Nifty 50 Recovers After Slide, Faces Resistance at 22,200
Nifty 50 index after the slide witnessed in the previous session, took support near the 21,850 zones and recovered in the final hours to breach above the 22,000 zone, but the overall bias remains cautious with a conviction yet to be established for the index to convincingly move past the 22,000 levels. The index would have important support near the 21,800 zone while, on the upside, would need a decisive move past the 22,200 levels for the continuation of the uptrend.
Our Recommended Strike Price was Nifty 21850 – 22050
Potential Level : 22211.69, 22180.59, 21992.67, 21961.57, 21842.43, 21811.33, 21623.41 & 21592.31
Bank Nifty: Volatile Session with Support at 45,700
Bank Nifty index also witnessed volatility with support maintained near the 45,700 zones and with a pullback seen managed to reach the 46,300 levels but failed to give a close above the 46,200 levels of the significant 50 EMA zone. The overall bias for the index remains weak and would need a decisive breach above the 47,000 zone to improve the bias.
Our Recommended Strike Price was Bank Nifty 45600 – 46400
Potential Level : 46934.19, 46869.11, 46475.91, 46410.83, 46017.63, 45952.55, 45703.25 & 45638.17
Stocks on News
Adani Enterprises: The company has divested its 100 percent stake in subsidiary Vizag Tech Park to Adani Infrastructure and Developers for Rs 150.81 crore. With this, Vizag Tech Park has ceased to be a subsidiary of the company.
Biocon: The US Food and Drug Administration (FDA) conducted an inspection at Biocon Biologics’ Biocon Campus (Site 1) facility during February 20–28, which pertains to the rh-Insulin (rhI) drug substance supply to a customer for veterinary use. After the inspection, the US FDA issued Form 483 with four observations. The company will submit a comprehensive Corrective and Preventive Action (CAPA) plan to the US FDA within the stipulated time and is committed to addressing these observations expeditiously. The outcome of this inspection at site 1 does not impact the manufacturing and distribution of the company’s commercial products in the US market.
ICICI Bank: The private sector lender has purchased an additional 25,14,365 equity shares of ICICI Lombard General Insurance for around Rs 431 crore. Consequently, ICICI Lombard has become a subsidiary of the bank. On February 27, it bought 80,98,658 equity shares in ICICI Lombard for Rs 1,356 crore.
TVS Motor Company: Subsidiary TVS Motor (Singapore) Pte Ltd. has paid 2 million euros and initiated the acquisition of 8,000 equity shares in Killwatt GmbH. Post-acquisition, the shareholding of TVS Motor (Singapore) in Killwatt GmbH will be increased from 39.28 percent to 49 percent via newly issued shares of Killwatt GmbH.
Larsen & Toubro: The infrastructure major has announced commissioning its first indigenously manufactured electrolyser at the green hydrogen plant at the A M Naik Heavy Engineering Complex in Hazira, Gujarat.
HCL Technologies: The global technology company launched FlexSpace 5G, an advanced digital workplace experience-as-a-service that boosts efficiency and security for global businesses.
Aurobindo Pharma: The United States Food and Drug Administration (US FDA) inspected the injectable facility of Eugia SEZ, a step-down subsidiary of the pharma company at Mahaboobnagar, Telangana, during February 19–29. The health regulator closed the inspection with seven observations that were procedural in nature. Meanwhile, Eugia Pharma Specialties has restarted production in its terminally sterilized product lines at its Unit-III, which was temporarily stopped to address some of the observations of the USFDA in their recent inspection concluded on February 2, 2024. Aurobindo expects to start the production in the aseptic lines of the facility in March 2024.