POST-MARKET SUMMARY 29th February 2024

On February 29, amid a highly volatile session on the F&O expiry day, the Indian benchmarks ended with minor gains, with the Nifty finishing around the 22,000 level. Across sectors, except for healthcare, all other indices closed in the green, with bank, capital goods, metal, and power sectors up by 0.5-1%. 

NIFTY: The index opened flat at 21,935 and made a high of 22,060 before closing at 21,982. Nifty has formed a bullish candlestick pattern with long upper and lower shadows, which resembles a High Wave kind of pattern on the daily chart. Its immediate resistance level is now placed at 22,050 while immediate support is at 21,900. 

BANK NIFTY: The index opened 82 points lower at 45,881 and closed at 46,120. Bank Nifty has formed a bullish candlestick pattern with upper and lower shadows on the daily scale. Its immediate resistance level is now placed at 46,500 while support is at 45,900.

Stocks in Spotlight

▪  Suzlon Energy: Stock surged nearly 5% after the company won a 30-MW wind power project for EDF Renewables in Gujarat.

▪  NBCC: Stock jumped 2.8% after the company executed the e-auction of approximately 61,000 sq.ft. commercial built-up area at Ayurvigyan Nagar in New Delhi.

▪  BEML:  Stock fell 3.7% even after the company won an order worth Rs 72.71 crore from Eastern Coalfields Limited for BH100 Rear dumper.

Global News

▪  Gold turned positive after inflation data released on Thursday rose in line with expectations in January.

▪  The Stoxx 600 index was up 0.27% at 1:40 p.m. in London, slightly extending earlier gains after the U.S. personal consumption expenditures price index, excluding food and energy costs (the Federal Reserve’s preferred measure of inflation) rose in line with expectations by 0.4% monthly and 2.8% annually in January.

▪  Consequently, the dollar fell for a brief period on Thursday but quickly pared losses in a choppy trading session.

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