NIFTY RECOVERED FROM ITS INTRADAY LOWS

NIFTY:

The NIFTY opened at 17541.95 with a gap down of 63 points. The index initially moved lower and went below 17500 but soon found support and bounced up. Prices have seen a sharp intraday rally, recovered all the losses, and went above 17700 to record its intraday high at 17709.15. Prices then started drifting downwards and again went below 17500. The index recorded its intraday low at 17405.55 and then again bounced up. Prices have rallied sharply, came into positive territory, and finally closed at 17648.95 with a gain of 44.60 points or 0.25% up. IT outperformed today by ending over 1% gains followed by BANK and FINANCIAL, OIL GAS underperformed today and ended lower by more than 3% followed by FMCG and METAL. The index breaks three days of the lower closing streak, ending today with minor gains. We have identified support around 17500. Prices have moved below this level but at the end came above. Resistance is visible around 17800. However, these support and resistance levels have less value in a news-driven environment. The INDIA VIX, a benchmark index for volatility, rose today indicating volatility is rising. We should avoid trading the index this week as we have two big news events lined up, the Union Budget 2023 & FOMC meeting We will plan our traders after these events. Till then avoid trading the index.

BANK NIFTY:

The BANK NIFTY opened at 39856.15 with a big gap down of 509 points. The index initially went down but soon bounced up and rallied to come into positive territory. The index recorded its intraday high at 40789.55 and then started drifting downwards to record its intraday low at 39419.80. Prices again bounced up and came close to its early morning highs. The index finally dosed at 40467.30 with a gain of 102 points. PSU BANK has outperformed today, saw a sharp intraday rally, and closed higher by 0.55%. PVT BANK has also moved up today but ended with a gain of just 0.08%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. BANK NIFTY continued moving volatile today and closed almost on a flat note with minor gains thanks to a sharp rally towards the end of today’s trading session. Support is visible around 39500 while resistance is visible around 41000. These support and resistance levels have no value in the current environment since we have two big news events lined up in this week. One is Union Budget 2023 and another is FOMC Meeting. The short-term trend is now down. It is wise to stay away from the market in such an environment. We should trade after the news event.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended on positive note in the highly volatile session on January 30.At Close, the Sensex was up 169.51 points or 0.29% at 59,500.41, and the Nifty was up 44.70 points or 0.25% at 17,649. About 1531 shares have advanced, 1965 shares declined, and 162 shares are unchanged.

• Larsen & Toubro (L&T) on January 30 reported a consolidated net profit of Rs 2,553 crore for the December quarter of the financial year 2022-23, up 24 percent from the year-ago period. The revenue from operations zoomed to Rs 46,390 crore, higher by 17 percent from the corresponding quarter of the previous financial year.

• LIC has clarified that the total value of Adani group company shares it has purchased over the last many years is Rs 30,127 crore. This amounts to a market value of Rs 56,142 crore, based on the closing price on January 27.

• Tech Mahindra on January 30 reported a consolidated net profit of Rs 1,297 crore for the December quarter of the financial year 2022-23, down 5.3 percent. Profit after tax (PAT) stood at Rs 1,368 crore in the year-ago period.

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

BOARD MEETINGS

Company Name	Purpose	Meeting Date	Company Name	Purpose	Meeting Date
ACC	Quarterly Results	31-Jan-23	JSWHL	Quarterly Results	31-Jan-23
APARINDS	Quarterly Results	31-Jan-23	JUBLINGREA	Interim Dividend;Quarterly Results	31-Jan-23
ARIHCAPM	General;Quarterly Results	31-Jan-23	KAYNES	Quarterly Results	31-Jan-23
AUTOAXLES	Quarterly Results	31-Jan-23	KEC	Quarterly Results	31-Jan-23
AYOME	Quarterly Results	31-Jan-23	KOKUYOCMLN	Quarterly Results	31-Jan-23
CHEMOPH	Quarterly Results	31-Jan-23	KPIGREEN	Interim Dividend;Quarterly Results	31-Jan-23
CHOLAFIN	Interim Dividend;General;Quarterly Results	31-Jan-23	KPITTECH	Interim Dividend;Quarterly Results	31-Jan-23
CIGNITI	Quarterly Results	31-Jan-23	KZLFIN	Quarterly Results	31-Jan-23
COALINDIA	Interim Dividend;Quarterly Results	31-Jan-23	LEHAR	Quarterly Results	31-Jan-23
COCKERILL	Quarterly Results	31-Jan-23	LOTUSCHO	Quarterly Results	31-Jan-23
CUBEXTUB	Quarterly Results	31-Jan-23	MAPMYINDIA	General;Quarterly Results	31-Jan-23
DHANBANK	Quarterly Results	31-Jan-23	MFSL	Quarterly Results	31-Jan-23
DHANFAB	General;Quarterly Results	31-Jan-23	NACLIND	Interim Dividend;Quarterly Results	31-Jan-23
EDELWEISS	Quarterly Results	31-Jan-23	ORIENTBELL	Quarterly Results	31-Jan-23
GHCL	Quarterly Results	31-Jan-23	ORIENTCEM	Interim Dividend;Quarterly Results	31-Jan-23
GNA	Quarterly Results	31-Jan-23	PARADEEP	Quarterly Results	31-Jan-23
GODREJCP	Quarterly Results	31-Jan-23	PATELENG	Right Issue of Equity Shares;General	31-Jan-23
HOCL	Quarterly Results	31-Jan-23	POWERGRID	Interim Dividend;General;Quarterly Results	31-Jan-23
IFBAGRO	Quarterly Results	31-Jan-23	QUINT	General;Quarterly Results	31-Jan-23
IGLFXPL-B	Quarterly Results	31-Jan-23	RADHEDE	Quarterly Results	31-Jan-23
INDHOTEL	Quarterly Results	31-Jan-23	RAILTEL	Interim Dividend;Quarterly Results	31-Jan-23
INDICAP	Quarterly Results	31-Jan-23	RAJPALAYAM	Quarterly Results	31-Jan-23
INDLMETER	Quarterly Results	31-Jan-23	SUNPHARMA	Interim Dividend;Quarterly Results	31-Jan-23
INTSTOIL	Quarterly Results	31-Jan-23	SWISSMLTRY	Quarterly Results	31-Jan-23
IOC	Quarterly Results	31-Jan-23	UDAICEMENT	Quarterly Results	31-Jan-23
ISHWATR	Quarterly Results	31-Jan-23	UPL	Quarterly Results	31-Jan-23
JINDALSTEL	Quarterly Results	31-Jan-23	WESTLIFE	Quarterly Results	31-Jan-23

CORPORATE ACTION

Company Name	Ex-Date	Purpose	Company Name	Ex-Date	Purpose
CCL	31-Jan-23	Interim Dividend – Rs. – 3.0000	SGRL	03-Feb-23	Right Issue of Equity Shares
INDIGRID	31-Jan-23	Income Distribution (InvIT)	STEELCAS	03-Feb-23	Interim Dividend – Rs. – 1.8000
LTIM	31-Jan-23	Interim Dividend – Rs. – 20.0000	SUNCLAYLTD	03-Feb-23	Interim Dividend – Rs. – 59.0000
MONIND	31-Jan-23	E.G.M.	TORNTPHARM	03-Feb-23	Interim Dividend – Rs. – 14.0000
RKFORGE	31-Jan-23	Interim Dividend – Rs. – 0.5000	VAIBHAVGBL	03-Feb-23	Interim Dividend – Rs. – 1.5000
SIEMENS	31-Jan-23	Final Dividend – Rs. – 10.0000	VEDL	03-Feb-23	Interim Dividend – Rs. – 12.5000
WENDT	31-Jan-23	Interim Dividend – Rs. – 30.0000	ZENSARTECH	03-Feb-23	Interim Dividend – Rs. – 1.5000
ACGL	01-Feb-23	Interim Dividend – Rs. – 2.5000	CONCOR	06-Feb-23	Interim Dividend – Rs. – 4.0000
DCMSHRIRAM	01-Feb-23	Interim Dividend – Rs. – 5.8000	MINDSPACE	06-Feb-23	Income Distribution RITES
MASTEK	01-Feb-23	Interim Dividend – Rs. – 7.0000	SIYSIL	06-Feb-23	Interim Dividend
MFL	01-Feb-23	Interim Dividend – Rs. – 2.5000	SONACOMS	06-Feb-23	Interim Dividend – Rs. – 1.2800
THANGAMAYL	01-Feb-23	Interim Dividend – Rs. – 6.0000	APCOTEXIND	07-Feb-23	Interim Dividend – Rs. – 2.0000
ZENITHEXPO	01-Feb-23	E.G.M.	EDVENSWA	07-Feb-23	Right Issue of Equity Shares
ACCELYA	02-Feb-23	Interim Dividend – Rs. – 35.0000	IGL	07-Feb-23	Interim Dividend – Rs. – 3.0000
SAREGAMA	02-Feb-23	Interim Dividend – Rs. – 3.0000	IIFL	07-Feb-23	Interim Dividend
SHUKRAPHAR	02-Feb-23	Right Issue of Equity Shares	KIRLPNU	07-Feb-23	Interim Dividend – Rs. – 2.5000
TANAA	02-Feb-23	Interim Dividend – Rs. – 2.0000	KPEL	07-Feb-23	Interim Dividend
TVSMOTOR	02-Feb-23	Interim Dividend – Rs. – 5.0000	ROUTE	07-Feb-23	Interim Dividend – Rs. – 6.0000
VIPIND	02-Feb-23	Interim Dividend – Rs. – 2.0000	SHARDACROP	07-Feb-23	Interim Dividend – Rs. – 3.0000
COFORGE	03-Feb-23	Interim Dividend – Rs. – 19.0000	SRF	07-Feb-23	Interim Dividend
CONTROLPR	03-Feb-23	Interim Dividend – Rs. – 4.0000	TCI	07-Feb-23	Interim Dividend
EMBASSY	03-Feb-23	Income Distribution RITES	AARTIDRUGS	08-Feb-23	Interim Dividend – Rs. – 1.0000
EQUITAS	03-Feb-23	Amalgamation	ANURAS	08-Feb-23	Interim Dividend – Rs. – 0.6000
IIFLSEC	03-Feb-23	Interim Dividend – Rs. – 3.0000	COALINDIA	08-Feb-23	Interim Dividend
KEI	03-Feb-23	Interim Dividend – Rs. – 3.0000	MOIL	08-Feb-23	Interim Dividend
MOTILALOFS	03-Feb-23	Interim Dividend – Rs. – 7.0000	PGHH	08-Feb-23	Interim Dividend
NTPC	03-Feb-23	Interim Dividend	POWERGRID	08-Feb-23	Interim Dividend

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