NIFTY AND NIFTY BANK TRADED VERY VOLATILE TODAY

NIFTY:

The NIFTY opened at 17790.10 with a gap up of just 26 points. The index initially tried to move up but failed to do so and started drifting downwards after recording its intraday high at 17811.15. Prices have seen a decline, a minor rally, and a sharp decline, bringing prices below 17700. The index found support just above 17650 and recorded its intraday low at 17652.55. The index has seen a modest recovery and then a sharp fall in the last 30 minutes of trading. Prices have finally closed at 17721.50 with a loss of 43.10 points or 0.24% down. REALTY outperformed today followed by BANK and FINANCIAL AUTO and FMCG underperformed today followed by IT, MEDIA, and METAL PHARMA ended on a flat note. The last two days of narrow movements should lead prices to an expansion phase. We are recommending the same trade for tomorrow also. Look to buy above 17850 or sell short below 17650. In case of a gap apply the first 15-minute rule. Keep a stop of 80 points and a target of 240 points from your entry price.

BANK NIFTY:

The BANK NIFTY opened at 41513.10 with a gap up of 146 points. The index consolidated in a tight narrow range, eventually breaking on the downside. The index moved down to record its intraday low at 41095.10 and then saw a sharp upside move. Prices have recorded its intraday high at 41630.75 and saw a major decline in the last 30 minutes of trading. The index finally closed at 41464.40 with a gain of 97 points. PVT BANK has outperformed today, saw an intraday rally, and closed higher by 0.19%. PSU BANK has under performed today and closed lower by 0.20% Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while ICICI BANK contributed the lowest. A breakout with a close above 41500 may give us a buying opportunity while if prices hold 41500 resistance then we should look for shorting opportunity. We should take a trade in the direction of a breakout. Look to buy above 41700 or sell short below 41000. In case of a gap apply the first 15-minute rule: Keep a stop of 240 points and a target of 800 points from your entry price.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Sensex is down 220.86 points or 0.37 percent at 60,286.04. Nifty down 43.10 points or 0.24 percent at 17,721.50. About 1559 shares have advanced, 1854 shares declined, and 124 shares are unchanged. Most sectors ended in the red with minor gains in capital goods, realty and private banking sectors.

• Ambuja Cements on February 7 recorded a massive 46 percent year-on-year growth in standalone profit at Rs 369 crore for the quarter ended December FY23 with stable operating margin and higher other income, beating analysts’ expectations on all counts.

• Bharti Airtel, India’s second-largest telecom company, recorded a 91 percent surge in consolidated net profit at Rs 1,588 crore for the quarter ended December 2022 from Rs 830 crore a year back. The profit missed analysts’ projections who were expecting more than 200 percent YoY growth in net profit for the quarter.

• Paytm’s revenue surged 41 percent to Rs 2,062 crore in the December quarter (Q3), compared to the year-ago period, while net loss narrowed to Rs 392 crore, according to a regulatory filing. The digital payments and financial services company’s loss in the corresponding period last year was Rs 778 crore, whereas it stood at Rs 572 crore in the September quarter, Paytm said..

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

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