Pre-Market Analysis

Date: 20th March 2024

1. Overview:

Indices:
● Indian stock market indices, Sensex and Nifty 50, are expected
to open on a mildly positive note Wednesday tracking upbeat
sentiment in global markets.

● The trends on Gift Nifty also indicate a green start for the Indian
benchmark index. The Gift Nifty was trading around 21,910 level,
a discount of over 20 points from the Nifty futures’ previous
close.

● The domestic equity indices ended over a percent lower on

March 19 with the Nifty 50 index falling to its lowest level in over
a month.

● The Sensex cracked 736.37 points to end at 72,012.05, while the

Nifty 50 settled 238.25 points, or 1.08%, lower at 21,817.45.
 ● NIFTY

The Nifty 50 index plunged 238 points and slipped below the 22,000 level on
March 19.

The Nifty has broken down from the rising wedge pattern on the daily chart,
suggesting a potential reversal of the uptrend. Additionally, it has fallen below
the critical short-term moving average, indicating weakening momentum. The
Relative Strength Index (RSI) has also shown a bearish crossover, indicating
increasing selling pressure

● We saw a range bound market in yesterday's session

● Nifty might test the next support at 21770 tomorrow
● Resistance at 21912 and 21979
 ● Support at 21770

● BANK NIFTY

The Bank Nifty index declined 191 points to close at 46,385 on Tuesday,
extending a fall for the eighth consecutive session.

The Bank Nifty experienced another day of sideways trading, indicating

ongoing indecision between bulls and bears, marked by the formation of a doji
candle. Key levels to watch include support at 46,000 and resistance at
47,000, where the highest put and call open interests are concentrated. A
breakout beyond this range is awaited for a directional move; however, within
the range, the bullish sentiment prevails

● The market saw small reversal to the upside

● Bank nifty reversed from the support of 46212
● Banknifty might go and touch the 46066 support
 ● Resistance at 46708 and 46861
● Support at 46066

2. Top gainers and losers

Company Current % Gain

RBL Bank 228.05 1.6

Bajaj Finance 6,596.25 1.41

Bajaj Auto 8,640.20 1.39

Jubilant Food 445.90 1.19

Balkrishna Ind 2,284.50 1.07

Company Current % Loss

INDUS TOWERS 235.70 -5.15

Colgate 2,615.05 -4.35

BPCL 557.70 -4.22

TCS 3,982.50 -4.09

Oracle Fin Serv 8,266.80 -4.03

3. GLOBAL MARKETS

● Trends in the GIFT Nifty indicate a positive start for the broader
index in India, with a gain of 62 points or 0.28 percent. The Nifty
futures were trading around the 21,924 level.
● The Dow Jones Industrial Average rose 320.33 points, or 0.83
percent, to 39,110.76, the S&P 500 gained 29.09 points, or 0.56
percent, to 5,178.51 and the Nasdaq Composite gained 63.34
points, or 0.39 percent, to 16,166.79.
● Asia markets were trading higher in the early trade on
Wednesday as investors digested the Bank of Japan’s landmark
shift in monetary policy while awaiting the U.S. Federal
Reserve’s interest rate decision
● The market mood index is at 40.85 up from 35.69 indicating less
fear among the traders and the investors.
4. IPO

Enser Communications
Open Date 15 Mar, 2024
Close Date 19 Mar, 2024
Lot Size 2,000
Minimum Investment ₹140,000.00
Issue Price ₹ 70
Listing Date 22 Mar, 2024
Listing On NSE

Issue Size ₹ 16.17 Cr

Face Value ₹ 10
Total Shares Offered 2,310,000
Offered To Public 1,096,000
Retail Max (Shares/Amount) 2,000/₹140,000
Important Dates

15 Mar 2024 - Opening date

19 Mar 2024 - Closing date
20 Mar 2024 - Basis of Allotment
21 Mar 2024 - Initiation of Refunds
21 Mar 2024 - Credit of Shares
22 Mar 2024 - Listing day

5. Top Stock News

TCS: On Tuesday, TCS announced that the US-based Central Bank

has chosen TCS BaNCS to upgrade its primary technology
infrastructure. The Central Bank's strategic alliance with TCS is
designed to establish seamless and adaptable customer onboarding
procedures, fostering the bank's ongoing expansion, as per a stock
exchange disclosure.

Vodafone Idea: The company will assign equity shares valued at

₹1,440 crore from optionally convertible debentures (OCDs) to ATC
Telecom Infrastructure, the company said in an exchange filing on
Tuesday. Following the conversion, ATC will possess 2.9% of the
revised shareholding. In accordance with the OCDs' terms, ATC
requested VIL on March 18, 2024, for the conversion of 14,400 OCDs,
totaling ₹1,440 crore, into 1.44 billion fully paid-up equity shares with a
face value of ₹10 each.

Yes Bank: The bank has informed the exchanges on Tuesday that it
has concluded the transfer of exposure of the bank in Katerra India
Private Limited to Prudent ARC Limited, an asset reconstruction
company, and has received cash consideration of ₹203.40 crore in
relation to the same. Yes Bank had had invited Expression of Interest
for the sale of identified stressed loan exposures through auction
under Swiss Challenge Method on January 20, 2024.

UltraTech Cement: On Tuesday, the fair trade regulator, CCI, gave

the green light to UltraTech Cement's planned takeover of the
Kesoram Cement Business from Kesoram Industries. This proposed
merger involves UltraTech Cement Ltd acquiring the grey cement
division of Kesoram Industries Limited, following a comprehensive
arrangement scheme dated November 30, 2023.

SKF India: The company informed the exchanges that it has

appointed Mukund Vasudevan as an Managing Director of the
company with effect from 8th April 2024 for a period of five years,
subject to approval of shareholders of the company.

SpiceJet: Following a prompt from lenders, one of the two contenders

for the insolvent Indian airline Go First has increased its bid, according
to two banking sources and an individual familiar with the matter,
reported Reuters. The bidding consortium, comprising Ajay Singh, the
managing director of budget airline SpiceJet, and Busy Bee Airways,
has raised the bid by an amount ranging from ₹1 billion ($12.06
million) to ₹1.5 billion. The initial bid was ₹16 billion. The sources
chose to remain anonymous as they were not authorized to disclose
this information to the press. Attempts to reach Go First's resolution
professional, who is overseeing the bankruptcy proceedings, Singh,
Spicejet, and Nishant Pitti, the majority shareholder of Busy Bee, for
comments were not immediately successful.

Shakti Pumps: The water pump company on Tuesday initiated a

qualified institutional placement (QIP) with the aim of accumulating up
to ₹200 crore. The company has set the minimum price per share at
₹1272.09. The final issue price will be decided by the company in
collaboration with the book-running lead managers assigned for the
QIP issue.

Bharat Heavy Electricals: The state-owned engineering company

announced on Tuesday that it has secured a contract to establish the
1,600 MW Singrauli Supercritical Thermal Power Plant (STPP) Stage-
III for NTPC. The new plant will be located next to the existing 2,000
MW thermal power station at Singrauli in the Sonbhadra district of
Uttar Pradesh, as per BHEL's statement. BHEL was responsible for
setting up the Singrauli TPS, which was NTPC's inaugural power plant
in the state, back in 1982. BHEL also noted that the machinery
previously installed at Singrauli has been delivering exceptional
performance since its commissioning.

Persistent Systems: On Tuesday, the mid-level IT services firm,

Persistent Systems, announced that it has carried out a share
purchase agreement (SPA) for the acquisition of Persistent Systems
UK from the Aepona Group in Ireland, at a cost of £7.43 million.
Persistent Systems UK operates in the telecommunications API
gateway sector, where it defines, exposes, controls, and monetizes
telecom services for partners and application developers.

LIC: On March 19, SEBI, the market regulator, confirmed that an LIC
(Life Insurance Corporation of India) employee was implicated in the
front-running of a significant client's trades. In its confirmatory order,
the Securities and Exchange Board of India stated that the order was
issued based on preliminary findings to halt further fraudulent trading
activities and to prevent the misappropriation of wrongful gains totaling
₹2.44 crores. The five entities involved are Yogesh Garg, an
employee in LIC's investment department, his mother Sarita Garg, his
mother-in-law Kamlesh Agarwal, Ved Prakash HUF, and Sarita Garg
HUF. The interim order was issued to the notices on April 27, 2023
and the regulator has seized illegal gains exceeding ₹2.44 crore and
barred the notices from accessing the securities market until further
notice.
 ● 6. Key takeaways

● The benchmark Sensex and Nifty indices are likely to open

higher on March 20 as trends in the GIFT Nifty indicate a firm
start for the broader index with a gain of 62 points.
● Indian equity indices fell 1 percent on March 19 with Nifty at
21800 amid selling across the sectors.
● At close, the Sensex was down 736.37 points or 1.01 percent at
72,012.05, and the Nifty was down 238.20 points or 1.08 percent
at 21,817.50.
● The pivot point calculator indicates that the Nifty 50 is likely to
take immediate support at 21,792 followed by 21,748 and
21,678. On the higher side, the index may face resistance at
21,934 followed by 21,977 and 22,048 levels.

● FII and DII data

 Foreign institutional investors (FIIs) net bought shares worth Rs
1,421.48 crore, while domestic institutional investors (DIIs)
purchased Rs 7,449.48 crore worth of stocks on March 19,
provisional data from the NSE showed.

● Stock under F&O ban on NSE

The NSE has added Indus Towers to the F&O ban list for March
20, while retaining Balrampur Chini Mills, BHEL, Biocon,
Hindustan Copper, Piramal Enterprises, RBL Bank, SAIL, and
Zee Entertainment Enterprises on the said list. Aditya Birla
Fashion & Retail, Manappuram Finance, National Aluminium
Company, and Tata Chemicals were removed from the said list.

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