Bharti Airtel, HDFC Life in Focus: Kotak Securities and Nomura highlights expected MSCI Changes

Nomura says MSCI rebalancing which will happen on 26th Feb Friday will see $494 mn buying in Bharti Airtel, $59.5 mn buying in Indus Towers, $45.8 mn buying in HDFC Life and $16.7 mn in ICICI Lombard General Insurance. There will be some selling in Reliance Industries, Infosys, HDFC and ICICI Bank. India's weight will go up by 5.61 bps according to MSCI.

Kotak Securities highlights that MSCI changes will see buying of $ 600 mn in Bharti Airtel. $ 70 mn in Indus towers, $ 52 mn in HDFC Life and $ 21 mn in ICICI Lombard General Insurance. There will be some selling in Reliance Industries, Infosys, HDFC, TCS and ICICI Bank among the large caps.

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The Nifty opened on a positive note and inched higher to achieve the short-term target of 15250. After achieving this target, the index corrected towards the end of the session. Thus, the Nifty closed in the red after six consecutive positive sessions. With this minor correction, the hourly momentum indicator is cooling off from the overbought zone. The overall structure shows that the index can witness a brief consolidation near 15000-15250 before heading higher. The index will be set to extend higher once it crosses today’s high of 15257. Beyond that, 15450 will be the next short term target on the upside.

On the daily chart, the Nifty is above the 20-day moving average (DMA) and the 40-DEMA, of 14450 and 14156, respectively. The momentum indicator is bullish on the daily chart. On the hourly chart, the Nifty is above the 20-hour moving average (HMA) and the 40-HEMA, of 15087 and 14904, respectively. The hourly momentum indicator is bearish. Market breadth was negative with 792 advances and 1111 declines on the National Stock Exchange.