Nifty support at 17200, resistance at 17400 [22-02-2022]

On Technical front, immediate support and resistance levels for Nifty 50 is 17,200 and 17,400 respectively and for Bank Nifty 37,200 and 38,150 level will act as support and resistance.

Stock Recommendations For Today

  • Dwarikesh Sugar: Systematix Shares & Stocks initiated coverage on the stock with a ‘buy’ recommendation
  • Kotak Mahindra raised to ‘buy’ at Nirmal Bang; Price target set at Rs 2,240.
  • United Spirits raised to ‘buy’ at Nirmal Bang; Price target set at Rs 965.

Sensex crashes 1100 pts, Nifty below 16750 in pre-open

BSE Sensex crashed 1100 points to trade at 56577, while NSE Nifty 50 tanked 466 points to 16740 in pre-opening session on Tuesday

Bond Traders To Weigh RBI’s $5 Billion U.S. Dollar/Rupee Swap

Indian rupee traders will weigh the impact of central bank’s move to announce a $5b dollar rupee sell-buy swap against the negative geopolitical cues. 

  • USD/INR forward premiums are set to rise on RBI’s swap move, traders say
  • USD/INR fell 0.2% to 74.5150 on Monday
  • 10-year yields rose 3bps to 6.69%
  • Foreign investors bought Rs 285 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 69 crore of corporate debt
  • State-run banks bought Rs 300 crore of sovereign bonds on Feb. 21: CCIL data. Foreign banks bought Rs 111 crore of bonds.

Source: Bloomberg

PharmEasy parent gets SEBI nod for Rs 6,250-crore IPO

API Holdings, the parent company of online pharmacy start-up PharmEasy, on Monday received the definitive approval from Sebi to raise Rs 6,250 crore through an initial public offering (IPO). API Holdings, which owns an umbrella of brands including PharmEasy, Thyrocare, Docon, Retailio, and Aknamed, had filed draft papers to raise Rs 6,250 crore in fresh equity shares through its proposed IPO in November 2021.

Nifty’s resistance at 17421 mark

Mirroring the fall in SGX Nifty, key benchmark indices are seen trading in rough waters amid Russia-Ukraine tensions and the Fed’s hawkishness which is still reverberating negative sentiments. Overnight, MOEX Russia Index slumped as much as 14% after Russian President Vladimir Putin said he’s considering an appeal for official recognition from separatists in east Ukraine. Amidst this backdrop, Nifty’s resistance is at 17421 mark and expect waterfall of selling below 17057 mark. 

In Focus: Edible-Oil Producers As Mills Cut Prices

Shares of firms linked to edible oil production may move after refiners said they are cutting retail prices to stem food inflation.

  • Mills will immediately reduce prices by Rs 3 to Rs 5 per kilograme, according to the Solvent Extractors’ Association of India.
  • This is the third price cut in four months.
  • In Focus: Adani Wilmar, ITC, Godrej Agrovet, Ruchi Soya, Gujarat Ambuja Exports, Gokul Agro Resources, Vijay Solvex

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