Markets reacted sharply to close lower by more than 1% after failure to cross 22,300 in Nifty futures and was followed by closing below 22,000. The decline has led to the completion of a larger flag pattern in Nifty futures and is likely to follow up with a significant upmove as positions roll over to the March series. We expect 22,060 in the Nifty spot to act as a crucial resistance above which Nifty is likely to gather momentum to activate an upside breakout.
Nifty Futures Chart
Stocks to watch
Positive Read through
- Reliance Ind – Binding agreement for Disney JV, transaction values JV at Rs. 703.52 bn.
- TN18, NW18 – Ril-Disney JV to create a media giant, combined rev at Rs. 250 bn.
- Bhel/Coal India – To form a JV to undertake coal-to-chemicals business.
- NTPC – NTPC Green Energy in pact with Mahagenco for RE parks in Maharashtra.
- Shriram Fin – Will be included in the Nifty 50 index effective March 28, 2024.
- PB Fintech – IRDAI grants composite insurance broking license to Policybazaar.
- Venus Pipes – Forays into fittings business, approves Rs. 1.75 bn capex via warrants and debt.
- Punjab & Sind Bank – To raise up to RS. 20 bn via QIP or any other mode.
- Oil India – The Board meets on March 8 to consider a second interim dividend.
- Jio Fin – Will be included in Nifty Next 50 effective March 28, 2024.
- Salasar Techno – Company secures order worth Rs 2 bn for supply of solar structures.
- Alkem – US FDA issues Establishment Inspection Report for Mandva’s API manufacturing facility.
- Juniper Hotels – Government Pension Fund Global bought 21,77,724 Shares.
Negative Read through
- UPL – Will be excluded from the Nifty 50 index effective March 28, 2024.
- Piramal Ent – Gets I-T assessment order for AY23 with respect to the withdrawn claim of Rs. 36.98 bn.
- KSB – Q4 revenue up by 15 pct, margin declines 121 bps YoY.
- Advanced Enzymes – Loses case in US court against World Nutrition, to pay Rs. 150 mn.
- Reliance Capital – Company to be delisted from stock exchanges, as per Hinduja’s resolution plan.
- JB Pharma – KKR said to mull selling stake in JB Pharma
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