Nifty 50 Pre-Market Analysis: Don’t Miss These Key Levels
Nifty 50, are expected to open on a negative note on Friday amid mixed global cues. Nifty 50, ended lower on Thursday’s session, weighed down by rate-sensitive sectors, following the Reserve Bank of India’s (RBI) expected decision to maintain its key interest rate unchanged for a sixth consecutive meeting.
Nifty 50 witnessed a sharp decline and ended 212 points lower on February 8 as follow-up selling emerged after profit booking in the previous trading session.
Our Recommended Strike Price was Nifty 21750 – 22100
Potential Level : 22146.31, 22114.99, 21995.01, 21963.69, 21774.46, 21743.14, 21553.91 & 21522.59.
Pre-Market : Key Levels to Watch for the Bank Nifty
Bank Nifty index experienced a strong bear grip and plunged 807 points to close at 45,012 on February 8, encountering substantial selling pressure following the RBI policy announcement.The critical support zone of 45,500 has been breached and is now expected to act as a resistance level. Pullbacks towards this mentioned resistance are considered opportune levels for selling.
Our Recommended Strike Price was Bank Nifty 45100 – 46500
Potential Level : 46150.38, 46084.67, 45687.62, 45621.9, 45224.85, 45159.14, 44762.09 & 44696.38.
Stocks on News
Biocon: The biopharmaceutical firm recorded consolidated net profit of Rs 660 crore for the October–December period of FY24, against a loss of Rs 41.8 crore in the corresponding period of the last fiscal. This was partly due to a low base, as there was an exceptional loss of Rs 271.4 crore in Q3 FY23. Revenue from operations for the quarter at Rs 3,953.7 crore increased by 34.4 percent over a year-ago period. Meanwhile, Indranil Sen has resigned as chief financial officer of the company with effect from March 15, 2024, to pursue opportunities outside the organisation.
Our Recommended Strike Price for Biocon 285 – 295
Grasim Industries: The Aditya Birla Group company has reported standalone profit at Rs 236.31 crore for the third quarter of FY24, falling 8.2 percent compared to the year-ago period as tax cost at Rs 2.8 crore in Q3 FY24 against a tax write-back of Rs 42.36 crore in Q3 FY23. Revenue from operations grew by 3.3 percent to Rs 6,400.25 crore compared to the year-ago period.
Our Recommended Strike Price for Grasim Industries 2060 – 2120
United Breweries: The Kingfisher beer maker has reported standalone net profit of Rs 84.85 crore for the third quarter of FY24, against a loss of Rs 2.14 crore in the corresponding period of the last fiscal year, backed by healthy operating numbers and higher other income. The bottomline in Q3 FY23 was impacted by an exceptional loss of Rs 33.12 crore. Revenue from operations for the quarter grew by 13.1 percent YoY to Rs 1,822.66 crore. Meanwhile, the board of directors has appointed Anand Kripalu as chairman of the company with immediate effect.
Our Recommended Strike Price for United Breweries 1750 – 1810
Apollo Hospitals : Apollo Hospitals Enterprise reported a 59% year-on-year (YoY) growth in consolidated net profit for the quarter ended December to Rs 245 crore.
Our Recommended Strike Price for Apollo Hospitals 6150 – 6400