Actionable: Buy NALCO, Granules, ONGC.
Insight Online News
From Advisory Desk : Vikash Sahay
20th February 2024
Market Outlook: US futures are trading slightly lower ahead of the release of FED meeting minutes tonight and more quarterly earnings. US markets were closed yesterday for the President’s Day holiday. Asian markets have started on a mixed note, while the GIFT Nifty is indicating a flat opening. Yesterday, Nifty reached a new intraday high and closed at a fresh lifetime high. Now, follow-up buying is crucial to sustain the uptrend at higher levels, and further short covering by FIIs in the index futures could be supportive for a continuation of the upmove. Today being the Finnifty’s weekly expiry, we expect the range to be 20300/20400-20750/20900.
Actionable: Buy NALCO, Granules, ONGC.
IPO Listing: Vibhor Steel Tubes shares to start trading on exchanges today after subscribed by 298 times. Grey market Premium is indicating around 80-90%.
Global market:
DOW: -137 (Future)
GIFT NIFTY : -24 (prev. close 22171)
NIFTY 50 : 22122
SENSEX : 72708
Institution:
FII: – 754 Cr
DII: + 452 Cr
BSE:
Advances: 2363 / Declines: 1605
Currency:
Dollar: $ 83.01
Dollar Index: 104.39
Commodity:
Gold: $ 2017 per ounce
Crude: $ 83.53 per barrel
Bonds:
10 year US bond rate: 4.31
10 year Indian Bond rate: 7.10
Derivative:
PCR: 1.19
VIX: 16.02
Updates:
Whirlpool : As per reports, Whirlpool of India’s promoter is reportedly considering selling a potential 24% equity stake in the company through block deals, with an estimated total value of $450 million. The floor price is set at Rs.1,230 per share, representing a 7.6% discount from Monday’s closing price.
Deepak Fertilisers: Company has signed a 15-year LNG contract with Norway-based Equinor. With this tie-up, the company has strengthened its value chain with an attractive, long-term LNG contract to fortify its operations from gas to ammonia and various downstream fertilizers.
Zee Entertainment: As per media reports, company has re-engaged with Sony group on merger talks.
NBCC: Company has received multiple orders worth 369cr from Rani Lakshmi Bai Central Agricultural University, Jhansi, Telangana High Court and ICAI Noida.
Torrent Power: Torrent Power plans to invest Rs.25,000 crore in developing four projects related to pumped storage hydro, green hydrogen, and solar energy generation in Uttar Pradesh.
LTIMindtree : LTIMindtree has introduced Navisource.AI, a GenAI-powered autonomous sourcing platform. The platform aims to reduce overall procurement costs by 10-15%.
Securities in ban: ABFRL, ASHOKLEY, BANDHANBNK, BIOCON, CANBK, HINDCOPPER, INDIACEM, INDUSTOWER, NATIONALUM, SAIL, ZEEL.
Derivative View: On weekly front, maximum Call OI is at 22600 then 22500 strike while maximum Put OI is at 22000 then 21900 strike. Option data suggests an immediate trading range in between 21950 to 22300 zones.
