Market update Today
Feb 26 2024Stock To Buy today
🔸 HDFC Bank Ltd
The RBI has granted its approval to the application submitted by HDFC Credila for the proposed change in control and consequent change in the constitution of the board of directors of HDFC Credila pursuant to the Proposed Transaction
🔸 Kotak Mahindra Bank
Zurich Insurance Company plans to buy a 70% stake in Kotak Mahindra General Insurance Company for Rs 5,560 crore via primary and secondary acquisitions in a single tranche.
🔸 Suven Pharmaceuticals
The USFDA conducted an inspection at the company’s plant from Feb 12 to Feb 23 and no Form 483 has been issued because of the inspection
Stock for Intraday Trade
🔸 Sona BLW precision forgings ltd
India Ratings & Research has upgraded the Company’s Long-Term Rating on bank facilities to ‘IND AA+/Stable’ from ‘IND AA’/Positive
🔸 SUPREME INDUSTRIES LTD
The company has signed a Power Delivery Agreement (PDA) and Security Subscription and Shareholder Agreement (SSSHA) for 33.75 Mwp (25 Mw) Solar Power under Captive Mode with O2 Renewable Energy XIV Private Limited.
🔸 Skipper
The company bags fresh new order of Rs. 737 crores from PGCIL
🔸 GE Power India Limited
The company has received a purchase order from Tata Power Company Limited. The Base value as INR 6.75 crores
🔸 Infibeam Avenues Ltd
The company expands global foothold with 20% strategic stake in US-based XDuce to penetrate the US Markets with CCAvenue payment gateway and PhroneticAI Solutions"
Stocks in News Today
🔸 Housing and Urban Development
To reach 25% of the minimum public shareholding, the government plans to sell up to 0.17% of the stake over a period of 12 months. It currently holds 75.17% equity in the developer.
🔸 Union Bank of India
The company approved Rs 135.65 per share as the issue price of the share. The QIP is fully subscribed.
🔸 Ashok Leyland
The company acquired a 49.9% stake in TVS Trucks for Rs 24.95 crore to strengthen the company’s automotive business
🔸 Shakti Pumps
The company has received its 3rd work order under the KUSUM-3 scheme from Haryana Renewable Energy Department for 2443 pumps. The total amount of the work order is for around Rs. 84.30 crores
Market Action Today
MARKET TRENDS:
# Global: Positive
# FII: Positive (+1276 Cr)
# DII: Positive (+177 Cr)
# Market Breadth: Positive
# Sentiment: Bullish
# Technical: Massive breakout play.
# F&O: 21700 – 23000 zone.
# INDIA VIX 14.97 (-1.51%)
# Nifty PCR (29th FEB) 0.88
# BANKNIFTY PCR (29th FEB) 0.80
# Nifty Outlook: Immediate goal post at 22500.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 22213):
# SUPPORT: 22100/21875
# RESISTANCE: 22350/23000
# RANGE: 22100-22350
# BIAS: Positive
BANK NIFTY (CMP 46812):
# SUPPORT: 46426/45750
# RESISTANCE: 47500/48636
# RANGE: 46500-47500
# BIAS: Positive
Nifty: In Friday’s trade, Nifty witnessed choppy session after scaling a new all-time-high and the positive takeaway was that Nifty ended above the psychological 22200 mark.
Nifty’s all-time-high continues to be at 22249.40 mark.
After a higher/bullish open, Nifty was seen trading range bound.
In the process, Nifty ended the day with a slight bearish candlestick pattern.
Meanwhile, the recent sequence of higher high/low is intact on time frames.
The technical landscape suggests Nifty’s major support at 21875 mark. Interweek support seen at 21530 mark.
Nifty’s 200 DMA at 19974 mark.
Bank Nifty: In Friday’s trade, Bank Nifty too witnessed volatile movements and most importantly, bulls were not enthusiastic at higher levels and the bias remained mostly neutral but the positive takeaway was that the benchmark ended a tad below the dotted lines.
Bank Nifty was mostly seen mirroring benchmark Nifty’s rebound.
Bank Nifty ended with 0.23% losses as against Nifty’s 0.02% loss.
The positive takeaway on weekly basis was that Bank Nifty is seen joining the conga-line of rising sectoral indices and now is key booster to drive Nifty to record highs.
Digging deeper, Bank Nifty is now up 6% from its recent Feb 12th low of 44633. Please note, there is a bright chance that Bank Nifty can revisit its all-time-high is placed at 48636 mark.
Interestingly, in Friday’s trade, Nifty PSU Bank index ended 1.15% lower while Nifty Private Bank index ended unchanged.
Bank Nifty’s fresh new all-time-high continues to be at 48636.45 mark.
Intraday support for Bank Nifty now seen at 46367/45750 and then at 44221 on closing basis.
In today’s trade, Bank Nifty is likely face resistance at 47500 mark and then hurdles are placed at 48636. Bank Nifty’s 200-DMA is placed at 45056 mark.
Securities in Ban For Trade Date 26-FEB-2024:
1 ABFRL
2 ASHOKLEY
3 BALRAMCHIN
4 BIOCON
5 CANBK
6 GMRINFRA
7 GNFC
8 HINDCOPPER
9 PEL
10 PVRINOX
11 RBLBANK
12 SAIL
13 ZEEL