Nifty 50 Hits Brakes After All-Time High, Eyes Consolidation or Dip
After making an all-time high of 22,526 mark, the Nifty 50 index witnessed resistance near the 22,500 zones and ended on the lower side with some profit booking seen to turn the daily trend down, forming a double top formation pattern on the smaller time frame and anticipating some consolidation or a slight dip in the index movement till the 22,200 level.
Our Recommended Strike Price was Nifty 22400 – 22600
Potential Level : 22701.6, 22669.49, 22546.51, 22514.4, 22320.43, 22288.32, 22094.35 & 22062.24
Banking on a Breakout? Bank Nifty Eyes 48,000 Hurdle
Bank Nifty, in a similar way, found resistance near the 48,000 zone and formed a ‘LOWER TOP’ formation on the daily chart. It has not closed above 48,000 and is anticipating some profit booking /sideways movement in the coming days. It would need to cross the 48,000 zone decisively for a further upward move. The overall bias has been maintained as cautiously positive until further clarification and confirmation.
Our Recommended Strike Price was Bank Nifty 47400 – 48000
Potential Level : 48096.3, 48028.28, 47767.72, 47699.7, 47288.74, 47220.72, 46809.76 & 46741.74.
Stocks on News
Wipro: Wipro is a technology services and consulting company, and Nutanix Inc launched a Nutanix-focused business unit. It will accelerate digital transformation and hybrid multicloud innovation.
Mahindra and Mahindra: Production in February grew by 26.07 percent year-on-year to 73,380 units, and sales increased by 26.2 percent to 71,384 units, but exports fell 31.6 percent to 1,539 units compared to the previous month.
ITC: British American Tobacco Plc, the maker of Lucky Strike cigarettes, is preparing to kick off a sale of part of its stake in Indian partner ITC Ltd. as soon as this week, people with knowledge of the matter said. London-listed BAT has been speaking with Bank of America Corp. and Citigroup Inc. about a potential divestment of around $2 billion to $3 billion in ITC stock through block trades. BAT currently owns about a 29 percent stake in ITC.
Aditya Birla Capital: Aditya Birla Capital has received approval from the board of directors to merge subsidiary Aditya Birla Finance with itself. The amalgamation will create a large, unified operating NBFC.
Aurobindo Pharma: The Prequalification Unit Inspection Team (PQT-INS) of the World Health Organization (WHO) conducted an inspection at Unit IV, a formulation manufacturing facility, of APL Healthcare, a wholly owned subsidiary of the company, in Andhra Pradesh, during September 11–15, 2023. After the inspection, the PQT-INS has decided to recommend to the Prequalification Assessment Team that the facility be named as a manufacturing site in the dossier for Dolutegravir, Lamivudine, and Tenofovir Disoproxil Fumarate tablets in the 50/300 mg strengths.