Bombay Stock Exchange
By S Jha
New Delhi, February 29: The monthly expiry on Thursday took the indices on wild run with bulls and bears playing sessions with firmness. In the end, the bears gave up to help the bears stage a smart recover in the market to bring cheers to the investors.
The quarterly GDP growth data had come in off-market hour. The GDP growth of 8.4 per cent may cheer the market participants. The Indian economy stays the fastest growing economy, and the foreign investors will have reasons to endorse India in their portfolio. The quarterly GDP number also counters the claims made by the Chinese foreign affairs minister that the “next China is also China”.
But the indices got up to a new day after the smashing they saw yesterday. The purported advisory of the SEBI to the mutual fund houses on their exposure to the small and the midcaps had brought jitters to the investors. But the day on the monthly expiry brought the confidence back to the street. Yet, the bears pounced on the bulls to take away all the gains during the early session.
In the end, the bulls marched with force to set the indices on a short-covering mode to take Nifty once more close to the 22,000 level, closing just below it. The Bank Nifty held fort all day and the index was extended solid support by ICICI bank. Afterwards, IndusInd joined the company of ICICI bank to send the Bank Nifty on the short covering mode. The State Bank of India also returned to the bullish mode to give an all round strength to the index.
The intensity of the swings in the indices could be gauged from the fact that the Nifty 2195 strike saw a swing from Rs 2.50 to Rs 120 in the day. Similar action was also seen in the options of the Bank Nifty. Nifty was helped by Mahindra and Mahindra which once more resumed its bullish run on the street to touch the level of Rs 1950 during the day.
The early session belonged to Reliance Industries which trended to the new of the merger with Disney, but afterwards the scrip erased all the gains. Maruti gave a strong support to Mahindra and Mahindra. Both the auto giants are seen by the market participants in strong zones while Tata Motors cooled off during the day.
Key Nifty levels (Source: Trendlyne) : Resistance – 22075, 22167, 22275; Support: 21875, 21768, and 21675
Key Bank Nifty levels – Resistance 46413, 46705, and 47081; Support – 45745, 45369, and 45077
(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)
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