Actionable: Buy Godrej Properties, HCL Tech, M&M, NALCO( Scrip is in FAO).
Insight Online News
From Advisory Desk : Viksah Sahay 23rd February 2024
Market Outlook: The S&P 500 and the Dow Jones reached record highs overnight, driven by the strength of growth and tech stocks following NVIDIA’s robust earnings and outlook. Most of the major global equity markets surged to record highs after better-than-expected results and improved business activity in February. Indian market could open positively, largely in line with Asian markets. On the domestic front, Indian business activity (PMI) expanded at its quickest pace in seven months, driven by solid growth in new orders and output. Yesterday, our market recovered smartly from intraday lows and reached a new all-time high, supported by positive global cues. We expect the momentum to continue further. Today being the Sensex’s weekly expiry, we expect the range to be 72500/72750 -73500/73750. Actionable: Buy Godrej Properties, HCL Tech, M&M, NALCO( Scrip is in FAO). Global market: DOW: +456 GIFT NIFTY : +37 (prev. close 22267) NIFTY 50 : 22217 SENSEX : 73158 Institution: FII: – 1410 Cr DII: + 1823 Cr BSE: Advances: 2014 / Declines: 1813 Currency: Dollar: $ 82.85 Dollar Index: 103.88 Commodity: Gold: $ 2026 per ounce Crude: $ 83.34 per barrel Bonds: 10 year US bond rate: 4.33 10 year Indian Bond rate: 7.06 Derivative: PCR: 0.89 VIX: 15.20 Updates: Defence Sector/HAL/BDL/BEL: The cabinet committee on security (CCS) has given the final nod to four major defence deals worth around Rs.35,000 crore to bolster combat capabilities of the armed forces including Rs.19,500 crore contract for over 220 extended-range BrahMos missiles. Oil India: Oil India has inked a Memorandum of Understanding (MoU) with The Fertilisers and Chemicals Travancore Limited to delve into opportunities in the realm of Green Hydrogen. The collaboration aims to explore Green Ammonia, Green Methanol, and other derivatives. Vodafone Idea: The board will meet on Feb. 27 to consider fundraising proposals. KM Birla has said the Aditya Birla Group does not plan to exit the business and is looking for new investors. Angel One: Angel One, a prominent brokerage house, has decided to raise approximately Rs.2,000 crore through preferential issues, Qualified Institutional Placements or other modes. The funds aim to enhance financial flexibility and seize emerging opportunities in both broking and fintech. Bharat Forge: Auto components major Bharat Forge has announced a strategic infusion of €15 million (approximately ₹133.58 crore) into Bharat Forge Global Holding GmbH (BFGH). This investment is designated for subsequent funding of Bharat Forge Aluminiumtechnik GmbH (BFAT), a significant subsidiary in Germany. GMDC : GMDC has allocated Rs.1,138 crore towards new lignite projects. This investment will help boost existing lignite projects along with supporting the development of new ventures. Securities in ban: ABFRL, ASHOKLEY, BALRAMCHIN, BANDHANBNK, BIOCON, GMRINFRA, GNFC, HINDCOPPER, INDUSTOWER, NATIONALUM, PEL, PVR, RBL Bank, SAIL, ZEEL. Derivative View: On option front, Maximum Call OI is at 22500 then 22600 strike while Maximum Put OI is at 22000 then 21900 strike. Option data suggests an immediate trading range in between 22000 to 22350 zones.
