Nifty 50 Retreats 300 Points, Testing Support at 21,900 Ahead of This Week’s Expiry
Nifty 50 index witnessed heavy selling pressure and tanked losing 300 points breaking below the 22,000 zone to touch the important support zone of 50 DMA levels of 21,900 with bias overall turning weak and stocks witnessing heavy profit booking shedding their gains. The near-term support of 21,800 is visible where the index should stabilize and is anticipated to bottom out near that zone.
Our Recommended Strike Price was Nifty 22050 – 22500
Potential Level : 22443.79, 22411.83, 22218.74, 22186.78, 21993.69, 21961.73, 21768.64 & 21736.68
Bank Nifty Retreats Below 47,000; Select Private Banks Stay Positive
Bank Nifty also eroded its gains to slip below the 47,000 with profit booking witnessed, with some of the frontline private banking stocks still looking in the positive bias zone.
Our Recommended Strike Price was Bank Nifty 46900 – 47700
Potential Level : 47797.06, 47729.47, 47470.53, 47402.94, 46994.53, 46926.94, 46518.53 & 46450.94.
Stocks on News
Tata Motors: The commercial and passenger vehicle manufacturer, has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up a vehicle manufacturing facility in the state. The MoU envisages an investment of around Rs 9,000 crore over 5 years and can potentially create up to 5,000 jobs.
ITC: Marquee Investors, Government of Singapore, and ICICI Prudential Mutual Fund bought 9,15,45,678 equity shares and 59,26,138 equity shares in the FMCG company, respectively, via open market transactions. They bought shares at an average price of Rs 400.25 per share, valued at Rs 3,901.3 crore. Foreign investor British American Tobacco, through its subsidiary Tobacco Manufacturers (India), sold 43,68,51,457 equity shares in the company at the same price, valued at Rs 17,484.98 crore.
Coforge: The board of directors of the company will be meeting on March 16 to consider the raising of funds.
Zydus Lifesciences: Zydus has launched Olaparib, a PARP inhibitor, under the brand name IBYRA in India. The drug will target specific genetic mutations prevalent in certain types of cancers, paving the way for more tailored and effective treatment approach.
Federal Bank: The private sector lender has stopped issuance of new co-branded credit cards. The bank is in the process of rectifying the areas that are deficient and will seek regulatory clearance prior to the resumption of new issuance. The bank will continue to offer credit cards to new and existing customers in the non-co-branded segment and will also continue to service existing customers who currently hold co-branded credit cards issued by the bank.
Cholamandalam Investment and Finance Company: The company has purchased 4.67 acres of land from DLF IT Offices in Chennai for Rs 735 crore.
Indus Towers: The Board of Directors of the company has approved the appointment of Sarabhjit Singh as the Chief Internal Audit & Assurance Officer and Internal Auditor of the company with effect from March 14.