THE MARKET REMAINED DIRECTIONLESS

NIFTY:

The NIFTY opened at 17859.10 without much of a gap. Prices have initially moved up but started drifting downward soon after recording its intraday high at 17880.70. The index has seen a sharp decline, went below 17800, and then saw a relief rally which again found resistance and prices moved down to record its intraday low at 17719.75. Prices have seen a mild recovery and a sharp decline in the last 30 minutes of trading. The index finally closed at 17770.90 with a loss of 85.60 points or 0.48% down. All the sectoral indices have moved down today and ended with a loss except FMCG which gained 0.04% MEDIA led the bears today by ending 2.45% lower followed by IT, REALTY, and METAL. The short-term trend is sideways now which was up before as the NIFTY closed below the breakout point of 17800. Moreover, the index is moving range bound for the past few trading days. For the time being, we should step aside and avoid trading the index. We should wait for a breakout first and then plan our trade accordingly.

BANK NIFTY:

The BANK NIFTY opened at 41563.50 without much of a gap. Prices have initially tried to move higher but failed to do so and turned down after recording its intraday high at 41662.55. A sharp decline brought prices to its intraday low at 41157.90 and then the index started a consolidation process. Prices remained sideways till the end and finally closed at 41260.85 with a loss of 282 points. PSU BANK has underperformed today, saw a sharp intraday decline, and closed lower by 2.52%. PVT BANK has also moved down today and closed lower by 0.78%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while SBIN contributed the lowest. The short-term trend is sideways. We have identified a narrow trading range inside 41000-41800. The trading range remained intact for the seventh 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 lower for the second consecutive session on February 13 amid selling across the sectors barring capital goods. At Close, the Sensex was down 250.86 points or 0.41% at 60,431.84, and the Nifty was down 85.60 points or 0.48% at 17,770.90. About 1235 shares have advanced, 2261 shares declined, and 160 shares are unchanged.

• Nykaa on February 13 reported a consolidated net profit of Rs 8.5 crore for the quarter ended December 2022 (Q3FY23) as against Rs 29 crore a year ago, declining 71 percent on a YoY basis. It grew 63 percent sequentially.

• Coforge Ltd. declined as much as 7.71% on Monday amid a report of a likely promoter stake sale. The company, formerly known as NIIT Technologies, had about six million shares change hands on the National Stock Exchange, according to data compiled by Bloomberg

• SEBI has invited expressions of interest to empanel auditors to conduct a forensic audit of all domestic mutual funds, their asset management companies and trustees, according to a newspaper advertisement.

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

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