Oil India Limited (OIL), the National Center for Seismology (NCS) under the Ministry of Earth Sciences, and the Centre for Earth Sciences and Himalayan Studies (CES & HS), Government of Arunachal Pradesh, signed a tripartite Memorandum of Understanding (MoU) in Itanagar, Arunachal Pradesh. The agreement aims to undertake applied earth science studies in the country, particularly focusing on Arunachal Pradesh and the Northeast Region. However, the shares experienced a decline of 3.24%, reaching Rs 572.45.

Tourism Finance Corp of India Ltd witnessed a 5% surge, hitting an all-time high and reaching the upper circuit limit at Rs 267.4 per share on the BSE on Monday. This surge followed the company’s announcement of raising nearly Rs 200 crore through a preferential issue of shares.

Asian Paints, Hindalco Industries, Divis Labs, Apollo Hospitals, and Tata Steel are top losers on NSE Nifty 50 index.

Shakti Pumps secured its third work order as part of the KUSUM-3 scheme from the Haryana Renewable Energy Department. The order, comprising 2,443 pumps, holds a total value of Rs 84.3 crore. Despite this positive development, the shares of Shakti Pumps experienced a decline of over 1%, falling to Rs 1,365.40 in Monday’s intra-day trade.

Commenting on the USD-INR outlook, Rahul Kalantri, VP Commodities, Mehta Equities Ltd said, The USD-INR 27 February futures contract showed signs of recovery from its recent lows. However, on the weekly technical chart, the pair remains below its trend-line support level of 83.0300, with the RSI persistently below the 50 mark. Moreover, the MACD indicates negative divergence on the weekly chart. According to the weekly technical analysis, the pair has a support zone between 82.74 and 82.50, while resistance is noted between 83.03 and 83.20. With the pair trading below the 83.03 support level, it is anticipated to move within the range of 82.50 to 83.45 for the current week.

L&T, Power Grid Corp, Adani Enterprises, Adani Ports and SEZ, and Eicher Motors on NSE Nifty 50 index.

Ashok Leyland’s shares saw an increase of over 1%, reaching Rs 175, following the news that the company has enhanced its presence in the automotive business through the acquisition of a 49.9% stake in TVS Trucks for Rs 24.95 crore.

The shares of Biocon experienced a decline of up to 1%, reaching Rs 269.10 in Monday’s intra-day trade. This drop follows the announcement that Biocon issued a corporate guarantee of $20 million on behalf of its wholly-owned subsidiary, Biocon Generics Inc., to Mizuho Bank Ltd. The guarantee is in support of a term loan facility for a duration of five years.

Analyzing the technical structure of Nifty, Anand James, Chief Market Strategist at Geojit Financial Services, noted that while Nifty hasn’t shown a clear reversal sign, the numerous rejections near the record peak suggest potential exhaustion. James suggests that downside markers might be elevated to 22,055 on a closing basis, with the near-term objectives remaining at 22,450-22,550. However, he anticipates large swings or muted sideways movements in the coming week, emphasizing the need to prepare for such scenarios rather than expecting a clear directional play. For the day, James suggests that Nifty must surpass the congestion resistance in the 22,240-22,280 region to indicate strength.

Skipper’s shares surged by over 5% to Rs 373.35 in Monday’s intra-day trade following the announcement that the company has secured a new order valued at Rs 737 crore from Power Grid Corporation of India. The order involves the design, supply, and construction of a new 765 kV transmission line project.

Infibeam Avenues witnessed an up to 8% gain, reaching Rs 37.90 in Monday’s intra-day trade. This surge follows the news that Infibeam Avenues has broadened its global footprint through the acquisition of a 20% strategic stake in XDuce, a US-based application and AI development company, for $10 million.

Larsen & Toubro’s construction division has secured its inaugural EPC Railway Systems contract in the All South Eastern Asian Nations (ASEAN) region. The company will be undertaking the construction of the Jakarta Mass Rapid Transit (MRT) Project Phase 2A in collaboration with its longstanding Japanese partner, Sojitz Corporation, as stated in an exchange filing. The stock traded higher by 2.18% to Rs 3,461.85 in the intra-day trade on Monday.

JSW Infra has been granted a letter of award by V.O. Chidambaranar Port Authority for the management of dry bulk cargo at V.O. Chidambaranar Port. This will be executed through a design, build, finance, operate, and transfer (DBFOT) framework as part of a public-private partnership (PPP). However, JSW Infra’s shares experienced a decline of over 1%, falling to Rs 259.76 in Monday’s intra-day trade.

The NSE Nifty 50 dipped 0.52% to trade at 22,097.30, while the BSE Sensex plunged 0.54% to 72,751.03.

The shares of Union Bank of India witnessed a 1% increase, reaching Rs 147.80, following the announcement that the bank has approved Rs 135.65 per share as the issue price for its Qualified Institutional Placement (QIP), and the placement has been fully subscribed.

Providing insights into the derivative market outlook, Anand James, Chief Market Strategist at Geojit Financial Services, noted that the Nifty weekly contract has the highest open interest at 23,000 for Calls and 21,000 for Puts. Similarly, monthly contracts exhibit the highest open interest at 23,000 for Calls and 21,000 for Puts. The most significant addition in new open interest was observed at 23,100 for Calls and 21,200 for Puts in weekly contracts, and at 23,100 for Calls and 21,200 for Puts in monthly contracts.

“Foreign Institutional Investors (FIIs) reduced their future index long position holdings by 3.48%, decreased future index shorts by 1.35%, and in index options, there was a substantial 34.67% increase in Call longs, a 27.43% increase in Call shorts, a 48.42% increase in Put longs, and a 34.27% increase in Put shorts,” added James

One97 Communication shares saw a 5% surge to Rs 428.10 in Monday’s intra-day trade following news that the Reserve Bank of India has instructed the National Payments Corporation of India to investigate the potential migration of Paytm Payments Bank customers utilizing the UPI handle ‘@paytm’ to 4-5 other banks, aiming to enhance stability in the payment ecosystem.

Commenting on the USD-INR outlook, Anand James, Chief Market Strategist at Geojit Financial Services, mentioned that the market is awaiting a breakthrough in the 82.78-83.1 region to provide additional directional cues. He anticipates upward movements if there are sustained trades above 82.87.

HDFC Bank has received approval from the Reserve Bank of India (RBI) to sell a 90% stake in its education loan subsidiary, HDFC Credila. The stake is set to be divested to a consortium of private equity firms, which includes BPEA, EQT, and the ChrysCapital group. In Monday’s intra-day trade, HDFC Bank’s shares edged slightly higher by 0.11% to 1,422.15.

Power Grid Corp, L&T, Bajaj Auto, Adani Enterprises, and Mahindra & Mahindra are the top gainers on the NSE Nifty 50 index, whereas the top losers include Asian Paints, Tech Mahindra, BPCL, Wipro, and HDFC Life Insurance.

In recent time frames, Kotak Mahindra Bank’s stock has experienced a sequence of declines. Over the past 5 days, the stock exhibited a 1% decrease, indicating a short-term negative trend. This downward momentum persisted in the last month, resulting in a 5.65% dip in the stock. The negative trend extended over the last 6 months, with the stock showing a nearly 4% decline. Year-to-date (YTD) returns displayed a significant drop of 10%, reflecting a challenging start for investors in 2024. Additionally, over the past year, the stock witnessed marginal erosion, with returns remaining nearly flat and down by 1%.

Also Read: What should be your position on Kotak Mahindra Bank Stock after Zurich ‘s 70% stake buy ?

Zee Entertainment Enterprises has formed an independent advisory committee to investigate and address allegations of widespread misinformation, market rumors, and speculation concerning the company. On Monday’s intra-day trade, the shares of Zee Entertainment Enterprises saw a decline of up to 1%, reaching Rs 173.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, observed that the Bank Nifty index sustained its strong momentum by surpassing the 46,500 level, now established as a formidable support. Any pullback toward this support zone is viewed as an opportune moment to initiate long positions, aiming for an upward move towards 48,000. The immediate obstacle for the index lies at 47,100, and a decisive breakthrough above this level would indicate a continuation of the uptrend towards the mentioned target of 48,000.

The NSE Nifty 50 dipped 0.20% to settle at 22,169.20, while the BSE Sensex plunged 0.13% to 73,044.81.

Sharing insights on the technical outlook of Nifty, Rupak De, Senior Technical Analyst at LKP Securities, remarked that despite opening higher, Nifty couldn’t maintain the morning momentum, resulting in a close at the day’s low due to profit booking. Nevertheless, the short-term sentiment remained positive, as the index concluded above the pivotal resistance level of 22,200, with the next resistance anticipated at 22,400. The short-term support is established at 21,900. As long as Nifty sustains levels above 21,900, there is a likelihood that the index will be considered a viable option for buying during dips.

The NSE has added Aditya Birla Fashion, Ashok Leyland, Balrampur Chini Mills, Biocon, Canara Bank, GMR Infra, GNFC, Hindustan Copper, Piramal enterprise, PVR Inox, RBL Bank, SAIL, on Zee Entertainment Enterprise on February 26, 2024.