Nifty holds 17,500, ends Feb F&O series 2% down; Sensex drops 139 pts

CLOSING BELL: The S&P BSE Sensex settled at 59,605, down 139 points or 0.23 per cent

4:25 PM

COMMENT:: Hawkish Fed comment, rising geopolitical tensions weigh on sentiment

"The equity market traded cautiously between gains and losses as the minutes of the central bank policy meeting revealed concerns over high inflation and its commitment to bring inflation under control. In response to the heightened fears of rate hikes, the US 10-yr treasury yield continued to stay high, near 4%. Additionally, the dollar index rose as the greenback cheered over hawkish Fed comments and rising geopolitical tensions."

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:23 PM

Nifty: The 17,450 may act as an immediate support

"The benchmark Nifty remained volatile on the last day of February's F&O expiry. During the day, Nifty managed to hold above the morning low of 17,455. Going ahead, the low of 17,455 is likely to act as immediate support for the falling Nifty. A decisive fall below 17,450 may trigger the resumption of the fall. In that case, it may fall down towards 17,200–17,150. However, failure to break down may induce a recovery towards 17,750–17,850, where the upper band of the falling channel lies."

 

- Rupak De, Senior Technical Analyst at LKP Securities
 

4:20 PM

Bank Nifty:: Hurdle seen at 40,200; Key support at 39,500

"The BANK NIFTY index after 5 days of brutal selling witnessed some buying from the lower level and formed a long-legged doji candle. The index if it manages to hold today's low can witness a recovery towards 40,500 levels. The index immediate hurdle is at 40,200 above which can witness a short covering move. The index downside support stands at 39,500 and if breached will aggravate the selling pressure."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

 

4:19 PM

COMMENT:: Huge OI concentration at 17,500, 17,700 Puts suggest traders are not expecting deep correction

"The March Series of Nifty is seen having huge OI concentration at the 17,500 PE and the 17,000 PE strikes indicating that traders are not expecting a very deep correction in the market. What's more important is that the In-the-money (ITM) 17,600 PE also saw shorting today, which eventually supported the Nifty Index from falling further and outperforming the Bank Nifty for most of the day. The 17,500 strikes also saw short straddles being created for the next month, although the volume for this was not very high.

 

All these factors indicate that the start of the series is on a neutral to bearish mode and the down-trend will only get confirmed once the 17,350 level has been breached decisively. The Bank Nifty index today is also looking neutral for the next series with the 40,000 calls and puts adding to large amount of Open Interest. The highest concentration of OI is at these strikes and it is also where traders have taken large quantities of short straddles for March."

 

- Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform

 

4:15 PM

F&O analysis :: 'March Series of Nifty suggests traders are not expecting deep correction in the market'

The March Series of Nifty is seen having huge OI concentration at the 17,500 PE and the 17,000 PE strikes indicating that traders are not expecting a very deep correction in the market. What's more important is that the In-the-money (ITM) 17,600 PE also saw shorting today, which eventually supported the Nifty Index from falling further and outperforming the Bank nifty for most of the day. The 17,500 strikes also saw short straddles being created for the next month, although the volume for this was not very high. 
 

All these factors indicate that the start of the series is on a neutral to bearish mode and the down-trend will only get confirmed once the 17,350 level has been breached decisively. The Bank Nifty index today is also looking neutral for the next series with the 40,000 calls and puts adding to large amount of Open Interest. The highest concentration of OI is at these strikes and it is also where traders have taken large quantities of short straddles for March. 
 

Among stocks, Adani Enterprises is seen having the largest OI build-up on the short side from a 5-day period and has corrected approximately 22% in this same period. Traders should watch out for the previous swing low of this stock at around 1,017 and should look to play this only through next month. Long strangles once the IV cools off a bit.

Views by: Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform

4:11 PM

Shipping Corporation soars 10% amid reports of approval to demerger plan

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4:10 PM

Amid record aircraft orders, aviation remains a long-term play: Analysts

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4:09 PM

ITC hits record high; stock gains over 19% from Budget Day low

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4:06 PM

Sandur Manganese zooms 12% on approval to increase production

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4:04 PM

HG Infra bags Rs 535 cr order from RVNL; stock has rallied 30% in 3 months

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4:02 PM

Zee Entertainment tanks over 14% intra-day as NCLT admits company to insolvency resolution

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3:59 PM

RateGain Travel soars 6% on twi-up with Hotelkey; stock finally ends flat

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3:56 PM

Sonata Software jumps 5.5% on acquiring Texas-based Quant Systems

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3:54 PM

Indiabulls Housing Finance dips 4% after exchanges reclassify Sameer Gehlaut's stake as 'public'

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3:51 PM

Nifty Realty index also slips 1.8%; Lodha dips 5%; Prestige, Phoenix other major draggers

3:49 PM

Nifty Media index cracks 1.8%; Zee slips 3.5%; TV18 Broadcast 2%

3:47 PM

BSE Smallcap Heatmap:: Venus Remedies, SCI zoom up to 14%; IRB Infra tanks 13%

3:46 PM

BSE Midcap Heatmap:: Lodha, Adani Power, Voda Idea top losers

3:44 PM

Market Breadth was slightly negative; 268 stocks hit 52-week lows

3:43 PM

Broader indices also end with marginal losses; VIX declines 3%

3:41 PM

Nifty 50 Losers:: Asian Paints dips over 3%; L&T, Titan, Divi's Labs slip over 1.5%

3:38 PM

Nifty 50 Gainers:: Metal majors lead gainers chart; Axis, SBI also shine

3:36 PM

Sensex 30 Heatmap:: 13 Gainers v/s 17 Losers

3:35 PM

CLOSING BELL:: NSE Nifty50 ends 43 points lower at 17,511 amid expiry related volatility

3:33 PM

CLOSING BELL:: S&P BSE Sensex ends lower for the 5th straight trading day, down 139 points at 59,606

The BSE benchmark has shed 1,436 pts in the last five days.

3:21 PM

Global Check:: US, UK stock futures edge higher

Source: Investing.com

3:11 PM

India's potential in green energy no less than a goldmine: PM to investors

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3:01 PM

Investors should remain upbeat on cement sector; price hike is a positive

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2:49 PM

BSE 500:: Info Edge, Zee, Tata Consumer among volume shockers

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2:37 PM

Debt funds may again draw investors' attention as yields improve

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