NIFTY MOVED DOWN FOR THE THIRD CONSECUTIVE TRADING DAY

NIFTY:

The NIFTY opened at 17965.55 with a gap up of just 21 points. The index initially moved down then turned up and then again started drifting downwards after recording its intraday high at 18004.35. Prices have fallen more than 100 points, broken down 17900, and moved further lower to record its intraday low at 17818.40. Minor rallies in between were sold quickly. The index consolidated in the last trading hour and remained within a narrow range. The index finally closed at 17844.60 with a loss of 99.60 points or 0.56% downfall the sectoral indices have seen a downward move today except for AUTO and IT as they ended with some gains. TODAY, OIL GAS and BANK led the bears as these indices have incurred a loss of over 1%. It was a trend day today on the downside where prices have seen a decline of almost 200 points from its high and ended below 17900 support. The short-term trend is down now. We should look for shorting opportunities only as far as prices are trading below 17900. Resistance is visible around 18100.

BANK NIFTY:

The BANK NIFTY opened at 41221.55 with a gap up of 89 points. Prices have initially gone down and rallied higher and face strong resistance. The index started a down move after recording its intraday high at 41292.60. Prices have continued moving lower, recorded its intraday low at 40580.10, and finally dosed at 40707.15 with a loss of 425 points. PSU and PVT BANK, both indices have performed almost the same today, saw an intraday decline, and closed lower by 1.11% &0.95% respectively. Within the index, in terms of points, BANDHAN BANK contributed the highest on the downside followed by HDFC BANK. It was again a trend day today on the downside in the BANK Index where prices have recorded its intraday high near the opening tick and intraday low near the closing tick. The short-term trend is now down as the index has broken down from 41000-41800 trading days after spending 10 days within this range. We should wait for confirmation first.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended lower on February 20 amid selling across sectors barring auto and IT names. At Close, the Sensex was down 311.03 points or 0.51% at 60,691.54, and the Nifty was down 99.60 points or 0.56% at 17,844.60. About 1370 shares have advanced, 2118 shares declined, and 155 shares are unchanged.

• Wipro offers freshers lower pay amid delays in onboarding. Candidates with a package of Rs 6.5 lakh per annum (LPA) who were awaiting onboarding received emails from the company asking if they wished to join at Rs 3.5 LPA.

• Automobile manufacturer Tata Motors on February 20 signed a Memorandum of Understanding (MoU) with ride-sharing app Uber on Monday wherein the latter will introduce around 25,000 XPRES–T Tata Motor Electric Vehicles (EVs) into their premium category service.

• Billionaire industrialist Anil Agarwal’s plan to trim a massive debt pile hit a roadblock after New Delhi said it would block the sale of a zinc manufacturing unit. The government has threatened to take legal action to stop Agarwal’s Vedanta Group from selling the unit to its subsidiary Hindustan Zinc Ltd., which is around 30 percent state-owned.

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

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