“Nifty 50 Faces Bearish Turn, Tests Key Support Zone”
Nifty 50 index indicated another “Bearish Engulfing” candle formation on the daily chart within 6 days breaching below the important 22,000 zones decisively weakening the bias and sentiment with overall approach maintained cautious as of now. The index witnessed heavy profit booking and has now the next crucial support of 21,750 to 21,800 zone which needs to be sustained to keep the hopes alive for sustaining and continuation of the upward trend.
Our Recommended Strike Price was Nifty 21900 – 22250
Potential Level : 22288.74, 22257.23, 22136.47, 22104.96, 21914.51, 21882.99, 21692.54 & 21661.02
“Bank Nifty Slides, Nears 45,000 Support”
Bank Nifty also witnessed heavy profit booking to indicate a big bearish candle further weakening the bias moving below the significant 50EMA zone of 46,200 level. The index has turned the bias weak and has got the next major support near the important 200 period MA of 45,000 levels
Our Recommended Strike Price was Bank Nifty 45800 – 46800
Potential Level : 46475.29, 46409.12, 46009.27, 45943.1, 45543.25, 45477.08, 45077.23 & 45011.06
Stocks on News
Reliance Industries: Billionaire Mukesh Ambani-owned Viacom 18 Media and The Walt Disney Company have signed binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom 18 and Star India. Reliance has agreed to invest Rs 11,500 crore in the JV for its growth strategy. The transaction values the JV at Rs 70,352 crore ($8.5 billion) on a post-money basis, excluding synergies. After completion of this deal, Reliance will hold a 16.34% stake in the joint venture, Viacom 46.82%, and Disney will hold 36.84%. Nita Mukesh Ambani will be the chairperson of the JV, with Uday Shankar as vice-chairperson.
Coal India: The state-owned coal mining company has signed a joint venture agreement (JVA) with BHEL to undertake the coal-to-chemicals business. Initially, they will set up a coal-to-2,000-TPD ammonium nitrate plant using BHEL’s in-house-developed PFBG (pressurised fluidised bed gasification) technology. Coal India will hold a 51% stake, and the remaining 49% stake will be owned by BHEL.
NTPC: NTPC Green Energy, a wholly owned subsidiary of NTPC, has signed a joint venture agreement with Maharashtra State Power Generation Company (MAHAGENCO) for the development of renewable energy parks in Maharashtra. The joint venture will develop GW-scale renewable energy parks and undertake projects of this scale in a phased manner.
JSW Steel: The company has incorporated a new wholly-owned subsidiary, JSW Green Steel, in Mumbai on February 27.
Jubilant FoodWorks: The trading of the shares of DP Eurasia NV, a step-down subsidiary of the company, on the London Stock Exchange was cancelled by the Financial Conduct Authority on February 28.
UPL: Shriram Finance is going to replace UPL in the Nifty 50 with effect from March 28. Shriram has the highest 6-month average free-float market capitalization within the eligible universe as a replacement for UPL, the exchange said. Adani Power, Indian Railway Finance Corporation, Jio Financial Services, Power Finance Corporation, and REC will replace Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene & Health Care, and Shriram Finance in the Nifty Next 50.