Actionable: Buy M&M, BEL, Ambuja Cements.
Insight Online News
From Advisory Desk : Viksah Sahay
19th February 2024 ; Market Outlook: Wall Street closed lower on Friday after another higher-than-expected inflation reading undermined the case for immediate interest rate cuts. The US equity market remains closed today on account of President’s Day. Asian markets have started on a mixed note, while the GIFT Nifty is indicating a positive opening. On the domestic front, Nifty maintained its upward trend on Friday and closed above the 22k mark, supported by positive global cues. We expect the momentum to continue towards new highs by surpassing the previous life-time high of 22127. Today being the Bankex’s weekly expiry, we expect the range to be 52000/52250 –53000/53250.
Actionable: Buy M&M, BEL, Ambuja Cements.
Global market:
DOW: -145
GIFT NIFTY : + 38 (prev. close 22113)
NIFTY 50 : 22040
SENSEX : 72426
Institution:
FII: + 253 Cr
DII: + 1571 Cr
BSE:
Advances: 2194 / Declines: 1659
Currency:
Dollar: $ 83.01
Dollar Index: 104.22
Commodity:
Gold: $ 2018 per ounce
Crude: $ 82.93 per barrel
Bonds:
10 year US bond rate: 4.29
10 year Indian Bond rate: 7.10
Derivative:
PCR: 1.11
VIX: 15.22
Updates:
Tata Power : Tata Power gets letter of intent from REC Power Development and Consultancy to acquire Jalpura Khurja Power Transmission Limited for Rs.838 crore.
LIC : Company had received refund amount worth Rs.21,740.77 Crores from Income Tax Dept. on 15.02.2024. The total amount of refund was Rs.25,464.46 Crore.
Dr reddy : As per reports, Dr. Reddy’s Laboratories is considering the acquisition of Novartis India business, potentially offering a controlling premium in the company.
Sula Vineyards : As per reports, Verlinvest Asia PTE plans to divest its entire stake in Sula Vineyards, with an offer price ranging from Rs.570 to Rs.617.55 per share, presenting a discount of up to 7.7% compared to the closing price. The deal involves a 8.34% stake, amounting to Rs.435 crore in size.
Securities in ban: ABFRL, ASHOKLEY, BALRAMCHIN, BANDHANBNK, CANBK, DELTACORP, HINDCOPPER, NATIONALUM, INDIACEM, INDUSTOWER, SAIL, ZEEL.
Derivative View: On weekly front, maximum Call OI is at 22100 then 22600 strike while maximum Put OI is at 22000 then 21700 strike. Option data suggests an immediate trading range in between 21850 to 22200 zones.
