Author: Cherian Varghese

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Muhurat Trading Gains Lost! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,486 with a gap-down of 38 points. After opening, the index further fell nearly 80 points with volatility. Then, it consolidated throughout the day in a 25-point upward channel. Nifty closed at 19,443, down by 82 points or 0.42%.

Nifty chart November 13 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,915 with a gap-down of 81.5 points. Similar to Nifty, BNF fell more than 200 points with wild moves. Then, the index rebounded 200 points in just 20-25 mins and consolidated for the rest of the day. BNF closed at 43,891, down by 105 points or 0.24%.

All indices except Nifty PSU Bank (+2.64%) and Nifty Metal (+0.37%) closed in the red.

Major Asian markets closed in the green. Germany’s DAX and UK’s FTSE100 are currently trading in the green, while France’s CAC40 is trading in the red.

Today’s Moves

Coal India (+5.29%) was NIFTY50’s top gainer. Jefferies India and other brokerages have upgraded the stock and raised their target prices on the back of strong Q2 earnings by the state-run miner.

BSE (+9.2%) hit a 52-week high of ₹2,350 after the stock exchange reported a 4x jump in its net profit to ₹118.4 crore in Q2.

Hindustan Copper (+8.07%) surged after the company’s net profit more than doubled in Q2.

SBI Life (-2.2%) was NIFTY50’s top loser. 

Glenmark Pharma (-5.03%) fell sharply after the company posted a loss in Q2 on exceptional legal costs.

Markets Ahead

On the occasion of Muhurat Trading, the Indian markets opened with a gap up (above major resistance levels). However, today’s opening brought the indices back into their original zones, suggesting the presence of selling pressure in the markets.

Nifty: Keep an eye on the resistance levels at 19,460 and 19,500. If there’s a breakout, we might see the index aiming for 19,540 and 19,600. On the other hand, the critical support for Nifty is at 19,400. If it falls below this level, potential targets could be 19,360 and 19,330.

Bank Nifty: The resistance levels to keep an eye on are at 43,900 and 44,000. A breakout might set a target at 44,000 and a larger one at 44,500. On the downside, the key support levels are at 43,800 and 43,700. If there’s a breakdown, potential targets could be 43,500 and 43,300.

Also, watch out for this channel in BNF! 

Bank Nifty chart November 13 - post-market analysis | marketfeed

The Indian market continues to consolidate due to various factors: the sudden slowdown in Industrial Production (IIP) growth in Sept 2023, and the declining manufacturing PMI mirror global patterns influenced by rising interest rates and inflation. The weakness in the Indian Rupee has made FIIs adopt a cautious stance. However, the market’s potential decline is limited by robust Q2 earnings, economic stability, and consistent DII investments.

The markets will be closed tomorrow (Nov 14) on account of Diwali-Balipratipada! marketfeed wishes all our readers a Happy Diwali! 🪔

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Bullishness in Nifty After the Gap-Down! – Post-Market Analysis

NIFTY started the day at 19,351 with a gap-down of 43 points. The index initially consolidated and then started moving up— making higher lows till yesterday’s closing levels of 19,400. Then, it made a minor retracement and an even stronger up-move of 75 points after 3 PM. Nifty closed at 19,425, up by 30 points or 0.15%.

Nifty chart Nov 10 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,542 with a gap-down of 140 points. Right after opening, the index rose till yesterday’s closing levels and took rejection at 43,700 levels. Then, it fell a bit and later moved back up after 3 PM (crossing the day’s high). BNF closed at 43,829, up by 136 points or 0.31%.

All indices except Nifty Media (-1.23%), Nifty Auto (-0.42%), and Nifty IT (-0.26%) closed in the green.

Major Asian markets closed in the red. European markets are currently trading up to 1.3% in the green.

Today’s Moves

NTPC (+2.02%) was NIFTY50’s top gainer, following the positive momentum observed in power sector stocks.

Network18 Media (+7.37%) surged on the back of strong volumes.

Shares of Engineers India (6.54%) jumped after its Q2 profit beat analyst estimates.

Hero MotoCorp (-2.16%) was NIFTY50’s top loser. The Enforcement Directorate (ED) has attached assets worth ₹24.95 crore of the company’s executive chairperson Pawan Kant Munjal as part of a money laundering investigation against him.

ZEEL (-5.29%) fell sharply after the company recorded a 5% YoY decline in consolidated net profit to ₹130 crore in Q2 amid pressure on ad revenue.

Markets Ahead

The festive Diwali spirit seems to be lifting the markets. Despite a gap-down, there was strong buying in Nifty and BNF today. Both indices kept rising, showing considerable strength. However, it’s important to note that major indices are currently at their respective resistance levels. They need to breach those levels for a continued up-move.

Nifty: The index is currently facing a significant resistance around 19,460 levels. If it successfully breaks out from there, we might see Nifty climb to 19,500 initially and potentially reach 19,560 levels later. Meanwhile, the index could take support at 19,400 levels (the earlier resistance now acting as support). If it falls below this point, the targets on the downside could be 19,350 and 19,300 levels.

On a daily time frame, Nifty is currently close to the breakdown levels and undergoing a re-test. An important Fibonacci retracement level of 50% is located around 19,520 levels. To confirm a bullish trend, the index needs to surpass this level.


Bank Nifty: The major resistance for the index is 43,900 levels. If it manages to break out, we could see the index reaching 44,000 first and 44,500 next. On the other hand, the immediate support to keep an eye on is around 43,700 levels (the previous resistance may now act as support). If the index falls below 43,800 (the previous swing), it might fall to 43,700 and 43,500 levels.

On a daily timeframe, BNF faces a crucial resistance point that aligns with both the breakdown levels and the 33% Fibonacci retracement levels. To confirm a change in trend, the index needs to cross the 44,000 mark.



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Market News Top 10 News

Adani Ports Posts 4% YoY Rise in Q2 Profit – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Ports Q2 Results: Net profit rises 4% YoY to ₹1,748 crore

Adani Ports Ltd reported a 4% YoY rise in consolidated net profit to ₹1,748 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 28% YoY to ₹6,646 crore during the same period. EBITDA stood at ₹3,880 crore, up 19% YoY in Q2. The domestic cargo volumes of the company jumped 13% YoY to 98.12 million metric tonnes (MMT), while the total cargo volumes rose 17% YoY to 101.22 MMT.

Read more here.

Vedanta working with JPMorgan to advise on business overhaul

Vedanta Group is reportedly collaborating with JPMorgan Chase & Co. to assist with a restructuring plan unveiled in September. The move indicates progress in the conglomerate’s efforts to simplify its financial structure. Vedanta is also in discussions to secure a $1.25 billion private loan to address its refinancing requirements.

Read more here.

ZEEL Q2 Results: Net profit rises 9% YoY to ₹123 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a 9% YoY rise in consolidated net profit to ₹123 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 20% YoY to ₹2,437 crore during the same period. Consolidated EBITDA stood at ₹333 crore, up 6% YoY.

Read more here.

Apollo Hospitals to invest ₹3,435 crore on capacity expansion

Apollo Hospitals will invest ₹3,435 crore in expanding its bed capacity. The private healthcare provider will be adding 2,300 beds across 8 locations to its network over the next three financial years. The capacity expansion will be met through internal accruals and debt financing.

Read more here.

Ashok Leyland Q2 Results: Net profit jumps 220% YoY to ₹526 crore

Ashok Leyland Ltd reported a 220.7% YoY rise in net profit to ₹526 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 19% YoY to ₹11,429 crore during the same period. EBITDA stood at ₹1,871 crore, up 83% YoY. The company’s overall sales rose 10% YoY to 49,846 units.

Read more here.

ICICI Bank receives RBI nod to make ICICI Securities a wholly owned subsidiary

ICICI Bank received approval from the Reserve Bank of India (RBI) for making ICICI Securities a wholly-owned subsidiary. The bank on June 26 had said that it would consider a proposal for delisting of its institutional and retail broking arm ICICI Securities. The delisting proposal was approved by the board. The acquisition is likely to be completed in the next 12-15 months after various regulatory approvals.

Read more here.

Tata Electronics acquires 100% stake in Wistron India

The Tata Group has signed a binding share purchase agreement with SMS InfoComm (Singapore) and Wistron Hong Kong Limited to acquire a 100% equity stake in Wistron Infocomm Manufacturing (India). The acquisition will enable Tata Group to officially join the Apple supply chain as an iPhone assembler. 

Read more here.

Pidilite to enter lending business

Pidilite Industries is planning to enter the lending business, providing small-value retail loans. To facilitate this, the company will acquire an existing NBFC, Pargro Investments, from its promoter group. Over the next two years, the company expects to invest up to ₹100 crore in multiple rounds in the new business, through a mix of equity and debt.

Read more here.

Piramal Pharma clears USFDA inspection for US unit

Piramal Pharma announced that it has received an ‘Establishment Inspection Report’ (EIR) from the United States Food and Drug Administration (USFDA) for one of its manufacturing units located in Pennsylvania. The health regulator, while issuing Form 483, made two observations related to system improvement only. None of the observations were related to data integrity.

Read more here.

Ashok Leyland to invest ₹1,200 crore in Switch Mobility

Ashok Leyland Ltd’s board has approved an investment of ₹1,200 crore in its electric vehicle (EV) arm Switch Mobility for capital expenditure, research & development (R&D), and meeting operational requirements in the UK and India. The funds will be infused over the next few months after necessary statutory approvals in one or more rounds.

Read more here.

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Daily Market Feed Post Market Analysis

Flat Expiry for Nifty! What Next? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,457 with a small gap-up of 14 points. There was huge volatility in the first 30 minutes. Later, the index tried moving up but took resistance at the opening levels (19,460) and fell gradually to 19,380 levels. Nifty closed at 19,395, down by 48 points or 0.25%.

Nifty chart November 9 - post-market analysis

BANK NIFTY (BNF) started the day flat at 43,626. Unlike Nifty, BNF was bullish and moved up more than 300 points to 43,880 levels. Post 12 PM, there was a slow correction till 43,650. BNF closed at 43,683, up by 25 points or 0.06%.

All indices except Nifty Realty (+1.23%) and Nifty Auto (+0.83%) closed flat-to-red. Nifty FMCG (-0.9%) fell the most.

Major Asian markets closed mixed (Japan’s Nikkei closed 1.58% in the green). European markets are currently trading in the green.

Today’s Moves

Mahindra & Mahindra (+4.35%) was NIFTY50’s top gainer. The automaker is expected to report a healthy rise in Q2 earnings, led by robust automobile sales even as weak tractor sales will cap gains.

SPARC (+8.08%) surged on the back of strong volumes. 

Adani Ent (-2%) was NIFTY50’s top loser. 

Shares of MTAR Tech (-11.4%) fell the most since June 2022 after the company posted weak Q2 results. It has also cut revenue, margin guidance for FY24.

KRBL (-8.9%) fell sharply after the company (a top exporter of branded basmati rice) reported a 28.1% YoY drop in Q2 profit as it was hit by weak demand.

Markets Ahead

Bank Nifty is holding the upper levels, while Nifty is looking a bit weak. Both indices are holding their respective resistance zones, as those were the levels from where the indices gave a breakdown. So if the indices can cross major resistances, we could see a clear change in trend in the coming days.

Nifty: The major support to watch out for is near the closing level of 19,380. A breakdown from there could take the index down to 19,320 levels and 19,280 levels eventually. Meanwhile, the index has an important resistance at 19,460 levels. A breakout from there may take the index up to 19,500 and 19,550 levels.

Bank Nifty: The index is respecting a trend line and has formed a triangular pattern. If BNF breaks down from this trendline or 43,500, we could expect a fall to 43,300 and 43,000 levels. On the other hand, a breakout from the 44,000 resistance level might take the index up to 44,500.

After the volatility we’ve experienced, the indices are now staying within a certain range. If this consolidation continues tomorrow, it might be a sign that the markets are gearing up for some bug movement in the upcoming weeks, especially with Diwali and upcoming state assembly elections.

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Consolidation Near Resistance! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,449 with a gap-up of 43 points. Throughout the day, the index mostly consolidated in a 50-point range between 19,410 and 19,460 levels. Nifty closed at 19,443, up by 36 points or 0.19%.

BANK NIFTY (BNF) started the day flat at 43,791 with a small gap-up of 55 points. Like Nifty, BNF mostly consolidated in a 150-point range with a bearish bias. BNF closed at 43,658, down by 79 points or 0.18%.

Nifty Realty (+1.52%) and Nifty Pharma (+1.48%) closed well in the green.

Major Asian markets closed mixed. European markets are currently trading in the red.

Today’s Moves

BPCL (+3.06%) was NIFTY50’s top gainer.

Shares of Prince Pipes (+15.2%) recorded its 2nd largest single-day rise after the company returned to profit in Q2 FY24.

HPCL (+7.48%) has surged ~25% in nine days in response to the company’s positive Q2 results. Several domestic brokerages maintained or raised their target prices for the stock and sees potential upside. 

ICICI Bank (-1.3%) was NIFTY50’s top loser on the back of strong volumes.

Easy Trip Planners (-3.17%) fell sharply after the company’s Q2 results triggered volatile moves in the stock price.

Markets Ahead

Major indices are holding the upper levels and respecting key resistances. So a breakout or breakdown from these key levels will decide the upcoming market trend.

Nifty: It’s crucial to keep an eye on the major resistance at 19,470. If the index breaks out from that level, it could potentially move up towards 19,520 and round levels of 19,600. Meanwhile, there’s strong support for the index near 19,400 levels. If it breaks down below this point, we might see a fall towards 19,350 and 19,300. 

Bank Nifty: The resistance to look for in BNF is 43,700. If the index manages to breach this level, it might make its way up to 43,900. On the other hand, the support to watch out for is 43,500. If the index falls below this point, it could potentially fall to 43,300 and 43,000 levels eventually.

All eyes will be on US Federal Reserve Chair Jerome Powell’s speech that might point the way for future interest rate policy.

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Bulls Take Over Bank Nifty? Nifty Closes Flat Amidst Choppiness – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,404. After an initial 60-point fall in the first 5 minutes, the index attempted to recover but didn’t succeed, and fell sharply below the day’s low. Then, Nifty moved down to 19,330 levels, took support there, and moved up back up— breaching the opening levels and the day’s high. Nifty closed at 19,406, down by 5 points or 0.03%.

Nifty chart November 7 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,598. Right after the market opened, the index quickly fell more than 200 points to 43,380 levels. It then made a temporary recovery before again falling to 43,280. Then, the index shot up nearly 520 points to reach the resistance zone of 43,800! BNF closed at 43,737, up by 118 points or 0.27%.

All indices except Nifty Realty (-1.34%), Nifty Media (-0.64%), and Nifty Auto (-0.18%), closed flat-to-green.

Major Asian markets closed in the red. European markets are currently trading up to 1% in the red.

Today’s Moves

Sun Pharma (+1.82%) was NIFTY50’s top gainer. Some brokerages have upgraded the stock after the company posted strong Q2 results.

Trent (+8.54%) surged today after reporting an 189% YoY jump in net profit to ₹228 crore in Q2.

Shares of Jyothy Labs (+8.69%) rallied after the FMCG company’s net profit rose 59.1% YoY to ₹103.98 crore in Q2, while revenue was up 11.09% YoY.

Hero MotoCorp (-1.16%) was NIFTY50’s top loser. 

Sobha (-3.68%) fell sharply after the realty firm’s net profit fell 22% YoY to ₹15 crore in Q2 FY24; missing analysts’ estimates.

SEBI has revoked the securities market ban against entities in Lux Industries Ltd’s (-2.4%) insider trading case.

Markets Ahead

Remember when we were talking about the rise in India VIX and the chance of a retracement/pullback? Well, we saw a similar structure in the market today. With the earlier resistance levels now acting as supports, the major indices have moved up with strength, especially Bank Nifty.

Nifty: It’s crucial to keep an eye on the significant resistance at 19,400. If the index manages to break out from that level, it could potentially climb towards the round level of 19,500. On the other hand, there’s strong support for the index at 19,380 levels. If it falls below this point, we might see a decline towards 19,320 and 19,250 levels.

Bank Nifty: The resistance to look for in Bank Nifty is clearly the 43,800-900 zone. If the index manages to surpass these levels, it might make its way up to the round figures of 44,000 and 44,100. Meanwhile, the support to look out for is near 43,600 (the previous swing level). If the index falls below this point, it could potentially slide down to 43,400 and 43,200 levels.

Bank Nifty is testing important breakdown levels (as shown in the chart below). So, a breakout will confirm the change in the trend.

The Indian stock market faced resistance at higher levels and broke its 3-day winning streak today. Negative global news came in as Chinese exports fell more than expected, indicating that global trade is slowing down.

How was FIN NIFTY expiry today? Are you in net profit/loss? Let us know in the comments section below!

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Diwali Rally in Nifty? – Post-Market Analysis

NIFTY started the day at 19,345 with a gap-up of 115 points (near the 50% Fibonacci rejection levels). After facing initial resistance at 19,380 levels, the index fell to 19,310. The earlier resistance acted as support. Then, Nifty gradually continued the up-move to 19,420 levels. Nifty closed at 19,411, up by 181 points or 0.94%.

Nifty chart November 6 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,627 with a big gap-up of 310 points. There was an immediate sell-off to 43,400 levels. But the earlier resistance now acted as support, and the index moved up till the opening levels. BNF closed at 43,619, up by 301 points or 0.7%.

Bank Nifty chart November 6 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (-1.09%) closed in the green. Nifty Metal (+1.36%), Nifty Pharma (+1.28%), and Nifty Realty (+1.2%) moved up the most.

Major Asian markets closed well in the green (Japan’s Nikkei rose nearly 2.3%). European markets are currently trading mixed.

Today’s Moves

Divi’s Labs (+4.6%) was NIFTY50’s top gainer despite reporting a 29% YoY fall in net profit to ₹348 crore in Q2.

Shares of Aarti Industries (+10.7%) surged as investors cheered the management’s positive commentary and improved sequential performance in Q2.

JK Cements (+8.6%) moved up with strength after the cement manufacturer posted robust Q2 results yesterday.

SBI (-0.66%) was NIFTY50’s top loser. 

Krsnaa Diagnostics (-6.04%) fell sharply after the diagnostic company’s net profit declined 32% YoY to ₹10.5 crore in Q2 due to higher operational expenses.

Markets Ahead

The Indian stock market has been showing a consistent pattern lately. It opened with a gap-up and either continued to rise or remained steady for the last three trading sessions. The markets have now closed above significant Fibonacci levels – 50% at 19,300 in Nifty and 43,400 in Bank Nifty.

This suggests a potential shift in the market trend to bullishness. However, there’s a concern regarding the increase in India VIX, which has risen by 2% despite the upward movement. So, it’s important to be cautious in case the market experiences a downturn tomorrow.

Nifty: A breakout from 19,420 may take the index up to 19,500, which will be the next major resistance to watch out. Meanwhile, the immediate support for Nifty is near 19,360 levels. A breakdown from there could take Nifty down to 19,300 and 19,240 levels.

Bank Nifty: The major resistance for BNF is near 43,700 levels. A breakout from there might take the index up to 43,900 and 44,000 levels. On the other hand, the immediate support for the index is near the 43,500 round levels. A breakdown from there may take the index down to 43,300 and 43,000.

Key resistance levels are being breached mainly due to the gap-ups, and we haven’t seen much intraday price action to reach our targets. As long as the market remains above these resistance levels, it may be a good strategy to buy on dips. However, if an unexpected gap-down occurs in the coming days, you may consider selling when the market rises.

What levels are you watching out for FIN NIFTY expiry tomorrow? Let us know in the comments section below!

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Gap-Up and Consolidation! What Next For Nifty? – Post-Market Analysis

NIFTY started the day at 19,241 with a gap-up of 108 points. For most part of the trading session, the index consolidated in a small range of 40 points between 19,270 and 19,230. Nifty closed at 19,230, up by 97 points or 0.51%.

Nifty chart November 3 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,318 with a big gap-up of 301 points. The index also consolidated in a 165-point range between 43,250 and 43,415 levels today. BNF closed at 43,318, up by 301 points or 0.7%.

Bank Nifty chart November 3 - post-market analysis | marketfeed

All indices closed in green. Nifty Realty (+2.54%) and Nifty Media (+1.38%) moved up the most.

Major Asian markets closed in green. European markets are currently trading flat-to-green.

Today’s Moves

Apollo Hospitals (+5.45%) was NIFTY50’s top gainer. The stock extended gains for the second day on the back of strong volumes.

Eicher Motors (+2.7%) moved up after the automaker reported a 3% year-on-year rise in sales for October. 

Shares of Adani Ports (+2.73%) rose after the company said it handled 37 million metric tonnes (MMT) of total cargo in October 2023, registering a growth of 48% YoY.

Bajaj Finserv (-2.5%) was NIFTY50’s top loser. Yesterday, Bajaj Finance issued warrants worth ₹1,190 crore to Bajaj Finserv.

Dr Reddy’s Labs (-1.4%) extended losses for the third day.  The fall comes after brokerages maintained a cautious stance on the stock despite the company’s financial recovery in Q2.

Markets Ahead

The major indices opened with a big gap and held their levels. This looks like a clear trap for option sellers from yesterday, as the markets have moved above Thursday’s selling zones. But there are still important resistances that have to be broken for the confirmation of a change in trend (or trend reversal).

Nifty:  The immediate support for the index is near 19,180 levels. A breakdown from there could make the index fall to 19,140 levels. Meanwhile, the immediate resistance is near 19,250. A breakout from there can give us targets of 19,350 on the upside, which is also the 50% Fibonacci retracement level.

Bank Nifty: The immediate support for BNF is near 43,230 levels, and the target to watch out for on the downside is 43,080 (gap-filling levels). On the other hand, the index could face a major resistance near 43,400 levels. A breakout from there might make the index hit 43,800 next.

On a weekly chart, both indices have made a Bullish Harami Pattern. If their respective highs are crossed, we can expect the coming week to be bullish.

Today, a rise in the Asian stock markets lifted market sentiments in India as well, thanks to lower US treasury yields and falling crude oil prices. However, there is still uncertainty due to rising prices, the war in West Asia, and how these factors might affect the global economy.

How did this week go? Are you in net profit or loss? Let us know in the comments section below!

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Flat Nifty Expiry After Surprise Gap Up! – Post-Market Analysis

NIFTY started the day at 19,120 with a gap-up of 130 points. The index continued the up move to 19,175 levels, took resistance there, gave a sharp fall of more than 110 points to 19,065 levels, and moved back up. Nifty closed at 19,133, up by 144 points or 0.76%.

Nifty chart November 2 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,018 with a big gap-up of 317 points. The index moved up with a lot of strength till the resistance zone of 43,300 levels. Then, it gave a sharp fall of more than 475 points to 43,250 levels, took support, and moved up slowly. BNF closed at 43,017, up by 316 points or 0.74%.

Bank Nifty chart November 2 - post-market analysis | marketfeed

All indices closed in green. Nifty PSU Bank (+1.5%) and Nifty Metal (+1.4%) moved up the most.

Major Asian markets closed mixed (Japan’s Nikkei rose 1.1%). European markets are currently trading up to 2.5% in the green.

Today’s Moves

Britannia Industries (+2.96%) was NIFTY50’s top gainer. The company’s Q2 results beat street estimates.

Triveni Turbine (+9.15%) surged after the company reported its highest-ever revenue and EBITDA in Q2 FY24.

Vodafone Idea (+7.42%) moved up after HDFC Bank extended a loan of ₹2,000 crore to help the telco address its pending license fees and fulfil 5G spectrum payment commitments.

Hero MotoCorp (-1.3%) was NIFTY50’s top loser. Profit booking kicked in after the two-wheeler manufacturer reported strong sales data and Q2 numbers.

Shares of Syrma SGS (-12.24%) fell sharply after the company reported weak July-September quarter (Q2) results.

Markets Ahead

When markets opened with a big gap today, it trapped all options sellers from yesterday.  When such gaps are formed, and sellers are trapped, we ideally see a short covering rally on the upside. But after a small up-move, the major indices took resistance, gave a sharp fall, and consolidated. So, there is indecision in the markets, which we can also understand from today’s closing candle.

Nifty: The immediate support for the index is near the 19,100 level. If Nifty breaches that level, it could fall and test 19,050 and 19,000 eventually. Meanwhile, the major resistance to watch out for is 19,175 levels (today’s high). If that is taken out, we can expect targets of 19,200 and 19,250.

Bank Nifty: The immediate support to watch out for is near 42,800 levels. A breakdown from there can give us targets of 42,400 and 42,200. On the other hand, the immediate resistance is near 43,100 levels. A breakout from there might give us targets of 43,300 and 43,500.

Yesterday, the US Federal Open Market Committee (FOMC) held interest rates steady at a 22-year high of 5.25-5.50% for the second time in a row. The US economy remains resilient despite high interest rates, while inflation still remains above the US Federal Reserve’s 2% target level. Meanwhile, the Bank of England holds rates at 5.25% and rules out quick rate cuts to help its economy.

It was a confusing and volatile expiry for Nifty! We hope you managed your positions well! Let us know how the weekly expiry went in the comments below!

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Market News Top 10 News

Manufacturing PMI Slips to 55.5 in October – Top Indian Market Updates

market updates | marketfeed

Here are some of the major updates that could move the markets tomorrow:

Manufacturing PMI falls to 8-month low of 55.5 in October

India’s manufacturing activity slipped to the lowest level in eight months in October 2023. The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 55.5 in October, compared to 57.5 in September. There was a slower increase in total new orders, production, exports, buying levels and stocks of purchases last month. Hiring activity and business confidence slipped to a five-month low.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Sun Pharma Q2 Results: Net profit rises 5% YoY to ₹2,375.5 crore

Sun Pharmaceutical Industries Ltd reported a 5% year-on-year (YoY) increase in consolidated net profit to ₹2,375.5 crore for the quarter ended September (Q2 FY24).. Its revenue from operations rose 11% YoY to ₹12,192 during the same period. EBITDA stood at ₹3,179.3 crore in Q2, up 8% YoY. The pharma company posted an 11% YoY growth in India formulations sales to ₹3,842.5 crore.

Read more here.

Fino Payments Bank likely to apply for SFB license by year-end: MD

Fino Payments Bank is likely to apply for the small finance bank (SFB) license by the end of this year, managing director Rishi Gupta said. The bank has nearly ₹600 crore of net worth while the minimum capital requirement for small finance banks is pegged at ₹200 crore. Reserve Bank of India allows non-corporate payments banks to apply for a small finance bank license after completing five years of business.

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JK Tyre Q2 Results: Net profit jumps 401% YoY to ₹248 crore

 JK Tyre and Industries Ltd reported a 401% YoY jump in net profit to ₹248.6 crore for the quarter ended September (Q2 FY24). Its revenue grew 4% YoY to ₹3,905 crore during the same period. EBITDA stood at ₹597 crore in Q2, up from ₹305 crore during the same period last year. The tyre maker also approved an investment of ₹1,025 crore for expanding its manufacturing capacity.

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Q2 GDP number will surprise on the upside: RBI Governor

India’s growth momentum remains strong and the second-quarter gross domestic product (GDP) growth number is expected to surprise on the upside, said Reserve Bank of India Governor Shaktikanta Das. The GDP growth figure for the July-September quarter (Q2) will be released on November 30 by the National Statistical Office (NSO). GDP growth rose to a four-quarter high of 7.8% in April-June.

The RBI has projected GDP growth at 6.5% for FY24 and 6.5% for Q2.

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Ambuja Cements Q2 Results: Net profit jumps 9-fold YoY to ₹792.96 crore

Ambuja Cements reported a nine-fold YoY jump in consolidated net profit to ₹792.96 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined 4.1% YoY to ₹7,423.95 crore during the same period. EBITDA stood at ₹1,302 crore in Q2 FY24, compared to ₹975 crore in Q2 FY23. 

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SpiceJet inducts five Boeing 737 aircraft

SpiceJet has inducted five leased Boeing 737s (including three 737 Max aircraft) into its fleet. The introduction of these aircraft will help the airline launch several exciting new flight routes and services. SpiceJet operates about 250 daily flights to 48 destinations within India and to international destinations. Its fleet is a mix of aircraft, including Boeing 737 Max, Boeing 700 and Q400s.

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Adani Wilmar Q2 Results: Net loss at ₹131 crore

Adani Wilmar reported a net loss of ₹131 crore for the quarter ended September 2023 (Q2 FY24). This included a one-time loss of ₹53.5 crore. The company had posted a net profit of ₹48.76 crore in Q2 FY23. Its revenue from operations fell 13% YoY to ₹12,267.15 crore in Q2 FY24. EBITDA stood at ₹144 crore, down 43% YoY. 

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Tata Motors gets PLI certificate in 4-wheeled goods vehicle category

The Automotive Research Association of India (ARAI) awarded Tata Motors with India’s first auto Production-Linked Incentive (PLI) certificate in the N1 category, specifically on four-wheeled goods vehicles. The primary objective of the PLI scheme is to improve efforts in localising production and stimulate exports within the automotive industry.

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Auto sales data for October 2022: Highlights  

Maruti Suzuki India posted a 19% year-on-year (YoY) increase in total sales to 1.99 lakh units in October 2022. Sales of its compact vehicle segment fell 3.4% YoY to 98,621 units. Exports rose 7.4% YoY to 21,951 units.

Tata Motors Ltd registered a 6% YoY increase in total sales to 80,825 units in October. The automaker’s commercial vehicle sales rose 4% YoY to 34,317 units. Overall passenger vehicle sales rose 7% YoY to 48,637 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 43,708 units in October, an increase of 35% YoY. M&M’s tractor sales fell 3% YoY to 50,460 units. 

Bajaj Auto posted a 19% YoY increase in total sales to 4.08 lakh units in October. Meanwhile, TVS Motor Company’s total sales stood at 3.44 lakh units in Oct, up 22% YoY.

Read more here.

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Daily Market Feed Post Market Analysis

Bearishness Continues. Trending Weekly Expiry For Nifty? – Post-Market Analysis

nifty post-market analysis | marketfeed

NIFTY started the day at 19,064 with a small gap-down of 15 points. After opening, the index fell more than 120 points intraday in a channel pattern. Nifty closed at 18,989, down by 90 points or 0.47%.

Nifty chart November 1 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 42,694 with a gap-down of 150 points. Throughout the day, the index consolidated in a 180-point range between 42,600 and 42,780 levels. BNF closed at 42,700, down by 145 points or 0.34%.

Bank Nifty chart November 1 - post-market analysis | marketfeed

All indices except Nifty Realty (+1.5%), Nifty Media (+0.88%), Nifty Pharma (+0.35%), and Nifty PSU Bank (+0.32%) closed in the red. Nifty Metal (-1.4%) fell the most.

Major Asian markets closed flat-to-green (Japan’s Nikkei rose 2.4%). European markets are currently trading mixed.

Today’s Moves

Sun Pharma (+2.54%) was NIFTY50’s top gainer. The company posted a 5% year-on-year (YoY) rise in net profit to ₹2,375.51 crore in Q2; beating estimates.

Shares of Blue Star (+5.6%) moved up after the company reported robust Q2 results, aided by a strong order book and a rise in demand for air conditioners.

Vodafone Idea (+8.02%) hit a 21-month high of ₹13.54 on hopes of equity infusion by December.

Adani Enterprises (-3.3%) was NIFTY50’s top loser. 

Jindal Steel (-7.69%) fell sharply despite posting good Q2 results yesterday.

Markets Ahead

As discussed yesterday, the rise in India Vix, overall selling pressure, and rejection from Fibonacci levels, along with a flat opening, pulled the markets down.

Nifty: The immediate resistance to watch out for in Nifty is 19,030. The index has important support at 18,940 levels. If the index breaches the resistance on the upside, the index could move up to 19,100 and 19,140 levels. But if there’s a flat opening tomorrow and the movement continues, 18,940 may be the first target, followed by 18,850 levels.

Bank Nifty: The index is now in a clear range. A breakout from this range of 42,760 might take the index up to 43,000 and 43,350 levels. Meanwhile, a breakdown from 42,600 may take the index down to 42,400 and 42,150.

As it was the weekly Bank Nifty expiry today, option sellers would’ve found it quite easy since the index consolidated. Option scalpers also had decent opportunities as the index was volatile within a range.

Meanwhile, RBI governor Shaktikanta Das said that GDP growth for the second quarter of FY24 is likely to surpass expectations based on early indicators. RBI had projected a GDP growth of 6.5% for Q2, which aligns with the full-year growth forecast for FY24.

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Daily Market Feed Post Market Analysis

Rejection from the Top! More Fall Incoming? – Post-Market Analysis

NIFTY started the day at 19,232 with a gap-up of 92 points. There was an immediate sell-off till the previous swing or support zones of 19,100. Then, Nifty consolidated with a bit of volatility and gave a negative closing at 19,079, down by 61 points or 0.32%.

Nifty chart October 31 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,356 with a gap-up of 317 points (near the 50% Fibonacci rejection levels). It quickly came under selling pressure and fell to yesterday’s breakout levels of 42,800. Then, the index tried moving up but 43,000 round levels acted as resistance and pushed the index down. BNF closed at 42,845, down by 193 points or 0.45%.

Bank Nifty chart October 31 - post-market analysis | marketfeed

All indices except Nifty Realty (+1.27%), Nifty Media (+0.91%), Nifty FMCG (+0.19%), and Nifty PSU Bank (+0.14%) closed in the red.

Major Asian markets closed mixed. European markets are currently trading up to 1.4% in the green.

Today’s Moves

SBI Life (+3.14%) was NIFTY50’s top gainer. The stock has been moving up after the company reported strong Q2 earnings; a 45% YoY rise in its net profit and a 19% growth in net premium income.

FACT (+10%) surged on the back of long volumes.

Piramal Pharma (+9.48%) rallied up to 13% on positive guidance for the second half of FY24.

Mahindra & Mahindra (-2.62%) was NIFTY50’s top loser. Shares of the company’s subsidiary, M&M Financial Services, have tanked on the back of poor Q2 results.

DCM Shriram (-4.8%) fell sharply after the company posted weak Q2 results today.

Shares of Butterfly Gandhimathi (-7.04%) fell after public shareholders of the company voted against its merger with Crompton Greaves Consumer Electricals.

Markets Ahead

As discussed earlier, major indices are taking proper rejection from Fibonacci levels. The rise in India Vix and selling pressure from the top is indicating some bearishness in the markets. So even if today’s lows are breached, markets can fall further. The up-move in the last two trading sessions (Friday and Monday) can be considered a retracement.

Nifty: The immediate support for the index is near 19,075 (where the markets closed today). If there’s a flat or gap down opening, the index could move down— giving us targets of 19,000 and 18,940 again. On the other hand, the important resistance to watch out for will be today’s high of 19,250. If the index crosses 19,150, we can expect Nifty to test 19,250 again.

Bank Nifty: The index is looking weak. BNF is currently at yesterday’s breakout levels of 42,800. If there is a flat or gap down opening tomorrow, BNF could achieve targets of 42,400 and 42,200 on the downside. If the resistance at 43,075 is taken out, 43,300 can be tested again.

Markets are facing rejections at the top. The rise in India Vix also indicates the markets to be bearish. So you could look for sell-on-rise opportunities, which will be ideal till major resistance zones are breached in Nifty and Bank Nifty.

How was FIN NIFTY expiry? Are you in net profit or loss? Let us know in the comments section!

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