POST-MARKET SUMMARY 16th February 2024

On February 16, the market continued its upward trajectory for the fourth consecutive session. Buoyed by favorable global signals, Indian equity indices commenced on a positive note and sustained their gains throughout the day, with Nifty maintaining levels above 22,000. Buying activity spanned across various sectors, with the exception of oil & gas and power. Auto, capital goods, pharma, IT, and realty indices recorded gains of around 1-2% each.

NIFTY: The index opened 110 points higher at 22,020 and made a high of 22,068 before closing at 22,040. Nifty has formed a small bullish candlestick with a lower shadow on the daily chart. Its immediate resistance level is now placed at 22,125 while immediate support is at 21,900.

BANK NIFTY: The index opened 236 points higher at 46,454 and closed at 46,384. Bank Nifty has formed a small bearish candlestick with a long upper shadow on the daily timeframe. Its immediate resistance level is now placed at 46,700 while support is at 46,200.

Stocks in Spotlight

▪  Natco Pharma:  Stock zoomed 14% and hit a 52-week high two days after the company reported a three-fold rise in its net profit to Rs 212.7 crore, supported by strong revenue in the December quarter.

▪  Glenmark Pharma: Stock surged 7% as the company’s positive commentary cheered investors.

▪  Mahindra and Mahindra: Stock jumped 4% after the company signed an agreement for Volkswagen components to be used in its electric vehicles.

Global News

▪  The U.S. dollar gained on Friday after data showed producer prices in the world’s largest economy came in higher than expected, affirming expectations that the Federal Reserve will hold off the start of its rate-cutting cycle to the middle of the year.

▪  Oil slipped on Friday as a forecast of slowing demand by the International Energy Agency offset support from geopolitical tensions.

▪  Hong Kong markets led gains in Asia on Friday. Japan’s Nikkei 225 hit a fresh 34-year high as it attempted to scale its all-time peak.

This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as

i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or

ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or

iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.

With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.