Nifty : Will Nvidia Results affect the Sentiment of the Market?

NIFTY Spot View: 22/02/2024

CMP: 22055.05

Moving AVG (EMA) 20 Hour & 40 Hour: 22117 & 22056

Moving AVG (EMA) 20 Day & 40 Day: 21845 & 21617

Support & Downside Range: 21935—21858—21753—21700 zone.

Resistance & Upside Range: 22250--22505

Short Term Trend Reversal Level: -- 21533

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Trading View Summary:

•  After 6 days of Daily positive close & decent up move we saw a good pull back in yesterday's trading session. Now in today's intraday trading session we have two key levels to watch out which is 21935 & 21753/21700 zone.

•  After opening if 21935 key support manage to hold then we may immediate move upside towards 22250 levels.

•  Whereas after opening if we break 21935 and sustain below it for 15-30 mins then we may immediate open for downside levels minimum 21858 & max 21753—21700 which is our second key level to watch out.

•  21753/21750 support have a significant importance, ideally if bulls wants to move towards 23500++ levels then ideally bulls should not allow a single day close below 21753/21700 spot levels so 21753/21700 is such a level to watch out on closing basis if bulls wish to move towards 23500+ levels.

Key stock updates 

🔸 Brigade Enterprises and PVP Ventures 

 

The companies signed joint development agreement to develop a 2.5 million square feet, high-rise residential project in Chennai with a revenue potential of about Rs 2,000 crore 

 

🔸 Eureka Forbes 

 

Promoter Lunolux plans to divest up to 12% stake in the company for Rs 1,148.7 crore via block deals 

 

🔸 Home First Finance 

 

The company received corporate agent license from Insurance Regulatory Development Authority of India for soliciting life, general and health insurance.  

 

🔸 Grasim Industries 

 

The company will launch Birla Opus Paints Business and will inaugurate three plants 

 

🔸 South Indian Bank 

 

The lender announced Rs 1,151 crore rights issue. It will offer 52 crore shares at Rs 22 per share. The issue opens March 6 and closes on March 20 and the record date is set as Feb 27. The rights ratio set at 1 share for every 4 shares held 

 

🔸 SG Mart 

 

The company incorporated a unit in Dubai in the name of SG Mart FZE.  

 

🔸 Sula Vineyards 

 

The company announced that Maharashtra government has issued a GR for the continuation of the Wine Industrial Promotion Scheme for a period of eight years.  

 

🔸 J. Kumar Infraprojects 

 

Madan Biyani has resigned from the position of Chief Financial Officer

🔸 LTIMindtree

 

The company signed MoU with Eurolife FFH, a leading insurance company in Greece powered by Fairfax Digital Services, to establish first-of-its-kind Gen AI and Digital Hub in Athens and dedicated facilities in Poland, Europe and Mumbai

🔸 Devyani International

 

Yum Restaurants has sold its entire stake in Devyani International, which operates KFC and Pizza Hut, through an open market transaction on Wednesday. 

 

🔸 Apollo Micro Systems

 

The company has received sanction for a term loan of Rs 110 crore from State Bank of India for the implementation of its upcoming project in Hardware Park, Hyderabad.