The NSE Nifty 50 remained unchanged as it stayed within its established range of 22,800–23,100, according to Aditya Gaggar, director of Progressive Share Brokers Pvt.

This signals that the market is waiting for a breakout on either side to determine its next directional move, Gaggar said.

The stock markets are not expected to fall while 22,800 remains as a crucial support level. A decisive fall below 22,800 might trigger a meaningful correction, according to Rupak De, senior technical analyst at LKP Securities.

De emphasised that 23,000/23,150 might act as resistance for the Nifty. “A decisive breakout above 23,150 could induce a significant rally in the market.”

The Bank Nifty has formed a bullish engulfing candle, indicating strength. However, the index is still placed below 49,650 hurdle, according to Hrishikesh Yedve, research analyst at Asit C. Mehta Investment Interrmediates Ltd. “Sustaining above 49,650 could lead to a fresh move towards 50,000 levels.”

“On the downside 48,800 will act as immediate support for the index. Traders should closely monitor these levels for potential trading opportunities,” he added.

Market Recap

The Indian benchmark indices had another session of muted close on Wednesday after swinging between gains and declines in a rangebound trading. Information technology and pharmaceutical stocks fell, while realty and metal climbed.

The Nifty ended 12.4 points or 0.05% lower at 22,932.9 and the BSE Sensex closed 28.21 points or 0.04% down at 75,939.18.

F&O Cues

  • The Nifty February futures were down 0.10% to 22,950 at a premium of 31.6 points, with the open interest down 0.72%.

  • The open interest distribution for the Nifty 50 Feb. 20 expiry series indicated most activity at 26,500 call strikes, with the 23,000 put strikes having the maximum open interest.

FII/DII Activity

Foreign portfolio investors turned net sellers of Indian equities on Wednesday after one session of buying as they net offloaded stocks worth approximately Rs 1,881.3 crore.

During the trading session on Tuesday, FPIs were net buyers of equities worth Rs 4,786.6 crore.

Meanwhile, domestic institutional investors stayed net buyers for the eleventh straight session on Wednesday as they net bought equities worth Rs 1,957.7 crore, according to provisional data from the National Stock Exchange.

Stocks To Watch

  • Sundaram Clayton: The company has approved the sale of high pressure and low-pressure aluminum die-casting businesses at its Hosur plant.

  • BCL Industries: The company’s arm will supply 23,054 KL ethanol to oil companies for Rs 135 crore.

  • Thomas Cook (India): The company and SOTC signed agreement with Korea Tourism Organization for special projects.

Global Cues 

Stocks in the Asia-Pacific region slipped on Thursday, after the US Federal Reserve minutes showed no rush in cutting interest rates. Wall Street, however, ended at record highs.

Japan’s Nikkei was down 430 points, or 1.09% at 38.727, while South Korea’s Kospi fell 0.77%, or 20 points to 2,651 as of 6:55 a.m. Future contracts in China hinted at a positive start, while those in Hong Kong were poised to open lower.

Fed officials in January expressed their readiness to hold interest rates steady amid stubborn inflation and economic policy uncertainty. The minutes, released Wednesday in Washington, said “many participants noted that the committee could hold the policy rate at a restrictive level if the economy remained strong and inflation remained elevated.”

Taiwan’s export orders, inflation for Hong Kong and China’s one-year and five-year loan prime rates will be the key data points to watch out for in Asia on Thursday.

Stocks in the US shrugged off any delay in rate cuts as the benchmark S&P sored to fresh highs after a muted start. The S&P 500 and the Dow Jones Industrial Average advanced 0.24% and 0.16%, respectively. The tech-heavy Nasdaq Composite rose 0.07%.

The dollar index — which tracks the greenback’s performance against a basket of 10 leading global currencies — was 0.11% down at 107.05.

Crude oil prices steadied on Thursday amid uncertainty over global supplies. The Brent crude was down 0.07% at $75.99 a barrel as of 7:00 a.m. IST, and the West Texas Intermediate was down 0.10% at $72.18.

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