Nifty 50 Bounces Back: Can Bulls Break 22,300?
Nifty 50 index after tanking heavily with a bearish candle formation, witnessed some recovery to once again move above the 22,000 zone with the 50EMA level of 21,850 acting as a support zone for the index. The pullback shall gain strength once a decisive move past the 22,300 zone is confirmed to anticipate for further upward move in the coming days.
Our Recommended Strike Price was Nifty 22050 – 22350
Potential Level : 22613.01, 22581.66, 22392.21, 22360.86, 22171.41, 22140.06, 22019.94 & 21988.59.
Bank Nifty: 50EMA Holds, But Upside Stalled
Bank Nifty index also halted the slide near the significant 50EMA level of 46,600 zone and remained sluggish failing to sustain above the 47,000 levels during the intraday session. A decisive move past 47,300 levels is necessary to improve the bias to some extent and thereafter, anticipate further rise.
Our Recommended Strike Price was Bank Nifty 46800 – 47400
Potential Level : 47664.58, 47597.84, 47194.58, 47127.84, 46872.16, 46805.42, 46402.16 & 46335.42.
Stocks on News
Wipro: The technology services and consulting company has entered into an agreement with Desjardins to modernize consumer banking services using its NetOxygen Platform. The solution will improve Desjardins’ consumer lending and credit card business.
Ashok Leyland: Private equity firm Creador has invested $50 million in Hinduja Tech, the engineering R&D services company and a subsidiary of Ashok Leyland, to acquire 19.6 percent of the company’s shareholding. This investment placed Hinduja Tech at a post-money equity value of $255 million.
Coforge: The board of directors of the company will be meeting on March 16 to consider the raising of funds.
Tata Consumer Products: The board of directors of the company has approved the Share-based Long Term Incentive Scheme 2024 for the grant of performance share units (PSUs) to the eligible employees of the company and its subsidiaries. The company would be issuing PSUs not exceeding $9,000,000 in one or more tranches.
Biocon: Indranil Sen has resigned as Chief Financial Officer of the company with effect from March 15. He resigned as CFO to pursue opportunities outside the organization.