Niti Shah | Technical Analyst

TechCheckByNiti
February 02, 2024

The Daily Newsletter

@TechCheckByNiti

+91 7021350568 techcheckbyniti@gmail.com

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Nifty 50

Nifty may find support at 21,700 followed by 21,600. If the index

advances, then 21,800 will be the key resistance, followed by
21,900 respectively.

1. TradingView
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Niifty Bank

Nifty Bank may find support at 45,800 followed by 44,400

respectively. If the index advances, then 46,300 will be the key
resistance followed by 46,700 respectively.

1. TradingView
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Fii Dii Data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,879.58
crore, while domestic institutional investors (DIIs) purchased Rs 872.49
crore worth of stocks on February 1, provisional data from the NSE
showed.

2. Money Control
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Put Option Data
On the Put front, the maximum open interest was seen at 21,700 strike,
which can act as a key support level for Nifty, with 1.9 crore contracts.
It was followed by 21,000 strike comprising 1.18 crore contracts and
then 21,500 strike with 78.79 lakh contracts.

2. Money Control
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Call Option Data
As per the weekly options data, the 21,700 strike owned the maximum
Call open interest, with 2.2 crore contracts, which can act as a key
resistance level for the Nifty in the short term. It was followed by the
22,500 strike, which had 2.14 crore contracts, while the 21,800 strike
had 1.3 crore contracts.

2. Money Control
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News
Hero MotoCorp: The world's largest two-wheeler maker recorded total sales at
4,33,598 units in January 2024, rising 21.6 percent over a year-ago period, with
domestic sales increasing 20.5 percent on-year to 4.2 lakh units and exports surging
74.6 percent to 12,664 units for the quarter.

Abbott India: The pharmaceutical company registered a 26 percent on-year growth in

net profit at Rs 311 crore for the quarter ended December FY24, backed by healthy
operating numbers. Revenue from operations grew 8.7 percent to Rs 1,437 crore
compared to same period last year.

Eicher Motors: The company's flagship brand Royal Enfield sold 76,187 motorcycles in
January this year, rising two percent over 74,746 units sold in same month previous
year. However, exports sales dropped 20 percent YoY to 5,631 motorcycles during the
month.

2. Money Control
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News | 2
Panacea Biotec: The United States Food and Drug Administration (USFDA) has
classified the inspection of Baddi, Himachal Pradesh facility of the company's
subsidiary Panacea Biotec Pharma as Official Action Indicated (OAI).

Sonata Software: The IT services company swung to consolidated net loss at Rs 46.2
crore for the quarter ended December FY24, against profit of Rs 124.2 crore in
previous quarter. The profitability was impacted by exceptional loss due to changes in
fair value of acquired entity i.e. Quant Systems Inc. Consolidated revenue from
operations grew 30.4 percent sequentially to Rs 2,493.3 crore for the quarter.

Bata India: The leading footwear company recorded net profit at Rs 57.3 crore for
October-December period of FY24, falling sharply by 31 percent compared to year-
ago period, impacted by tepid topline and weak operating numbers. Revenue from
operations grew 0.4 percent year-on-year to Rs 903.5 crore for the quarter, driven by
premium categories, despite muted demand.

2. Money Control
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Market Buzz
The market is expected to remain rangebound in the coming sessions until the Nifty
50 takes out the immediate hurdle of 21,850 on the higher side, while the 21,500 is
expected to be a support area. If the index manages to decisively surpass 21,850
(the lower end of opening downside gap of January 17), then the rally towards
previous record high can't be ruled out in following sessions.
On February 1, the Interim Budget as well as FOMC meet outcome remained non-
event for the market and the benchmark indices ended moderately lower amid
volatility. The BSE Sensex was down 107 points at 71,645, while the Nifty 50 fell 28
points to 21,697 and formed bearish candlestick pattern on the daily charts with
higher high, higher low formation.

F&O Ban
The NSE has added India Cements, and Indus Towers to the F&O ban list for
February 2, while retaining SAIL, and Zee Entertainment Enterprises to the said list.

2. Money Control
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Disclaimer

The information provided in this document is for educational purposes only. It does
not constitute financial advice and members are strongly advised not to trade or
invest based on the information presented herein. Before making any financial
decisions, it is recommended to consult with a qualified financial advisor who can
assess individual circumstances and provide appropriate guidance.

2. Money Control