Morning Stock Review

2024/3/1

Investment changes life, vision begins to open up, vision creates the future.

Global News
①Inflation data met expectations, the Nasdaq and S&P 500 hit new closing highs;
① US banking industry heard thunder again after the US stock market session, New York Community Bank exposed itself as having "significant
internal control deficiencies";
③ local time on Thursday, Russian President Vladimir Putin to the Russian Federal Assembly to deliver the annual state of the nation address, which
is his 19th annual state of the nation address since 2000. The state of the nation address covered the Russia-Ukraine conflict, economic development,
dealing with sanctions, and strategic nuclear forces.
④ Loretta Mester, president of the Federal Reserve Bank of Cleveland, said Thursday that the latest inflation data won't change her expectation of
three rate cuts later in 2024.
⑤ Intel Corp. announced Thursday that it is officially naming its just-independent field-programmable gate array (FPGA) group Altera, which means
that the semiconductor industry veteran riding on the AI bandwagon is expected to return to the U.S. stock market in the next few years.
⑥ On Thursday local time, humanoid robotics startup Figure announced that it has raised about $675 million in funding from giants such as Amazon
founder Bezos, NVIDIA, OpenAI and Microsoft, bringing its company valuation to $2.6 billion.

⑦ Indonesia plans to raise this year's rice import quota by 80 per cent to boost domestic supply, as domestic production in the first quarter is likely
to be lower than last year's due to lack of rainfall. International rice prices threaten to continue to rise

Headline
The estimates of national income for the second quarter of 2023-24, put out by the National Statistical Office (NSO) on February 29, show that
India’s real or inflation-adjusted gross domestic product (GDP) growth sizzled at 8.4 percent during the third quarter (October- December 2023),
higher than the previous quarter’s 8.1 percent expansion, and nearly double the 4.3 percent growth the economy recorded in the same quarter of
the previous year.

Foreign institutional investors (FIIs) net bought shares worth Rs 3,568.11 crore, while domestic institutional investors (DIIs) sold Rs 230.21 crore
worth of stocks on February 29, provisional data from the NSE showed.

ICICI Bank: The private sector lender purchased an additional 25,14,365 equity shares of ICICI Lombard General Insurance for around Rs 431 crore.
Consequently, ICICI Lombard has become a subsidiary of the bank.
Aurobindo Pharma: The United States Food and Drug Administration (US FDA) inspected the injectable facility of Eugia SEZ, a step-down
subsidiary of the pharma company at Mahaboobnagar, Telangana, during February 19-29. The health regulator closed inspection with 7
observations which are procedural in nature.
Biocon: The US Food and Drug Administration (FDA) conducted an inspection at Biocon Biologics' Biocon Campus (site 1) facility during February
20-28. After the inspection, the US FDA issued Form 483s with 4 observations.
Vedanta: The Supreme Court dismissed Vedanta's plea seeking reopening of its Sterlite Copper smelter plant in Tamil Nadu for judgment.
Chalet Hotels: The hotel chain said it has received approval from the Board of Directors for acquisition of partners’ share in Ayushi and Poonam
Estates LLP for Rs 315 crore.
Suven Pharmaceuticals: Suven Pharmaceuticals and Cohance Lifesciences announced the scheme of amalgamation for the merger of Cohance with
Suven. Cohance is a leading CDMO (contract development and manufacturing organization) and merchant API platform.

公司地址：北京市亦庄经济开发区 88 号 服务电话：400-6666-8888
Investment changes life, vision begins to open up, vision creates the future.

Technical analysis (future outlook)

After three days of sideways oscillations, the U.S. stock market returned to the main plot on
Thursday: with the latest PCE inflation data "on a downward trajectory in line with expectations",
the Nasdaq index in the last hour before the close of the closing bell, rewriting the history of the
index.

Meanwhile, the "glory of AI" continues to shine on the market, with Dell reporting "strong
demand for AI servers" after the bell.

Recently, Federal Reserve officials have said that they are not in a hurry to reduce interest rates,
and will pay close attention to the upcoming data release to assess the appropriate policy path.
The latest data supports their view that the Fed will hold its next monetary policy meeting on 19-
20 March and expects interest rates to remain unchanged in a range of 5.25% to 5.5%.

Domestic market:

The country's gross domestic product (GDP) grew 8.4 per cent year-on-year in the fourth quarter
of last year, well above market expectations of 6.6 per cent, after a revised 8.1 per cent growth in
the previous quarter, data released by India's statistics ministry showed on Thursday. For the full
fiscal year ending in March, the country's statistics department raised its growth forecast to 7.6
per cent from 7.3 per cent.

India's economic growth unexpectedly accelerated to more than 8 per cent in the fourth quarter
of last year, boosting the outlook for the world's fastest-growing major economy.

After the release of the data, Indian Prime Minister Narendra Modi excitedly commented that the
8.4 per cent growth rate shows the strength of India's economy and its potential, and that our
hard work will continue to drive the economy to rapid growth, helping 1.4 billion Indians to lead a
better life and create a great India!

The over-expected economic data is expected to drive the Indian stock market to continue to rise,
and boost Modi's popularity as India's general elections approach. Modi has previously made
high growth his main "platform" and "achievement" at rallies across the country.

With a new month and a new beginning, the benchmark indices are set to rise sharply today,
kicking off March at a record high!

The best sectors for March will be: real estate, cement, steel, roads, railways, ports and other
infrastructure projects, while banks and IT are likely to remain sluggish.
BSE Sensex : Yesterday's decline slowed down and closed above the 20-day SMA, which is a
bullish signal. The index will continue to rise today on the back of positive GDP data.

Today's upside target is 73236.85 followed by 73897.64; lower support is at 71,900

Nifty 50 : Yesterday's decline slowed down and closed above the 20-day SMA, which is a positive
sign and the index is set to surge again today on the back of a boost from GDP data.

Today's upside target is above 22300; lower support is 21700.

The monthly chart is also in a long term bullish trend, so the probability is that it will slowly
oscillate upwards in the coming weeks.
Bank Nifty : The daily chart, which slowed down yesterday, is bullish in the short term as long as it
stays above 46,000. There are hopes of another rise above the 47,000 mark.

With the negative impact of the US community bank meltdown and Wall Street's earlier
downgrade of India's major banks, the upward momentum in the coming weeks will be weak and
the upside will be minimal, requiring us to be cautiously bullish.

From a medium-term perspective, as long as it stays above the 45,000 mark, a buy-low strategy
can still be adopted