Actionable: Buy HCL Tech, SBI, DLF, NALCO( Scrip is in FAO ban).
Insight Online News
From Advisory Desk : Vikash Sahay
22nd February 2024
Market Outlook: US equity markets settled mostly firmer, paring losses in the final hour of trading as investors digested minutes from the Federal Reserve’s January monetary policy meeting. Futures are trading higher by up to 1.5% after strong results and guidance from tech major NVIDIA. Asian markets, including the GIFT Nifty, are indicating a positive opening. Yesterday, Nifty witnessed profit booking at higher levels after reaching another new record high and closed lower by 140 points. Broader markets too experienced selling pressure post-recovery from the recent fall. Overall, we remain positive on the market, with immediate support for the Nifty placed at 21900 level. Today being the Nifty’s weekly expiry, we expect the range to be 21750/21900-22222/22350.
Actionable: Buy HCL Tech, SBI, DLF, NALCO( Scrip is in FAO ban).
Global market:
DOW: +48
GIFT NIFTY : +78 (prev. close 22048)
NIFTY 50 : 22055
SENSEX : 72623
Institution:
FII: + 284Cr
DII: – 411 Cr
BSE:
Advances: 1391 / Declines: 2451
Currency:
Dollar: $ 82.97
Dollar Index: 103.96
Commodity:
Gold: $ 2028 per ounce
Crude: $ 83.03 per barrel
Bonds:
10 year US bond rate: 4.3
10 year Indian Bond rate: 7.05
Derivative:
PCR: 0.72
VIX: 15.93
Updates:
NBCC: NBCC has received in-principal approval from the Greater Noida Authority for the development of unused and purchasable floor area ratios in continuation of existing Amrapali projects, valued at Rs.10,000 crore.
Eureka Forbes – Lunolux, the promoter of the company will sell up to a 12% stake in for $138.6 million ( Rs.1,148.7crore) through a block deal and it will be offered at a floor price of Rs.494.75 per share, a 3% discount from CMP.
Grasim Industries & Paint Sector/Asian paints/Berger Paints – Kumar Mangalam Birla will launch the Birla Opus Paints business today and inaugurate three facilities at Panipat, Ludhiana and Cheyyar.
LTIMindtree – The company signed a Memorandum of Understanding with European insurance major Eurolife FFH to establish Generative Artificial Intelligence (GenAI) and digital hubs in Athens, Greece, along with other dedicated facilities in Poland, Europe and India.
Sugar Stocks: The government has announced a hike in the sugarcane fair and remuneration price by Rs.25 to Rs.340 per quintal for the upcoming 2024–25 season starting in October. The Fair and Remunerative Price (FRP) serves as the minimum amount mills must pay to sugarcane growers.
Brigade Enterprises : Brigade Enterprises signs a Joint Development Agreement with PVP Ventures to develop a 2.5 million square feet, high-rise residential project, in Perambur, Chennai with a revenue potential of about Rs.2000 crore.
Space Sector/L&T/MTAR Tech/Apollo Micro/Walchanagar/ Data Patterns- The Indian government approved an amendment to allow 100% FDI in the space sector for the manufacturing of components and systems or sub-systems for satellites, ground segments, and user segments.
Securities in ban: ASHOKLEY, BALRAMCHIN, BANDHANBNK, BIOCON, CANBK, GMRINFRA, GNFC, HINDCOPPER, INDIACEM, INDUSTOWER, NATIONALUM, PEL, PVR, RBL Bank, ZEEL.
Derivative View: On weekly front, maximum Call OI is at 22600 then 22500 strike while maximum Put OI is at 22000 then 22100 strike. Option data suggests an immediate trading range in between 22000 to 22350 zones.
