Q3 Results Today: ZEEL, HAL, GlaxoSmithKline Pharma, Honda India Power and more to post earnings on February 12
BSE Sensex surged by 167 points to reach 71,595, while the Nifty 50 climbed by 64 points to hit 21,783. This movement was accompanied by the formation of a bullish candlestick pattern with a lower shadow on the daily charts, suggesting a strong buying interest at lower levels. Additionally, the index maintained its position above the 21-day EMA (exponential moving average) at 21,670, which could act as immediate support for the index.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, “In a rather subdued week at Dalal Street, Nifty has seen limited participation, with the fear of missing out conspicuously absent and the pursuit of strength proving ineffective. Investor caution prevails amid RBI's uninspiring monetary policy and the ongoing debate on the Federal Reserve's inflation goal. Despite the market's languid state, the S&P 500's historic close above 5,000 brings some optimism.
From a technical standpoint, Nifty's intraday support rests at 21557, while hurdles are at the all-time high of 22127. Bank Nifty's support is at 44429, with immediate hurdles at 46311. The Nifty options data suggests a trading range of 21500-22500.
Key catalysts include India’s CPI and IIP numbers, along with the US January CPI. Corporate earnings and Q3 results are in focus, with a positive outlook for Nifty's rally, aiming to revisit its all-time high. Buyers' weakness below 21557 could attract bears.
The suggested trades include buying Nifty at CMP with targets at 21907/22011 and Bank Nifty at CMP with targets at 46181/46893. The chart of the day favours BANK OF BARODA, BHARAT FORGE, SIEMENS, and ADANI ENTERPRISES on intraday weakness. The recommended stock to buy is PNB (CMP 124) with a stop at 116.75 and targets at
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