February 20th 2024 Stock Market analysis

Nifty Surpasses 22,200 Mark Driven by Media and Banks; Faces Immediate Hurdle at 22,460-22,500

In a volatile trading session on February 20, the Nifty50 index closed 0.3 percent higher, surpassing the 22,200 mark for the first time. Despite experiencing profit booking at elevated levels, the index managed to conclude near its intraday peak.

Initially starting on a negative trajectory, the Nifty remained in a consolidation phase during the first half of the session, reaching its lowest point of the day at 22,045.85. However, a notable uptick occurred in the latter half, propelling the index to achieve an all-time high of 22,215.60, primarily driven by gains in the media, realty, and private sector banking sectors.

The Nifty 50 ended the session at 22,209.20, marking a rise of 74.70 points, or 0.39%, while the Sensex concluded the day with an increase of 349.24 points, or 0.48%, settling at 73057.40.

Technical Outlook on 21st February 

The most actively traded stock by volume is Power Grid, with shares trading at 288.4 and a volume of 4,30,51,370 shares.

Nifty is poised for potential immediate support around 22,112, followed by 22,028, while resistance levels are anticipated at 22,281 and 22,365. Currently, Nifty appears to be consolidating within a range-bound trade pattern.

Similarly, Bank Nifty may find immediate support near 46,710 and 46,518, with resistance levels expected at 47,286 and 47,478. Bank Nifty is currently indicating a range-bound trading scenario.

Derivative Outlook on 21st February

PCR Analysis: Nifty PCR-OI has increased with nifty has positive close which shows PUT WRITING.

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 low compare with MARCH contract and high range compare with previous session which indicates a mixed.

India VIX Analysis: India VIX has closed at 16.07 vs 16.02 (DoD) basis which shows increase in volatility.‍

‍Zaggle Prepaid Achieves Record High Following Agreement with EaseMyTrip‍

Zaggle, a fintech company operating on a B2B2C business model, offers integrated travel and expense management solutions to corporate clients through its partnership with EaseMyTrip Planners Limited. The company's stock surged by 18 percent to Rs 299, hitting an all-time high, following the announcement. As of 3:20 pm, the stock was trading at Rs 294 apiece, marking a 16 percent increase from the previous close on the NSE. Since its IPO and listing at Rs 164 per share on September 22, 2023, Zaggle's stock price has nearly doubled, with shares gaining around 88 percent. The company's current market capitalization stands at approximately Rs 3,590 crore. In the December quarter, Zaggle reported a significant year-on-year increase in profit, up by 919.5 percent to Rs 15.22 crore, driven by a decrease in finance costs following debt prepayment. Furthermore, the company achieved its highest quarterly revenue to date at Rs 199.51 crore, fueled by contributions from its software platform, Zoyer.