NIFTY RALLIED SHARPLY, AND CLOSED ABOVE 17900

NIFTY:

The NIFTY opened at 17840.35 with a gap up of 70 points. The index initially consolidated and then broke on the upside and rallied higher. Prices have recorded its intraday low at 17800.05, saw a steady upside throughout the day, and went above 17900. The index recorded its intraday high at 17954.55. Prices have seen a minor decline in the last hour of trading but remained above 17900 and finally dosed at 17929.85 with a gain of 158.95 points or 0.89% up. IT and METAL outperformed today by gaining more than 1% followed by BANK and FINANCIAL REALTY underperformed today and ended with a loss of 1.84%. For the short term, 17800 is acting as strong support below this the next support is now visible around 17650. As mentioned in our previous letter we are expecting a sharp move this week in either direction. It now seems that the move is coming on the upside. We should be buyers on dips and consolidation breakouts as far as prices are staying above 17800. The direction will be dearer in the next couple of days. We will plan our carry-forward trades then only. Till then trade only on an intraday basis.

BANK NIFTY:

The BANK NIFTY opened at 41410.45 with a gap up of 150 points. Initially, prices moved down, fill the gap, and then found support Prices have bounced up after recording its intraday low at 41195.75 and continued moving higher for the rest of the day. The index recorded its intraday high at 41718 and finally closed at 41625.50 with a gain of 365 points. PSU and PVT BANK, both indices have performed almost the same today, saw an intraday rally, and closed higher by 1.04% &0.77% respectively. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while KOTAK ABNK contributed the lowest. It was a trend day today on the upside where prices have seen a steady up move throughout the day, recorded its intraday low near its opening tick and intraday high near its closing tick. The short-term trend is still sideways. We have identified a narrow trading range inside 41000-41800. The trading range remained intact for the 8th trading day. Since the range is very narrow so we may see a breakout soon.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended higher on February 14 with Nifty above 17,900. At Close, the Sensex was up 600.42 points or 0.99% at 61,032.26, and the Nifty was up 158.90 points or 0.89% at 17,929.80. About 1252 shares have advanced, 2158 shares declined, and 114 shares are unchanged.

• Siemens Ltd on Tuesday posted 85 per cent rise in consolidated net profit at Rs 462.7 crore for December quarter on the back of higher revenues. In the year-ago period, net profit of the company was Rs 250 crore, as per a BSE filing..

• Grasim Industries Ltd on February 14 reported a 47 percent on-year decline in its standalone profit for the third quarter ended December 2022 (Q3FY23) at Rs 257 crore, compared to a profit of Rs 489 crore registered in the year-ago period.

• Adani Group flagship Adani Enterprises has reported consolidated net profit of Rs 820 crore for the October-December 2022 quarter, as against a loss of Rs 11.63 crore a year ago. The company’s revenue from operations has zoomed 42 percent to Rs 26,612.2 crore from Rs 18,757.9 crore last year.

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

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