Markets for the week ended with modest gains with Nifty rallying 0.7% and managed to post all-time weekly closing high on back robust liquidity in the global markets. Based on price action in the last week, it can be clearly seen that multiple attempts to close above 22,250 in Nifty Futures have been unsuccessful which has led to the inactivation of the breakout. However, in the current week, if Nifty futures can sustain above 22,250 in the opening hours, we can expect a short covering rally to force Nifty futures towards 23,300. On the global front, after the U.S. Fed’s acceptance that the rates are currently on the higher side and bias remains for future rate cuts, alternative asset classes like Bitcoin have seen a major upsurge beyond USD 50,000. A rise in BTC/USD could be a sign of a flush of liquidity by central banks in financial markets and for Nifty we may see strong support getting built at 21,850.
Nifty Futures Chart
Stocks to watch
Positive Read through
- RIL/TV18 – Said to have signed a binding pact with Disney to merge India operation.
- Kotak Mah – Zurich Insurance to acquire 70 pct stake in Kotak General Insurance for Rs. 55.60 bn.
- HDFC Bank – Gets RBI nod for 90 pct stake sale in Credila Fin.
- Rites – Gets LoI from IIT-Bhubaneswar for Khurda, Odisha campus.
- Skipper – Bags order worth Rs. 7.37 bn from Power Grid.
- Trans & REC – Bags order worth Rs. 2.32 bn from Power Grid.
- Dixon – Padget Elec signs a contract with Compal Smart for mobile phones manufacturing.
- Sanofi – Q4 EBITDA up 12.3 pct, margin at 27 pct vs 24.8 pct YoY.
- Jsw infra – Gets LoA for dry bulk cargo handling mechanism at Chidambaranar Port.
- Suven – US FDA issues no form 483 for Pashamylaram, API unit.
- Westlife – Clarifies poor quality cheese reports, ‘actively engaging with authorities’.
- Bajaj Finserv – Bajaj Allianz Life individual rated new business grows 3x industry average in 9MFY24.
- Tips Ind – Board to consider proposal for buyback shares on February 28.
- Max Health – Board gives in-principle approval for acquisition of land parcel in Uttar Pradesh worth Rs 1.67 bn.
- DLF – The Company plans to launch properties worth nearly Rs 800 bn over the next 3-4 years.
Negative Read through
- SBI Cards – Jan cards market share at 18.70 pct Vs 19.66 pct, spends up 26.3 pct YoY.
- Shree Cem – To avail recourse provided in I-T statute against Rs. 2,618 mn tax order.
- Rain Ind – Posted Q4 loss Vs profit, sales declined by 24.9 pct YoY.
- IFGL Refractories – Director and CEO Kamal Sarda resigns effective March 1.
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