Nifty and Nifty Bank were volatile and rangebound and the trend remains up

NIFTY:

note. The NIFTY opened at 22290 with a gap up of 73 points. The index initially moved down, filled the gap, and found strong support there. Prices started a consolidation process afterward. The index moved within a narrow range of about 60 points for most of the day. The sideways movement continued till the end and broke on the downside almost at the end. Prices have first recorded its intraday high at 22297.50 in the opening trades, then its intraday low at 22186.10, and finally closed at 22212.70 with a loss of just 4.75 points or 0.02% down. MEDIA and REALTY outperformed today and closed with a gain of over 1% followed by PHARMA OIL GAS underperformed today and ended 0.43% down followed by METAL, BANK, and IT. Pattern, Set Up, and Signals After two days of the wide movement, the NIFTY today moved sideways and narrowly and ended the session on a flat note. The index spent most of the time within a tight narrow

BANK NIFTY:

the BANK NIFTY opened at 47060.70 with a gap up of 116 points. The index initially moved down, filled the gap, and then started moving higher. The rally found resistance quickly, prices saw a sharp decline and then started a consolidation process. The index moved down afterward and then again started consolidating toward the end. Prices first recorded its intraday high at 47245.35, then its intraday low at 46723.15, and finally closed at 46768.60 with a loss of 176 points.PVT BANKs have outperformed today, moved sideways, and closed without any change. PSU BANKs have underperformed today, saw a sharp downside move, and closed with a loss of 1.15%. Within the index, in terms of points, IDFC FIRST BANK contributed the highest on the upside while SBIN contributed the lowest.0ENGThe BANK NIFTY continued moving volatile for yet another session and ended the day on a negative

TECHNICAL PICKS

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• The Reserve Bank of India (RBI) on February 23 said it has advised National Payments Corporation of India (NPCI) to examine the request of One97 Communication Ltd (OCL) to become a Third-Party Application Provider (TPAP) for UPI channel for continued UPI operation of the Paytm app.

• Biocon Ltd on Friday said it has been imposed a penalty of over Rs 3 crore over GST-related issues. The company has received an order of adjudication imposing a penalty of Rs 3,03,78,465 dated February 22, 2024, from the office of Deputy Commissioner of Commercial Taxes, Divisional GST Office, Bangalore, Biocon Ltd said in a regulatory filing.

• The rupee consolidated in a narrow range and depreciated by 8 paise to close at 82.93 (provisional) against the US dollar on Friday, tracking a strong American currency and muted trend in domestic equities. Forex traders said the Indian currency depreciated as foreign fund outflows weighed on the rupee.

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

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