Stock Market

Closing Bell: Sensex breaks 6-day winning streak, slides 434 pts; Nifty holds 22K; Tata Invest rallies 11%, MRPL falls 6%

08:44:23 AM IST, 21 February 2024

Pre-opening market comment by Prashanth Tapse, Senior VP (Research), Mehta Equities

Dalal Street continues to set new records, with Nifty reaching an all-time high of 22216 and Sensex surpassing 73000. Fear of missing out reigns as traders seek bargains while Bank Nifty’s rise boosts sentiments. Positive catalysts include hopes of a Federal Reserve soft landing in 2024 and anticipation of a strong electoral mandate for BJP in the 2024 Lok Sabha polls. Wall Street trades negatively, but Nifty bulls remain resilient with technical support at 21809. Nifty’s options data suggests a trading range of 21800-22500, with key resistance at 22600 and support at 22000. Preferred trades include buying Nifty and Bank Nifty with aggressive targets. Bullish on DEEPAK NITRITE, SRF, VOLTAS, and TORRENT PHARMA, especially on intraday weakness. Top stock pick: Buy DEEPAK NITRITE (CMP 2357) with a stop at 2239 and targets at 2397/2450, with an aggressive target at 2527, reflecting a rebound play strategy.

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