Expiry Day Drama: Will Nifty Surprise or Slide?
Nifty shifted consolidated and closed flat on Wednesday. Bears exerted downward pressure on the Nifty after an initially positive start. Sentiment remained somewhat weak as the market closed. Support is positioned at 21,800, and a breach below this level could potentially initiate a correction towards 21,700
Nifty 50 settled 1.10 points, or 0.01%, higher at 21,930.50.About 1,954 shares advanced, 1,314 declined and 63 were unchanged.
Our Recommended Strike Price was Nifty 21900 – 22100
Potential Level : 22402.56, 22371.19, 22181.65, 22150.29, 22030.11, 21998.75, 21809.21 & 21777.84
Bank Nifty at Crossroads: Up, Down, or Sideways?
Bank Nifty index is currently witnessing an intense battle between bulls and bears, and a decisive move is anticipated soon. The lower-end support is situated in the 45,500 – 46,200 zone, and a conclusive break below this on a closing basis is expected to trigger a sharp correction
Bank Nifty closed on Wednesday at 45,818.50 and ended higher by 0.28%. The index would attempt for 45,700 once it sustains above 46,200 levels.
Our Recommended Strike Price was Bank Nifty 45700 – 46200
Potential Level : 46854.33, 46788.73, 46392.32, 46326.72, 46075.38, 46009.78, 45613.37 & 45547.77
Stocks on News
Tata Consumer Products : The FMCG company has registered a 17.3 percent on-year decline in consolidated profit at Rs 301.5 crore for the quarter ended December FY24 despite healthy operating numbers, impacted by an exceptional loss of Rs 91.53 crore. Revenue from operations grew by 9.5 percent YoY to Rs 3,804 crore for the quarter.
Our Recommended Strike Price for Tata Consumer Products 1160 – 1180
Power Grid Corporation of India : The state-owned electric services company has recorded 10.5 percent year-on-year growth in consolidated net profit at Rs 4,028.3 crore for the October–December period of FY24, despite higher tax costs, driven by healthy operating numbers. Revenue from operations grew by 2.6 percent YoY to Rs 11,549.8 crore for the quarter.
Our Recommended Strike Price for Power Grid Corporation of India 265 – 272.50
Lupin : The pharma company has clocked a four-fold increase in consolidated profit at Rs 613.1 crore for the quarter ended December FY24, against Rs 153.5 crore in the year-ago period, backed by growth across segments, with US businesses growing 23.7 percent and India 13.4 percent. Revenue from operations jumped 20.2 percent YoY to Rs 5,197.4 crore for the quarter.
Our Recommended Strike Price for Lupin 1590 – 1620
Bharat Petroleum Corporation : Petronet LNG, the joint venture of Bharat Petroleum Corporation (BPCL), has executed a long-term LNG sale and purchase agreement with Qatar Energy for the purchase of approximately 7.5 MMTPA liquified natural gas (LNG) on a long-term basis. The LNG sale and purchase agreement is a renewal of the existing agreement signed on July 31, 1999, which was set to expire in April 2028.
Our Recommended Strike Price for Bharat Petroleum Corporation 602.50 – 622.50
Cummins India : The power solutions company has reported standalone profit of Rs 455 crore for the quarter ended December FY24, growing 26.3 percent over a year-ago period, driven by healthy operating numbers. Revenue from operations increased by 16.2 percent YoY to Rs 2,534 crore for the quarter, with domestic sales rising 36 percent YoY to Rs 2,177 crore and exports up 40 percent to Rs 325 crore during the quarter.
Our Recommended Strike Price for Cummins India 2380 – 2420
Indus Towers : Foreign portfolio investor Artisan International Value Fund sold 3,33,46,663 equity shares, which is equivalent to 1.2 percent of paid-up equity, in the tower infrastructure company via open market transactions at an average price of Rs 215.1 per share. These shares were valued at Rs 717.3 crore. Artisan had held a 1.71 percent stake in the company as of December 2023.
Our Recommended Strike Price for Indus Towers 217.50 – 227.50
Indraprastha Gas : The natural gas distribution company has signed a Memorandum of Understanding (MOU) with two technology partners to establish compressed biogas (CBG) plants across four states, namely Delhi, Haryana, Rajasthan, and Uttar Pradesh. Additionally, IGL has already appointed two other partners for the same purpose. The biogas produced from these 19 plants will be fed into the company’s city gas distribution network.
Our Recommended Strike Price for Indraprastha Gas 450 – 465