Nifty 50 Treads Water Between 22,200-22,500: Wait and Watch for Next Move
Nifty 50 overall is hovering between the range of 22,200 and 22,500 levels with a cautious approach, and one needs to wait and watch for further developments to establish some clarity and conviction about the trend.
Our Recommended Strike Price was Nifty 22400 – 22550
Potential Level : 22765.31, 22733.44, 22540.83, 22508.96, 22386.84, 22354.97, 22162.36 & 22130.49
Bank Nifty Falters at Key Resistance, Profit Taking Drags Index Lower
Bank Nifty also failed to move past the important level of 47,800, which is acting as a tough resistance from the last two sessions. She claims that it has been witnessing profit booking, which further slipped Bank Nifty down to close near the 47,300 zone.
Our Recommended Strike Price was Bank Nifty 47200 – 48000
Potential Level : 48171.55, 48104.1, 47696.55, 47629.1, 47370.7, 47303.25, 46895.7 & 46828.25.
Stocks on News
ITC: Global tobacco company British American Tobacco has launched a block deal to sell a 3.5 percent equity stake in India’s ITC to institutional investors for as much as Rs 16,775 crore. It plans to sell up to 43.69 crore ITC shares via accelerated bookbuilding at Rs 384–400.25 per share, reported CNBC Awaaz, citing sources. At the lower end of the price band, the share sale is at a 5 percent discount to Tuesday’s closing price.
Aurobindo Pharma: Subsidiary Eugia Pharma Specialities has started the distribution of aseptic products manufactured at Unit III, which was temporarily stopped. Eugia also expects to start commercial production from the aseptic lines of the said facility in a phased manner beginning next week and to re-start all the lines by April 15, 2024.