Nifty : Will it Sustain New Highs?

NIFTY Spot View: 20/02/2024
CMP: 22122.25
Moving AVG (EMA) 20 Hour & 40 Hour: 22040 & 21950
Moving AVG (EMA) 20 Day & 40 Day: 21784 & 21564
Support & Downside Range: 22020—21935—21858--21750
Resistance & Upside Range: 22188—22301—22340 zone, 22505
Short Term Trend Reversal Level: -- 21533

Make profit using our bank nifty options on a daily basis.

Trading View Summary:
•  In today's trading session key level to watch is 22020 support after opening if this manage to hold then we may again move upside towards minimum 22301—22340 zone & maximum 22505 levels.
•  After opening if 22020 manage to break then we may see a small pullback move to come in market which may lead nifty towards minimum 21935 to 21858 & maximum 21750 spot levels.
•  If bulls are alive & they have a plan to move towards 23500+ levels in weeks to come then ideally they should not give a single day close below 21750 spot levels in any pull back and they must defend 21533 spot. So understand the importance of 21750 closing basis and 21533 as running trend reversal support.

Key stock updates

🔸 Torrent Power 

 

The company will develop four projects of pumped storage hydro, green hydrogen, solar energy generation with investment of Rs 25,000 crore in Uttar Pradesh 

 

🔸 Godrej Consumer 

 

The company and its arm will divest entire stake in its in Mauritius-based unit Godrej East Africa Holdings to HKG Africa Weave for consideration of Rs 30 crore 

 

🔸 CIE Automotive 

 

The company reported a 0.29% decline in revenue at Rs 2,240.39 cr YoY in the third quarter, while net profit was down 9.12% at Rs 177.05 crore. The board approved a final dividend of Rs 5 per share.  

 

🔸 ONGC 

 

The shareholders of Cyprus-based step-down unit IEL has approved the merger of five arms with itself. The unit will have 3 step-down units in Cyprus post-merger 

 

🔸 Ward Wizard 

 

Joy e-bike achieves new milestone; surpasses 100,000 units sales of Electric Two Wheelers 

 

🔸 Balrampur Chini 

 

The company is set to venture into Polylactic Acid (PLA) manufacturing with new fully integrated facility’ 

 

🔸 Whirlpool India  

 

Promoter Whirlpool Mauritius will divest 24% stake at a floor price of Rs 1,230 per share, which indicates a discount of 7.6% to current market price.  

 

🔸 Kotak Mahindra Bank 

 

The company appointed MR. Devang Gheewalla as the CFO and a Key Managerial Personnel of the Bank and appointed Milind MR. Nagnur as the Chief Operating Officer of the Bank 

 

🔸 Piramal Enterprise 

 

The company to consider fund raising on Feb 22 

 

🔸 Tasty Bite Eatables 

 

Milin Bande has resigned from the position of Chief Financial Officer.  

 

🔸 Astra Microwave Products 

 

The company incorporated a wholly owned subsidiar Astra Space Technologies for Rs 10 lakh 

 

🔸 Orient Green Power 

 

Edelweiss (Plaintiff) has withdrawn from the suit filed against promoter SVL and the company before the High Court of Bombay

 

🔸 LTIMindtree 

 

The company Unveils Navisource.Al, a revolutionizing procurement Co-Pilot on canvas.AI platform. The platform boosts productivity by 20% and reduces overall procurement cost by 10-15%  

 

🔸 Deepak Fertilisers 

 

The company enters into a 15-year LNG contract with Norwegian Giant – Equinor 

🔸 Snowman Logistics 

 

Gateway Distriparks(Promoter) has acquired/purchased 8,00,000 equity shares comprises of 0.48% of the company from the open market