NIFTY MOVED DOWN FOR YET ANOTHER SESSION, ENDED BELOW 18000

NIFTY:

The NIFTY opened at 17974.85 with a gap down of 61 points. The index initially moved up, filled the gap, and then started finding resistance there. The NIFTY opened at 17974.85 with a gap down of 61 points. The index initially moved up, filled the gap, and then started finding resistance there. The NIFTY opened at 17974.85 with a gap down of 61 points. The index initially moved up, filled the gap, and then started finding resistance there. The NIFTY opened at 17974.85 with a gap down of 61 points. The index initially moved up, filled the gap, and then started finding resistance there. The NIFTY opened at 17974.85 with a gap down of 61 points. The index initially moved up, filled the gap, and then started finding resistance there. The NIFTY opened at 17974.85 with a gap down of 61 points. The index initially moved up, filled the gap, and then started finding resistance there. The NIFTY opened at 17974.85 with a gap down of 61 points. The index initially moved up, filled the gap, and then started finding resistance there. Prices recorded its intraday high at 18034.25 and then started drifting downwards. A sharp decline brought prices to its intraday low at 17884.60 Prices have consolidated there and saw a minor recovery in the last hour of trading. The index finally closed at 17944 20 with a loss of 91.65 points or 0.51% down. All the sectoral indices have seen a down move today and ended lower EXCEPT OIL GAS. BANK, IT, PHARMA, and REALTY led the bears, as these indices have incurred a loss of over 1%. Resistance is visible around 18100. Today’s dip towards 17900 has given us a trading opportunity for the next week. On Monday, wait till 09:30 and then look to buy above the high recorded and sell short below the low recorded in the first 15 minutes of trading. Your stop loss will be the opposite level and keep a target of 240 points.

BANK NIFTY:

The BANK NIFTY opened at 41514 with a gap down of just 40 points. Prices have continued its weak momentum and drifted downwards after recording its intraday high at 41516.30 just above the opening tick. A sharp decline brought prices to its intraday low at 40882.70 and then the index saw some recovery to finally close at 41132 with a loss of 422 points PSU and PVT BANK, both indices have performed almost the same today, saw an intraday decline, and dosed lower by 1.55% & 1.31% respectively. Within the index, in terms of points, ICICI BANK contributed the highest on the downside followed by INDUSIND BANK. The short-term trend is still sideways. Yesterday we have seen a failed breakout on the upside and today the index tried to break down but came back at the end. A trading range inside 41000-41800 remained intact for the 10th trading day. On the weekly timeframe, the previous week was very narrow and this week was fairly wide. However, after a minor correction, the index consolidates on the higher timeframe chart. We should wait for prices to close beyond the 41000-41800 trading range.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices broke three-day winning streak and ended lower with Nifty below 18,000. At Close, the Sensex was down 316.94 points or 0.52% at 61,002.57, and the Nifty was down 91.60 points or 0.51% at 17,944.20. About 1468 shares have advanced, 1893 shares declined, and 136 shares are unchanged.

• The Finance Ministry has called for a meeting on February 22 with private and public sector banks to discuss extension of emergency credit line and loan guarantee schemes beyond March 31, 2023, sources said.

• Sales of electric two-wheelers could miss the target of 22 lakh units in 2023–24 by nearly 50% as the government has stopped disbursals of subsidies to a dozen firms for allegedly misappropriating funds, an industry body said.

• Twitter Inc. has shut two of its three India offices and told its staff to work from home, underscoring Elon Musk’s mission to slash costs and get the struggling social media service in the black.

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

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