Markets continued to be under selling pressure with financial stocks leading the decline, thus forcing the Nifty 50 Index to surrender below 17850. The bearish pennant is likely to aggravate further unwinding in the coming days with an immediate target seen at 17250 and 16800 respectively.
In fact, the concerning part for the market comes from the Service sector index where the Nifty Service sector index has closed below 200-EMA for 16 consecutive trading sessions and may be open to 7-8 pct of quick decline in the coming days. The low-volume trading session on Monday points out to lack of buying interest at these levels which may be an early signal before a major breakdown.
Nifty 50 Daily
Stocks to watch
Positive Read through
- The Diagnostics sector looks to raise prices with new entrants revising rates according to reports.
- Bharti Airtel rolled out higher min recharge plans across two more circles taking the total entry-level tariff hike to 19 out of 22 circles according to reports.
- Infibeam Avenues-Benefiting from the shortage of payments gateway providers, after the RBI freeze.
- Sugar stocks- India’s sugar output could fall further as the cane matures early, also Sugar Rises to Three-Week High as Indian Export Worries Persist.
- ACC and Ambuja Cements are to resume operations at Gagal and Darlaghat plants in Himachal Pradesh w.e.f February 21.
- JK Tyre To raise Rs 240cr via convertible debentures from International Finance Corp.
- BPCL plans to raise Rs 1,500 cr via NCDs in FY23.
- GR Infraprojects Lowest bidder for 2 NHAI projects.
- BEML signs MoU with DMRC-led SPV for Bahrain Metro.
- UBL- SC stays NCLAT’s order on United Breweries incl CCI’s recovery proceedings.
- Adani decides against the bid for a stake in state-backed PTC India.
- Tata Motors and Uber sign MoU for largest EV fleet order.
Negative Read through
- FMCG Stocks – Cereal prices likely to remain elevated going into next fiscal says Crisil report.
- Mangalore Chemicals- Promoter creates pledge on 17 lakh shares on February 15.
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