February 15th 2024 Stock Market analysis

Market Continues Winning Streak: Nifty Surpasses 21,900, Sensex Adds 228 Points on Third Consecutive Day of Gains

During another day marked by volatility, the market closed higher, extending its winning streak for the third consecutive session on February 15, with the Nifty reaching 21,900. Despite starting on a positive note fueled by favorable global cues, Indian equity indices initially surrendered gains, trading within a narrow range in the first half. However, momentum picked up in the latter half of the session, propelling the market to close near its peak levels for the day.

Both the Sensex and the Nifty saw a 0.3 percent increase, reaching 72,050 and 21,910 points, respectively. Notably, broader markets showed stronger performance compared to the benchmarks, with the Nifty Midcap 100 and Smallcap 100 indices each registering gains of 1 percent.

Leading the gainers on the NSE Nifty were M&M, trading at 1769.85 with a notable increase of 6.81%, followed by Powergrid at 281.45 with a gain of 4.51%, and BPCL at 650.95 with a rise of 4.38%. Conversely, the top losers included Axis Bank, trading at 1074.75 with a loss of 2.021%, ApolloHosp at 6630 with a decrease of 1.84%, and ITC at 404.75 with a decline of 1.65%. Among the most actively traded stocks by volume was SBIN, with a trading price of 760.4 and a volume of 3,39,28,660 shares.

‍‍

Technical Outlook on 16th Feb

Nifty could find initial support levels around 21,831 followed by 21,752, while resistance levels are anticipated near 21,990 and 22,029. Currently, Nifty is indicating a mixed trading sentiment. On the other hand, Bank Nifty might encounter immediate support levels around 45,866 and 45,514, with resistance levels projected at 46,394 and 46,570. Presently, Bank Nifty is also showing a mixed trading pattern.

‍

Derivative Outlook on 16th Feb

PCR Analysis: Nifty PCR-OI has decreased with nifty has positive close which shows CALL BUYING.

Open Interest Analysis: Nifty future Feb contract OI has decreased with positive close which shows Short Covering.

Cost of Carry Analysis: Nifty FEB month contract has ended in high compare with MARCH contract and high range compare with previous session which indicates a positive bias.

India VIX Analysis: India VIX has closed at 15.23 vs 15.44 (DoD) basis which shows decrease in volatility.

‍

MIC Electronics Jumps 10% with New EV Battery Charger

Shares of MIC Electronics soared by 10% during afternoon trading on February 15, following the company's announcement of the development of a 42V/3A electric vehicle (EV) battery charger designed for e-cycles and two-wheelers. The charger is set to be launched soon, with commercial operations slated to commence in March. MIC Electronics was trading at Rs 42.60 on the NSE at 03:30 pm. This announcement also triggered a surge in trading volume, with 1.5 million shares changing hands, significantly surpassing the one-month daily average of 700,000 shares. The company is also in the process of developing high-power rating chargers for e-cycles and two-wheelers. Moreover, MIC Electronics recently disclosed its quarterly results, revealing a net profit of Rs 2.71 crore in the December quarter, compared to a net loss of Rs 96 lakh in the same period last year. Sales for the company surged to Rs 17.5 crore in Q3, up from Rs 1.24 crore in the corresponding period last year.