POST-MARKET SUMMARY 19th February 2024

On February 19, the market continued its upward trajectory for the fifth consecutive session, closing near the day's peak as the Nifty reached a fresh all-time intraday high of 22,186.65. Despite mixed global cues, the market commenced positively, experiencing fluctuations between gains and losses initially. Nevertheless, robust buying in most sectoral indices and heavyweight stocks facilitated a close near the day's peak levels. In terms of sectors, capital goods, IT, metal, and realty concluded in negative territory, while auto, banking, FMCG, healthcare, oil & gas, and power registered gains ranging from 0.3% to 1%. 

NIFTY:  The index opened 63 points higher at 22,103 and made a high of 22,186 before closing at 22,122. Nifty has formed a small-bodied bullish candlestick on the daily chart. Its immediate resistance level is now placed at 22,180 while immediate support is at 22,060. 

BANK NIFTY: The index opened 96 points higher at 46,554 and closed at 46,535. Bank Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 46,700 while support is at 46,300.

Stocks in Spotlight

▪  RVNL:  Stock surged 5.8% after the company said its order book grew to Rs 65,000 crore.

▪  Quess Corp: Stock soared 7.6% after the company announced it will split into three independent entities, a move aimed at unlocking shareholder value.

▪  Sula Vineyards: Stock fell 8% after a block deal worth Rs 676.6 crore took place in the counter.

Global News

▪  European stocks slipped on Monday, with French stocks taking a hit after the government cut its annual economic growth forecast.

▪  Oil prices edged lower on Monday morning as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts.

▪  Gold prices rose to a nearly one-week high on Monday as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted the bullion’s safe-haven appeal.

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