THE NIFTY, NIFTY BANK OPENED WITH A BIG GAP-UP; AND COULD NOT ADD MUCH TO THE OPENING TICK

NIFTY:

The NIFTY opened at 21989.90 with a big gap up of 150 points. The index initially saw a minor dip but soon found support and bounced up sharply. However, the rally could not last long and started facing resistance around 22100. Prices moved sideways there and eventually broke on the downside. A sharp decline came that found strong support in the afternoon session. The index then again moved higher slowly and steadily. The index first recorded its intraday high at 22080.95 in its morning trades, then its intraday low at 21941.30 in the afternoon session, and finally closed at 22011.95 with a gain of 172.85 points or 0.79% up. All the sectoral indices have moved in line with the NIFTY and closed with gains. REALTY and METAL led the bulls today by ending with a gain of over 2% followed by MEDIA, AUTO, and OIL GAS.

BANK NIFTY:

The BANK NIFTY opened at 46674.85 with a big gap up of 304 points. The index initially consolidated and then broke higher. A rally started but found resistance quickly and the index started moving lower. Prices have found support in the afternoon and then started moving sideways which lasted till the end. Prices first recorded its intraday high at 46990.25, then its intraday low at 46570.15, and finally closed at 46679.25 with a gain of 309 points.

PSU BANKs have outperformed today, saw a sharp upside move, and ended with a gain of 2.14%. PVT BANKs have also moved up today, saw a mild upside move, and closed with a gain of 0.88%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while ICICI BANK contributed the lowest. The short-term trend is sideways

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Shares of TCS will be in focus on March after the company signed a multimillion-dollar deal to carry out the end-to-end IT transformation of Ramboll, an architecture, engineering, and consultancy company headquartered in Denmark..

• Asian stocks were near a weekly gain on Friday and the Nikkei charged to a record high, riding a rally from its global counterparts after a surprise rate cut from the Swiss National Bank had investors wagering who could be next.

• Gold prices edged higher on Friday and were set for a fourth weekly rise in five after the U.S. Federal Reserve maintained its interest rate cut projections for the year, boosting investor sentiment.

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

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