Market News
2 min read | Updated on February 20, 2024, 17:42 IST
SUMMARY
Our morning analysis highlighted the importance of BANK NIFTY’s price action between its 20-DMA (around 45,600) and 50-DMA (around 46,800). A breakout on either side was expected to provide further directional clues. Today, the BANK NIFTY index has closed above its 50 DMA, reclaiming the 47,000-mark.
The NIFTY50 has formed a bullish engulfing pattern on the daily chart
After a flat start, markets bounced back from the day's low to close the volatile session higher. The NIFTY50 and SENSEX extended their winning streak to the sixth day, gaining 0.3% and 0.4% respectively. The NIFTY50 made a fresh all time-high of 22,215 and closed shy of 22,200-mark.
Banking and power stocks led the rally, with Power Grid (+4%), HDFC Bank (+2%) and Axis Bank (+2%) being the main contributors to the gains. However, auto and IT stocks capped the gains with Hero MotoCorp (-3%), Bajaj Auto (-2%) and Eicher Motors (-1%) leading the declines.
The NIFTY50 has formed a bullish engulfing pattern on the daily chart, negating Monday's spinning top. According to experts, this decisive close above the previous all-time high resistance of 22,126 opens up further upside potential, with immediate support at 21,900.
🏦Kotak Mahindra Bank (+2%) was in the news after the bank announced a top management reshuffle.
📺Zee Entertainment jumps 6% on reports of renewed efforts to revive its $10 billion merger with Sony.
🧊Whirlpool India (-3%) promoter entity, Whirlpool Mauritius, plans to sell up to 24% stake to reduce debt.
⚡Federal Bank dropped 5% after Kotak Bank retained KVS Manian, the candidate whom Federal Bank shortlisted for the role of MD and CEO.
🌟Marico gains nearly 2% after the company contemplates declaring a second interim dividend for FY 23-24.
See you tomorrow!
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