NIFTY ENDED THE DAY AS WELL AS THE WEEK ON A FLAT NOTE; THE SHORT-TERM TREND IS UP; PRICES ARE TRADING VERY NARROW SUGGESTING A SHARP MOVE IS ABOUT TO COME; STAY LONG WITH SUGGESTED STOP AND TARGET

NIFTY:

The NIFTY opened at 17847.55 with a gap down of 46 points. The index continued moving lower but found intraday support around 17800 and bounced up. The index recorded its intraday low at 17801 and saw a sharp upside move but soon faced resistance and turned down after recording its intraday high at 17876.95. Prices remained moving with these two levels for the rest of the day and finally closed at 17856.50 near its day’s highs but with a loss of 36.95 points or 0.21% down. REALTY outperformed today gaining over 1% followed by MEDIA and AUTO, METAL underperformed today and lost over 1% followed by OIL GAS, FMCG, and IT. We have mentioned a support zone inside 17700-1780 which the index is holding so far. We were long in the index around 17850 and for today we have suggested staying long with a stop just below 17770 and a target of 18 100. Prices did not hit either level so this trade remained intact. Stay long with the same stop and target.

BANK NIFTY:

The BANK NIFTY opened at 41452.40 with a gap down of 124 points. The index rebound quickly and moved up sharply to fill the gap after recording its intraday low at 41424.90 in its initial trades. Prices then faces resistance and started a consolidation process. The index remained range bound for the rest of the day, recorded its intraday high at 41678.90, and finally closed at 41542.60 with a loss of just 34 points. PSU BANK has outperformed today and ended higher by 0.41% while PVT BANK has underperformed today and closed on a flat note. Within the index, in terms of points, AU BANK contributed the highest on the upside while ICICI BANK contributed the lowest. Next week, we should look for a buying opportunity on a breakout above 41800 and a shorting opportunity on a breakdown below 41400. In case of a gap apply the first 15-minute rule. Keep a stop of 300 points and a target of 1200 points.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended lower in the volatile session on February 10 with Nifty around 17,850. At Close, the Sensex was down 123.52 points or 0.20% at 60,682.70, and the Nifty was down 37 points or 0.21% at 17,856.50. About 1821 shares have advanced, 1547 shares declined, and 148 shares are unchanged.

• Brent oil spikes past $86 as Russia plans output cut in March. Russia plans to cut its March oil production voluntarily by 500,000 barrels a day in response to the western price caps, said Deputy Prime Minister Alexander Novak.

• Billionaire Mukesh Ambani announced Rs 75,000 crore investment over the next four years in expanding the telecom network, including roll out of 5G services, retail and new energy business in Uttar Pradesh.

• Share price of Zomato fell 7 percent intraday on February 10, a day after the food aggregator reported its December quarter earnings. The company’s consolidated net loss for Q3FY23 widened to Rs 347 crore against Rs 63 crore registered in the same quarter last year. For Q2FY23, the net loss stood at Rs 251 crore.

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

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