Actionable: Buy ICICI Bank, ONGC, Hindalco Industries, ABB India.

Insight Online News

From Advisory Desk : Vikash Sahay

21st February 2024

Market Outlook: Indian markets reached another new high yesterday and closed positively for the sixth consecutive session. The Nifty Bank index filled the technical gap and looks good for further upmove in the short term. We expect the ongoing momentum to continue as Nifty came out of the consolidation range. Wall Stree began the holiday-shortened week lower in a quiet day of trade ahead of the release of FED meeting minutes and tech major NVIDIA’s quarterly results tonight. Asian markets have started on a weak note, while the GIFT Nifty is indicating a flat opening. Today being the Banknifty’s weekly expiry, we expect the range to be 46500/46750 -47500/47750.

Actionable: Buy ICICI Bank, ONGC, Hindalco Industries, ABB India.

Global market:

DOW:  -64
GIFT NIFTY : +18 (prev.close 22234)
NIFTY 50 : 22196
SENSEX : 73057


FII:                –        1335 Cr
DII:               +       1491 Cr


Advances:   1877 / Declines:      1966


Dollar: $ 82.97
Dollar Index: 104


Gold: $  2026 per ounce
Crude: $ 82.68 per barrel


10 year US bond rate: 4.28
10 year Indian Bond rate: 7.06


PCR: 1.21
VIX: 16.07


TCS: In an interview, K Krithivasan, CEO of Tata Consultancy Services (TCS), expressed cautious optimism for the medium-to-long term. He anticipates the next year to be better than the current one and affirmed that the company does not plan on reducing hiring, though there may be changes in the process.

Hindalco Industries: Hindalco Industries’ wholly-owned American subsidiary, Novelis Inc., has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).

Ashok Leyland : Ashok Leyland will set up a new integrated commercial vehicle plant focused on green mobility in Uttar Pradesh. The greenfield manufacturing facility will be spread over 70 acres.

Union Bank of India: Union Bank of India has received approval from the Committee of Directors for Raising Capital Funds to raise up to Rs.3,000 crore through a qualified institutions placement (QIP). The floor price for the issue is set at ₹142.78 per equity.

Swan Energy: Swan Energy has announced the commencement of a Rs.4,000 crore fund raise through a qualified institutional placement (QIP), with the starting price fixed at ₹703.29 per share. The pricing of the issue will be determined on February 26.

Devyani International: Yum Restaurant India is likely to sell a 4.4 percent equity stake in Devyani International via block deals, The floor price has been fixed at Rs 153.5 per share, which is a 7.4 percent discount to the closing price of February 20. The total size of the block deal is likely to be Rs 814.8 crore.

DLF: DLF, a prominent real estate company, has successfully acquired land parcels in Gurugram, Haryana, amounting to Rs 1,241 crore. This strategic move enables the partial redemption of bonds worth Rs 775 crore. The first tranche of land parcels has completed registration and transfer.

Zee Entertainment – As per report, SEBI has found, while investigating into Zee Entertainment founders, Rs.20 billion might have been diverted from the company. As of now the amount is not finalised, and the regulator is reaching out senior official to know their stance on it. In another news, The company clarified that it is not involved in any negotiations in relation to the Sony merger deal.

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.

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