THE NIFTY, NIFTY BANK MOVED VERY VOLATILE AND ENDED THE SESSION ALMOST ON A FLAT NOTE; THE SHORT-TERM TREND IS STILL UP

NIFTY:

The NIFTY opened at 22334.45 without any gap. Initially, the index moved higher sharply but could not add much on the upside and found resistance around 22450. A sharp decline came which found support around 22250 and the index again turned up. However, prices soon started a consolidation process. Prices moved a narrow range afterward till the end. REALTY significantly underperformed, saw a sharp down move, and closed with a loss of 3.71% followed by MEDIA, METAL, and PHARMA. The IT sector outperformed followed by FINANCIAL. The short term trend is up as the index is moving very near to its lifetime highs. A Strong support is visible around 21800 while there is no visible resistance, as prices are moving in uncharted territory. Moreover, short-term support is also visible around 22200 whereas short-term resistance is visible around 22500. The index has been moving within this 300-point range for the past seven trading days.

BANK NIFTY:

The BANK NIFTY opened at 47351.35 with a gap up of 71 points. The index started drifting downwards from its opening tick but found support quickly and bounced up. The rally could not last long and the index again moved down. This time with more intensity. The index found support around 47000 and then started a sideways movement which continued till the end. Prices first recorded its intraday high at 47812.75, then its intraday low at 46884.45, and finally closed at 47277.30 with a loss of just 3 points. PSU BANKs have underperformed, saw a sharp downside move, and ended with a loss of 2.57%. PVT BANKs have outperformed and closed with a minor gain of just 0.04%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while SBIN contributed the lowest. The trend is still up in the BANK NIFTY.

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• India’s benchmark indices ended on a mixed note after concluding a choppy session on Tuesday. Gains in shares of HDFC Bank Ltd., Tata Consultancy Services Ltd supported, while losses in shares of State Bank of India, ITC Ltd dragged. Today, the NSE Nifty 50 settled 3.05 points or 0.01% up at 22,335.70, and the S&P BSE Sensex settled 165.32 points or 0.22% higher at 73,667.96.

• The National Company Law Appellate Tribunal granted approval on Tuesday for the transfer of control of Jet Airways (India) Ltd. to the Jalan Kalrock Consortium. This decision comes after the committee of creditors, led by the State Bank of India, filed an appeal against the National Company Law Tribunal’s order approving the resolution plan submitted by Murari Lal Jalan and Kalrock Capital.

• Mutual funds acquired another Rs.8,400 crore worth of HDFC Bank Ltd shares in February following a substantial purchase of Rs.13,500 crore in January. As of February 2024, mutual funds held around 142.27 crore shares of the bank from 136.26 crore in January. However, the value of these shares decreased from Rs 2.15 lakh crore to Rs 2.02 lakh crore during this period, according to ACE Equities data.

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

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