unchanged.

• India’s Adani Group has told creditors it has secured $3 billion loan from a sovereign wealth fund, two sources with knowledge of the matter said, as the embattled conglomerate seeks to ease concerns about its credit profile after a short-seller attack.

• The government collected Rs 1.50 lakh crore as Goods and Services Tax (GST) in February, the finance ministry said on March 1. The GST collections for February fell from Rs 1.58 lakh crore in January, which were the second-highest monthly collection ever under the indirect tax regime which was introduced in July 2017.

• Metal stocks, which have been on a declining trend for the past three months, are seeing a rebound on easing coking coal prices, lower Chinese production and better domestic prospects. The Nifty Metal index was the best performer among all sectoral indices on the NSE on March 1.

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

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