Rupak De, Senior Technical Analyst at LKP Securities
The Nifty has fallen back into the falling channel, heightening the chances of further downsides. The 50DMA and 14DMA are in a bearish crossover. Also, the current value is sitting well below the critical near-term moving averages, with the momentum oscillator RSI (14) slipping below the reading of 50.
The current set-up is likely to keep the Nifty under pressure, with a potential downside towards 17,150–17,200 over the short term. On the higher end, crucial resistance is placed at 17,800.
Prakhar Pandey, Founder and CEO, Moolaah:
With the inflationary pressure sky rocketing and a deep dive towards US recession this year onwards, a fed rate hike of 25 basis points is highly possible. Since the labor market is also tightening, and beyond the 2% target, along with a restrictive stance of monetary policy, this rate hike might be of a hawkish tone to be in line with their quantitative tightening strategy
.
Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities
The downward spiral continued amid a sharp bout of intra-day volatility as uncertainty surrounding the weak global economic scenario coupled with the probability of the US Fed maintaining a hawkish stance going ahead weighed on the sentiment.
The markets may continue to witness intermittent bearish spells as investors are likely to cut their long positions owing to multiple negative factors.
Technically, the Nifty has formed a long bearish candle on weekly charts which indicate further weakness from the current levels. However, with the market in an oversold territory, we could see a quick pullback rally if the index trades above 17,500. Above which, the pullback formation is likely to continue till 17,600-17,750.
On the flip side, as long as the index is trading below 17,500, the weak sentiment will continue. Below which the index could retest the level of the 200-day SMA or 17,400.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty opened on a positive note however it could not sustain at higher levels and as the day progressed it continued to drift lower to close the day on a negative note for the sixth consecutive day.
On the way down the Nifty is trading around the crucial support trendline derived at by joining the previous couple of swing lows. On the hourly charts a positive divergence is developing and the hourly momentum indicator also has a positive crossover which indicates that a bounce is possible.
The bounce is likely to be temporary in nature and is unlikely to result into a trend reversal. The daily momentum indicator has a negative crossover which is a sell signal. Overall, the downtrend is still intact and any bounce should be used as an opportunity to create fresh short positions. We expect Nifty to target level of 17,350 from short term perspective.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Vinod Nair, Head of Research at Geojit Financial Services
The domestic market is broadly demonstrating a lack of confidence, registering its sixth consecutive day of losses despite global markets turning green. Continued selling in the domestic market by FIIs is acting as an overhang in sustaining the early gains. Crude oil prices rallied as the prospect of lower Russian exports outweighed rising US inventory.
Rupee Close:
Indian rupee ended flat at 82.75 per dollar against previous close of 82.74.
Market Close
: Benchmark indices ended lower in the volatile session on February 24 with Nifty below 17,500.
At Close, the Sensex was down 141.87 points or 0.24% at 59,463.93, and the Nifty was down 45.50 points or 0.26% at 17,465.80. About 1483 shares have advanced, 1877 shares declined, and 157 shares are unchanged.
Adani Enterprises, Hindalco Industries, M&M, JSW Steel and Tata Steel were among the biggest losers on the Nifty, while gainers included Divis Laboratories, Adani Ports, Asian Paints, Coal India and Dr Reddy's Laboratories.
Among sectors, metal index down 3 percent and auto index slipped 1 percent.
BSE midcap and the smallcap ended with marginal loss.
Dilip Parmar, Research Analyst, HDFC Securities
Indian rupee snaps four weekly losses and outperforms Asian currencies amid lower crude oil prices, the central bank’s intervention and foreign fund inflows. In the week gone, foreign institutions bought worth $173 million equities.
In the near term, the spot USDINR has been facing resistance at 83 where the central bank is intervening while at 82.50 importers are buying.
BSE Smallcap
| Company | 52-Week High | Day’s High | CMP |
|---|---|---|---|
| Mahindra CIE | 459.55 | 459.55 | 457.70 |
| Zen Tech | 270.90 | 270.90 | 267.25 |
| Jindal Saw | 158.50 | 158.50 | 158.35 |
| Finolex Cables | 729.00 | 729.00 | 720.25 |
| TAEL | 1229.00 | 1229.00 | 1,160.60 |
| Jindal (Hisar) | 504.55 | 504.55 | 490.10 |
| Nucleus Softwar | 642.50 | 642.50 | 626.00 |
| GNA Axles | 977.00 | 977.00 | 922.20 |
Citi View On Zomato
-Buy rating, target at Rs 76 per share
-Company is especially doubling down on loyalty program for growth
-Loyalty program is a medium-term value engine if churn falls & frequency rises
-Estimate 50 bps QoQ negative impact on contribution margin ex-ante
Zomato was quoting at Rs 54.40, down Rs 0.55, or 1 percent.
BSE 500
| Company | 52-Week Low | Day’s Low | CMP |
|---|---|---|---|
| Macrotech Dev | 807.25 | 807.25 | 716.00 |
| Adani Total Gas | 753.60 | 753.60 | 753.60 |
| Adani Trans | 711.90 | 711.90 | 711.90 |
| Adani Green Ene | 501.90 | 501.90 | 486.75 |
| Uflex | 441.80 | 441.80 | 427.80 |
| Ipca Labs | 821.15 | 821.15 | 805.60 |
| Rossari | 682.15 | 682.15 | 662.00 |
| Varroc Engineer | 259.60 | 259.60 | 252.35 |
| Emami | 389.30 | 389.30 | 381.85 |
| Century | 622.25 | 622.25 | 607.00 |
Credit Suisse View On Sun Pharma
-Neutral rating, target at Rs 950 per share
-Winlevi average realiations very low but can improve; volume trajectory is bigger concern
-Winlevi constituted <2% of acne market's volume share
-High generalisation could be an impediment for Winlevi
-Winlevi's ramp-up is key for near-term growth in US specialty
Sun Pharmaceutical Industries was quoting at Rs 970.35, down Rs 1.95, or 0.20 percent on the BSE.
Zydus receives final approval from USFDA for Pitavastatin tablets
Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) for Pitavastatin Tablets, 1 mg, 2 mg, and 4 mg.
Motilal Oswal Financial Service View On NMDC
-Buy rating, target at Rs 155 per share
-Trades at EV/EBITDA estimate of 3.5x For FY24
-Believe company is very well placed to capitalise on growth opportunity ahead
-Overhang of steel plant capex has been done providing more comfort on core iron ore business
-Capacity expansion is on cards, which would support volumes ahead
-Strong domestic demand, exports of iron ore & pellets would be key demand drivers
NMDC was quoting at Rs 112.00, down Rs 1.30, or 1.15 percent on the BSE.
Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities:
Gold prices traded down on Friday, with spot gold prices at Comex were trading lower by 0.10% at $1820 per ounce. Gold April future contract at MCX were trading marginally up by 0.24% at Rs 55720 per 10 grams by noon session.
Gold prices fell to their lowest level in about two months on Thursday, after stronger than expected U.S. weekly jobless claims numbers moved US Dollar index to fresh swing high. Stronger US macro data supported the Federal Reserve's stance that interest rates would have to go higher to control inflation.
Gold prices in short term consolidate within range of $1817 to $1835 per ounce and fall will extend to $1805/oz once price break support of $1817/oz. Comex Spot Gold having resistances at $1835/$1850 per ounce and supports at $1817/$1805 per ounce. MCX Gold April future has resistance at Rs 55940 per 10 grams and supports place at Rs 55420/55310 per 10 grams.
Market
at 3 PMBenchmark indices were trading lower with Nifty around 17450.
The Sensex was down 208.98 points or 0.35% at 59,396.82, and the Nifty was down 66.30 points or 0.38% at 17,445. About 1341 shares have advanced, 1878 shares declined, and 133 shares are unchanged.
Morgan Stanley View On Gujarat Gas
-Overweight rating, target at Rs 562 per share
-Rise in PNG prices was followed by a 30% increase in propane prices
-See this as an indication of improving gas demand from ceramic tile manufacturers
-Company starts increasing spot LNG purchases to fulfill demand and starts passing on some cost increases to end consumers
Gujarat Gas was quoting at Rs 505.55, up Rs 1.60, or 0.32 percent on the BSE.
Patel Integrated Logistics prepays Rs 39 crore loan to banks, NBFCs
During the current financial year 2022-23 till date, Patel Integrated Logisticshas made a prepayment of Rs 39 crore loan, which resulted into a reduction in interest cost, and release of various properties given as mortgage to banks or NBFCs.
The company will further evaluate multiple options to monetise the properties becoming mortgage free from the bank.
SpiceJet Q3:
Net profit at Rs 110.4 crore versus Rs 42.4 crore and revenue up 2.7% at Rs 2,263.4 crore versusRs 2,204.6 crore, YoY.
On NSE
| Company | Bid Qty | CMP Chg(%) | Today Vol 20D Avg Vol |
|---|---|---|---|
| Osia Hyper Reta | 10342.00 | 229.65 9.99 | 26643 8599.65 |
| Transwarranty | 2106.00 | 9.25 9.47 | 39038 11601.55 |
| Soma Textile | 176994.00 | 21.00 5 | 78185 138621.30 |
| NINtec SYSTEMS | 1208.00 | 357.25 5 | 8875 0.00 |
| Pressman Advt | 385607.00 | 68.35 4.99 | 14440 56605.00 |
| Pudumjee Ind | 2317.00 | 21.05 4.99 | 5268 48598.10 |
| Sanghi Ind | 156756.00 | 66.45 4.98 | 1136134 384802.60 |
| Eros Intl | 204236.00 | 28.65 4.95 | 428201 390272.45 |
| PC Jeweller | 1991386.00 | 24.65 4.89 | 7941815 492369.85 |
| Cerebra Int | 276527.00 | 9.00 4.65 | 664833 771614.90 |
On NSE
| Company | Offer Qty | CMP Chg(%) | Today Vol 20D Avg Vol |
|---|---|---|---|
| Adani Green Ene | 630860.00 | 486.50 -5 | 1381175 4595439.25 |
| Adani Total Gas | 984350.00 | 751.80 -5 | 119682 868357.30 |
| Jindal Poly Inv | 1865.00 | 453.50 -5 | 6871 7595.35 |
| Adani Trans | 408168.00 | 712.30 -4.99 | 100291 1323529.80 |
| Adani Power | 713613.00 | 146.65 -4.99 | 11815700 14773294.90 |
| Aaron Industrie | 14883.00 | 217.20 -4.99 | 58241 24402.60 |
| Shah Alloys | 5744.00 | 53.45 -4.98 | 14035 20984.25 |
| Poddar Housing | 19723.00 | 112.65 -4.98 | 3338 8717.60 |
| Shradha Infra | 1875.00 | 48.75 -4.97 | 21095 56818.95 |
| Zee Learn | 3240092.00 | 3.00 -4.76 | 463520 843601.80 |
UBS View On Nestle India
-Buy rating, target at Rs 23,000 per share
-Poised for an industry leading growth
-Optimism on company's revenue/volume growth given strong brand equity/leadership
-See volume growth given pricing & premiumisation levers
-Focus on accelerating growth in rural markets & product innovation
-Revenue growth seen given increased capital expenditure
Nestle India was quoting at Rs 18,668.15, up Rs 26.80, or 0.14 percent on the BSE.
Janet Yellen sees soft landing as ‘possible’ outcome for US economy
Treasury Secretary Janet Yellen said a soft landing is a possible outcome for the US economy thanks to its strong labor market and the absence of balance sheet problems like the ones that preceded the global financial crisis.
Her comments, delivered Friday to reporters at a briefing on the sidelines of the Group of 20 meeting of finance ministers and central bank governors in Bengaluru, India, echo her more positive tone on the global economic outlook outlined a day earlier.
“I see a soft landing as being a possible outcome and the one that I hope we will be able to achieve,” Yellen said. “The economy is fundamentally in good shape, and inflation is coming down if you measure it on a 12-month basis.”
European Markets Updates
| Company | CMP | High Low | Fall from Day's High |
|---|---|---|---|
| P and G | 13,771.05 | 13,771.30 13,501.10 | 0% |
| IRCTC | 608.90 | 609.95 602.00 | -0.17% |
| UNO Minda | 508.40 | 509.50 498.00 | -0.22% |
| Power Grid Corp | 213.95 | 214.45 212.60 | -0.23% |
| Kansai Nerolac | 419.00 | 420.00 412.00 | -0.24% |
| Colgate | 1,460.00 | 1,464.45 1,454.50 | -0.3% |
| Tata Elxsi | 6,499.75 | 6,519.90 6,444.05 | -0.31% |
| Coal India | 216.50 | 217.25 214.80 | -0.35% |
| Supreme Ind | 2,726.35 | 2,735.80 2,673.10 | -0.35% |
| NTPC | 170.55 | 171.20 169.35 | -0.38% |
Olectra Greentech stock surges
Olectra Greentech's stock price surged more than 18 percent in the afternoon trade on February 24 after the company announced its partnership with Reliance Industries to develop hydrogen buses. The development of a fully carbon-free alternative to traditional public transport is a significant step towards achieving India's carbon-free hydrogen ambitions, and it could have a positive impact on the environment by reducing air pollution and emissions, the company said. Olectra's technical partnership with Reliance Industries is expected to accelerate the development of hydrogen-powered buses and offer the next-generation transport system to the Indian market.
Market update at 2 PM
Sensex was down 174.37 points or 0.29% at 59,431.43, and the Nifty shed 58.50 points or 0.33% at 17,452.80.
Maruti Suzuki hikes prices of Ignis
IGNIS is now being equipped with Electronic Stability Program (ESP) and Hill Hold Assist as standard feature across all the variants providing an added safety shield for its customers. It is also compliant with the upcoming E20 and Real Driving Emission (RDE) norms, said Maruti Suzuki.
The price change varies across models and ranges upto Rs. 27,000 (Ex-Showroom - Delhi). The new prices are effective from today i.e. 24th February 2023.
Maruti Suzuki India was quoting at Rs 8,661.60, down Rs 83.45, or 0.95 percent.
PB Fintech stock surged more than 9 percent, which is most in last 5 months. Also, stock continuously moving higher for the fifth day in a row, registering gains of 18 percent, while it rose 35 percent in last 30 days.
BSE FMCG index shed 0.5 percent dragged by Patanjali Foods, Adani Wilmar, ADF Foods
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Patanjali Foods | 902.00 | -4.97 | 18.39k |
| Adani Wilmar | 362.50 | -3.29 | 495.10k |
| ADF Foods | 745.05 | -2.19 | 212 |
| Magadh Sugar | 319.40 | -2.02 | 345 |
| Advanced Enzyme | 280.05 | -1.86 | 971 |
| Emami | 382.00 | -1.46 | 5.25k |
| Jyothy Labs | 192.65 | -1.33 | 13.75k |
| Assoc Alcohol | 366.00 | -1.29 | 3.70k |
| GRM Overseas | 294.75 | -1.17 | 1.09k |
| United Brewerie | 1,429.65 | -1.08 | 1.82k |
Motilal Oswal Financial Service View On Deepak Nitrite
-Neutral rating, target at Rs 1,890 per share
-Headwinds to persist as new capacities are added
-Phenolic division margins expected to remain under pressure
-Downstream products to lead next leg of volume growth
-Company expected to turn net cash positive by FY24 w/FCF generation of Rs 16,500 crore over FY23-25
Deepak Nitrite was quoting at Rs 1,809, up Rs 20.20, or 1.13 percent on the BSE.
Nahar Industrial Enterprises gets NCLT approval for amalgamation
The National Company Law Tribunal, Chandigarh bench has sanctioned the scheme of arrangement for amalgamation of Cotton County Retail with Nahar Industrial Enterprises.
Nahar Industrial Enterprises was quoting at Rs 87.90, up Rs 1.75, or 2.03 percent.
BSE 500
| Company | 52-Week Low | Day’s Low | CMP |
|---|---|---|---|
| Macrotech Dev | 807.25 | 807.25 | 762.90 |
| Adani Total Gas | 753.60 | 753.60 | 753.60 |
| Adani Trans | 711.90 | 711.90 | 711.90 |
| Adani Green Ene | 501.90 | 501.90 | 486.75 |
| Uflex | 441.80 | 441.80 | 429.05 |
| Angel One | 1095.55 | 1095.55 | 1,044.95 |
| Ipca Labs | 821.15 | 821.15 | 806.20 |
| Rossari | 682.15 | 682.15 | 662.10 |
| Emami | 389.30 | 389.30 | 382.30 |
| Varroc Engineer | 259.60 | 259.60 | 251.90 |
Lemon Tree Hotels to complete acquisition of CCPS of Fleur Hotels
Lemon Tree Hotels has executed Securities Purchase Agreement (SPA) for acquisition of upto 22 lakh compulsorily convertible preference shares (CCPS) with APG Strategic Real Estate Pool NV and Fleur. In terms of SPA, the company will complete the acquisition of CCPS within 30 days from the date of execution of SPA.
Lemon Tree Hotels Ltd. was quoting at Rs 74.30, down Rs 0.25, or 0.34 percent.
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| BSE Auto | 29565.51 -0.83 | 19.13 -1.87 | -0.24 22.58 |
| BSE CAP GOODS | 34092.94 -0.81 | 18.58 -2.93 | -1.19 28.69 |
| BSE FMCG | 16282.38 -0.64 | 18.12 -1.02 | 1.12 28.32 |
| BSE Metal | 19796.88 -2.02 | 2.86 -3.20 | -7.58 6.40 |
| BSE Oil & Gas | 17136.86 -0.1 | -2.12 -2.84 | -18.54 3.37 |
| BSE REALTY | 3071.69 0.07 | -20.03 -4.99 | -8.43 -5.97 |
| BSE IT | 30204.36 -0.37 | -20.19 -1.92 | 0.18 -6.57 |
| BSE HEALTHCARE | 21906.57 -0.17 | -16.41 -1.58 | -3.91 -2.66 |
| BSE POWER | 3277.96 -0.62 | -5.85 -3.47 | -26.60 -9.61 |
| BSE Cons Durables | 37463.47 -0.14 | -16.32 -3.02 | -2.17 -8.51 |
Kelvin Loh Chi-Keon resigns as director of Fortis Healthcare
Dr Kelvin Loh Chi-Keon has resigned as Non-Executive & Non-Independent Director of Fortis Healthcare with effect from February 22. Further, he has also resigned as Non-Executive Director of SRL, material subsidiary of the company, with effect from said date.
Fortis Healthcare was quoting at Rs 275, up Rs 3.65, or 1.35 percent.
Market at 1 PM
Benchmark indices erased all the gains and trading at day's low level with Nifty below 17450.
The Sensex was down 251.99 points or 0.42% at 59,353.81, and the Nifty was down 79.30 points or 0.45% at 17,432. About 1416 shares have advanced, 1704 shares declined, and 151 shares are unchanged.
Gainers and Losers on the BSE Sensex:
Morgan Stanley View On Zomato
-Overweight rating, target at Rs 82 per share
-Company has announced a pilot of its home cooked meals at an affordable price in Gurgaon
-See this initiative increasing its TAM/contribution profit pool
-See this as an experiment, which can be closed if it doesn’t work
Zomato was quoting at Rs 55.20, up Rs 0.25, or 0.45 percent on the BSE.
BSE Auto index shed nearly 1 percent dragged by Bosch, Eicher Motors, Maruti Suzuki
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Bosch | 17,839.05 | -2.67 | 417 |
| Eicher Motors | 3,190.80 | -1.68 | 16.86k |
| Maruti Suzuki | 8,627.55 | -1.34 | 2.85k |
| Balkrishna Ind | 2,031.95 | -1.27 | 1.83k |
| M&M | 1,297.00 | -1.25 | 30.38k |
| Cummins | 1,579.50 | -1.18 | 9.40k |
| Tata Motors | 428.50 | -1.08 | 249.73k |
| UNO Minda | 500.00 | -0.96 | 6.67k |
| Motherson SWI | 49.50 | -0.8 | 100.59k |
| MOTHERSON | 81.65 | -0.73 | 148.98k |
On NSE
| Company | CMP Chg(%) | Today Vol 5D Avg Vol | Vol Chg(%) |
|---|---|---|---|
| KSB Pumps | 1,899.95 2.41% | 371.08k 18,230.60 | 1,935.00 |
| Global Vectra | 58.05 0.87% | 461.07k 26,927.60 | 1,612.00 |
| Gillanders Arbu | 68.65 9.49% | 138.51k 8,906.00 | 1,455.00 |
| Hb Stockhol | 47.30 3.05% | 58.55k 4,377.80 | 1,237.00 |
| Sanofi India | 5,552.00 3.61% | 81.92k 7,798.80 | 950.00 |
| RS Software | 26.15 5.66% | 235.23k 22,563.80 | 943.00 |
| Sundram | 978.20 -1.24% | 516.66k 50,727.20 | 919.00 |
| Olectra Greente | 478.80 19.02% | 5.44m 556,919.20 | 878.00 |
| Insecticides | 474.80 -10.64% | 105.11k 11,129.60 | 844.00 |
| Mahindra Life | 358.20 -5.46% | 1.01m 111,161.60 | 809.00 |
Buzzing
Mahindra Lifespace Developers shares slipped 8 percent intraday on February 24, a day after CEO and MD Arvind Subramanian announced his resignation.
Subramanian has been heading the company's operations since May 2020 and his resignation comes into effect on May 22, 2023.
The company has appointed Amit Kumar Sinha, who has been the Mahindra Group president, Group Strategy, since April 2021, as the new MD & CEO.
West Coast Paper Mills resumes production at Dandeli plant
West Coast Paper Mills said the illegal strike of contract workers was called off and production at the paper and paper board division at Dandeli has been re-started.
There has been marginal production loss due to disruption of plant operations. However, during that period, the company has carried out require preventive maintenance work in the plant.
G R Infraprojects has emerged as highest bidder for a project in Madhya Pradesh
G R Infraprojects has emerged as highest bidder in financial bid opening dated February 24, 2023 for the tender invited by National Highways Logistics Management Limited.
The project included development, operation and maintenance of Multi Modal Logistics Park (MMLP) Indore near Pithampur, in Dhar District in the State of Madhya Pradesh through Public Private Partnership on Design, Build, Finance, Operate and Transfer (DBFOT) basis
The estimated project cost is Rs 758.10 crore.
Divgi Torqtransfer IPO to open 1 March
Automotive component firm Divgi Torqtransfer Systems Ltd, the first mainboard initial public offering in 2023 after the gap of nearly two months will hit the markets. The issue will open on 1 March for subscription and close on 3 March. The anchor bidding will be on 28 February.
Relief for Zee Entertainment as NCLAT stays order directing for initiation of insolvency proceedings
Kanoria Chemicals to set up new formaldehyde plant at Ankleshwar
Kanoria Chemicals & Industries is setting up a new formaldehyde plant with 300 TPD capacity at the existing manufacturing facility at GIDC, Ankleshwar in Gujarat. The upcoming Formaldehyde plant will be with latest metal oxide based technology.
Kanoria Chemicals and Industries was quoting at Rs 123.60, up Rs 2.65, or 2.19 percent on the BSE.
ABB India inaugurates new factory
ABB India today inaugurated its new state-of-the-art factory in Nashik, doubling its Gas Insulated Switchgear (GIS) production capacity.
This factory will manufacture primary and secondary GIS and will serve customers across various industries including power distribution, smart cities, data centers, transport (metro, railways), tunnels, ports, highways and other infrastructural developments.
