Nifty hit a new high in early trade on Friday by reaching over the 22,290-level. It traded at 22,274.50, up by 57.05 pts or 0.26 per cent, and BSE Sensex traded at 73,334.89, higher by 176.65 pts or 0.24 per cent as of 10.17 am.

Mentioning that the Nifty witnessed a strong pullback to erase the loss and a decisive breach above 22000 zone, Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher Pvt. Ltd, said, “With sentiment maintained positive, we anticipate the index to achieve next targets of 22400 and 22800 levels, respectively in the coming days. The support for the day is seen at 22100, while the resistance is seen at 22400.”

All sectoral indices traded in the green, except Nifty oil and gas. Nifty Bank traded at 47,112.10, up by 0.41 per cent, and Nifty Realty was higher by 1.55 per cent at 923.75. 

Commenting on nifty outlook, Anand James, Chief Market Strategist, Geojit Financial Services, said, “With a push above 22131 that we were eying as a sign of strength yesterday, we are back on to the 22450-550 trajectory. Initial challenge is likely to be seen near 22320, but unless we see a pull back below 22200, positivity may persist. However, momentum may ease off as the day progresses.”

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, pointed out, “This global bull run led by the mother market US is showing no signs of exhaustion. In the US the rally is being led by the tech stocks . Nvidia’s excellent results have sparked a rally in all AI related tech stocks. This is having its repercussions in the tech stocks in India, too.”

“The steady climb of the Nifty setting records after records is an indication that the buy-on-dips strategy is working. This trend may continue. Fed rate cut expectations are much lower than at the beginning of this year. That too will start exerting pressure on the market. Long-term investors should remain invested in this bull market. Partial profit booking from the overvalued mid and small caps and moving the money to high-quality large-cap banks and fixed income would be a safe strategy in the present context,” Vijayakumar added.

Major gainers on the NSE as of 9.50 am were Titan (higher by 2.12 per cent), Bajaj Finserv (1.05%), Cipla (1%), HDFC Life (0.92%), and LTIMindtree (0.90%). Meanwhile, stocks such as Bharti Airtel (-1.37%), Asian Paints (-1.14%), Power Grid (-0.71%), NTPC (-0.71%), and BPCL (-0.57%) stocks underperformed.

Vodafone Idea stock rallied by 7.67 per cent on the NSE, trading at ₹17.55 as of 9.54 am, following the intimation stating that its board will meet on February 27 to consider raising of funds.

Zee Entertainment Enterprises stock surged 5.08 per cent on the NSE to trade at ₹176.70 as of 10.19 am.

Ramkrishna Forgings stock rose 3.86 per cent as of 10.19 am to trade at ₹767.30, following the board’s approval for commencement of manufacturing and supplies from the company’s Mexico location.

IRCTC stock rose by 2.90 per cent on the NSE to trade at ₹962.80 following its tie-up with Bundl Technologies Pvt. Ltd. (Swiggy Foods) for supply and delivery of pre-ordered meals through IRCTC e-catering portal as a PoC (Proof of Concept) in the first phase at four railway stations - Bengaluru, Bhubaneswar, Vijayawada and Visakhapatnam.

Kirloskar Ferrous Industries has informed that the operations of Mini Blast Furnace at Hiriyur plant have been suspended temporarily with effect from February 22, 2024, due to market conditions. The stock slipped by 0.90 per cent on the BSE, to trade at ₹584.25 as if 10.01 am.

Manappuram Finance Ltd has approved raising of ₹600 crore through issue of NCDs of face value ₹1 lakh each on a private placement basis. 

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