Author: Cherian Varghese

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Daily Market Feed Post Market Analysis

Consolidation at the Top! Breakout or Breakdown? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,564 with a gap-up of 36 points. Throughout the day, the index consolidated within just a 55-point range between 19,530 and 19,580 levels. Nifty closed at 19,574, up by 46 points or 0.24%.

Nifty chart September 5 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,625 with a small gap-up of 47 points. Unlike Nifty, Bank Nifty showed weakness today. After making a double top near 44,700 levels, the index fell more than 250 points to 44,400 levels. BNF closed at 44,532, down by 46 points or 0.1%.

Bank Nifty chart September 5 - post-market analysis | marketfeed

All other indices except Nifty Finserv (-0.17%) closed flat-to-green. Nifty Media (+3.19%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading flat-to-red.

Today’s Moves

Apollo Hospital (+3.31%) was NIFTY50’s top gainer. The company launched an ‘enhanced connected care’ program to improve its patient monitoring system. 

MMTC (+20%) hit 20% upper circuit on the back of strong volumes. The stock has rallied 50% in 3 trading sessions.

Raymond (+9.85%) hit a 52-week high of 2,240 today after brokerage firms Jefferies and Motilal Oswal initiated coverage on the stock with a ‘Buy’ rating.

UltraTech Cement (-1.49%) was NIFTY50’s top loser. 

Angel One (-3.75%) fell sharply. The company’s gross client acquisitions rose 64.9% YoY and 19% over last month to 7.3 lakh.

Markets Ahead

Markets are near resistance zones and holding major levels. A breakout on the upside can take the markets further up. And if rejection is taken, the indices can continue the down move with strength.

Nifty: The major resistance level for the index is at 19,600, which is also the Fibonacci rejection level of 50% drawn from the all-time high (ATH) of 19,990 levels. A breakout from 19,600 can confirm the trend reversal, and markets can turn bullish. We could plan to buy on dips, but if Nifty breaks the current support zones of 19,520, the index can again fall to 19,460 and 19,360 levels.

Bank Nifty: The important 50% fib rejection is near 45,000 round levels. But the immediate resistance level to watch out for is 44,800. The immediate support is near 44,400 levels, and a breakdown from there can take the index down to 44,000.

Fin Nifty: Being FINNIFTY expiry today, India Vix was at all-time lows below 11 and option premiums were very low. This created some confusion for option sellers. The index was bearish throughout the day— moving down gradually. As the fall was not quick, the implied volatility (IV) and premiums didn’t spike much, which could have created some trouble for option buyers. But it was a relatively easy expiry for option sellers.

The G20 Summit will kick off on Sept 8 in New Delhi. Leaders representing the world’s 20 major economies will address and seek resolutions for concerns like digital transformation, climate financing, Sustainable Development Goals (SDGs), food security, and other pressing issues.

How did Fin Nifty expiry go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on marketfeed’s YouTube channel!

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Daily Market Feed Post Market Analysis

V-Shaped Recovery From Lows! Retracement or Trend Reversal Next? – Post-Market Analysis

NIFTY started the day flat at 19,258. Right from the first 5 min candle, the index moved up with strength, making higher lows, and moving up over 200 points to 19,460 levels. Nifty closed at 19,435, up by 181 points or 0.94%.

Nifty chart September 1 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,996. The index initially fell to 43,830 levels. But similar to Nifty, Bank Nifty also gave a strong upward rally of more than 700 points from the intraday low to resistance levels of 44,500 levels. BNF closed at 44,436, up by 446 points or 1.02%.

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

All indices except Nifty Pharma (-0.56%) closed in green. Nifty Metal (+2.8%) moved up the most.

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

Today’s Moves

NTPC (+4.7%) was NIFTY50’s top gainer. The company said it will partner with Oil India to explore collaborations in the renewable energy, hydrogen space.

BHEL (+12.29%) surged after the company received an order worth ₹15,530 crore from state-run NTPC.

Stocks in the railway sector: RailTel (+15.5%), IRFC (+11.06%), RVNL (5.5%), and IRCTC (+2.43%) moved up with strength today.

Cipla (-0.9%) was NIFTY50’s top loser. 

Brightcom Group (-5%) hit lower circuit for the 8th straight session since SEBI’s interim order.

Markets Ahead

Both indices witnessed strong buying at crucial support levels— covering the fall from the previous two sessions. This could just be a retracement of the fall from highs. So it’s essential to see if the markets break major resistance levels for a confirmed reversal.

Nifty: On a 2-hour time frame, the index is moving in a range between 19,240 and 19,460 levels— giving moves on both sides. The index has to cross the 19,600 zone for a trend reversal (which also represents the 50% Fibonacci levels). Till then, the immediate resistance will be 19,460 levels. If that’s breached, 19,520 and 19,600 levels could be the targets. The important support to watch out for is the 19,390-400 levels. And if that’s broken, the index can fall to 19,360 and 19,300 levels again.

Nifty 2hr chart | marketfeed

Bank Nifty: The index is also moving in a very wide range between 43,800 and 44,800 levels, giving volatile moves. This up-move can still be a retracement as the 50% Fib level in BNF at 45,000 has to be crossed for trend reversal. Until then, the index will still be under a bearish trend. Now, the important resistance is 44,500— and a breakout from there can give us targets of 44,800 and 45,000. The immediate support level to look out for is 44,200. A breakdown from that level can give us targets of 44,000 and 43,800.

Today’s market up-move can be attributed to positive global signals, a domestic manufacturing PMI that exceeded expectations, and encouraging GDP growth data.  India’s S&P Global Purchasing Managers’ Index (PMI) surged to 58.6 in August from July’s 57.7— reaching its highest point since May.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to ‘The Stock Market Show’ on our YouTube channel at 7 PM!

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Uncategorized

Bearish Monthly Expiry! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,375 with a gap-up of 28 points. Right after opening, the index fell nearly 65 points to 19,320 levels and moved back up 70 points till the day’s high (making a double-top near 19,390 levels). Then, Nifty fell 160 points to 19,240 levels (making higher lows). In between, the index tried to hold 19,300 support zones, but the selling continued. Nifty closed at 19,253, down by 93 points or 0.48%.

Nifty chart August 31 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,265 with a small gap-up of 33 points. After the initial volatility, it took resistance from 44,400 levels and fell nearly 500 points to 43,900 levels. In between, the index tried to take support from 44,000 round levels, but the selling continued. BNF closed at 43,989, down by 243 points or 0.55%.

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

All indices except Nifty Realty (+0.65%) and Nifty IT (+0.2%) closed flat-to-red. Nifty PSU Bank (-1.33%) fell the most.

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

Today’s Moves

Maruti Suzuki (+2.12%) was NIFTY50’s top gainer. The stock hit a record high of ₹10,065 today.

NCC (+10.2%) surged on the back of strong volumes.

Jio Financial Services (+0.97%) will be removed from BSE indices tomorrow (Sept 1).

Adani Ent (-3.73%) was NIFTY50’s top loser. The Organised Crime & Corruption Reporting Project (OCCRP) has alleged that millions of dollars were invested in publicly traded Adani Group stocks through Mauritius-based “opaque” investment funds by partners of the promoter family. The Adani Group has denied the allegations.

Medplus Health (-8.94%) fell sharply after 12.85% equity in the company changed hands in a large deal.

Markets Ahead

Markets are at important lows now: Nifty is holding near 19,240 levels and Bank Nifty is also under selling pressure. As mentioned in yesterday’s post-market analysis, 19,240 levels in Nifty and 44,000 levels in BNF were achieved today.

Nifty: The index is at a crucial support level of 19,240. If this level is breached, Nifty can give a sharp fall to 19,100 and 18,900 levels. The immediate resistance is 19,300 and 19,350 zones (the earlier supports will now act as resistance). Markets are on a sell-on-rise trend, so wait for confirmation for an upward move.

Bank Nifty: The index closed below 44,000. If today’s low of 43,900 is breached, the first target of 43,750 could be achieved and second target will be at 43,600. The major resistance to watch out for in BNF will be 44,000 and 44,200 levels. So wait for these levels to be crossed for a reversal (the index can be sold on upticks till then).

Being expiry today, option sellers were finding it difficult to take positions due to low premiums. But even though it was a bearish day, the markets were falling gradually throughout, implied volatility (IV) was not spiking, and premiums were moving slowly— all favourable for option sellers.

How was expiry day trading? Are you in net profit or loss this month? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show on our YouTube channel at 7 PM!

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Market News Top 10 News

ED Flags Suspicious Activities by 16 Entities in Adani Case – Top Indian Market Updates

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

ED flags suspicious activities by 16 entities in Adani case

According to reports, the Enforcement Directorate (ED) has investigated links of an Indian private bank and 15 more entities in the case related to short selling of shares of Adani Group companies. This comes days after market regulator SEBI submitted the status of its probe in the Adani-Hindenburg Research matter to the Supreme Court. 

Read more here.

SAT to hear Punit Goenka’s appeal against SEBI order on Sept 8

The Securities Appellate Tribunal (SAT) directed market regulator SEBI to file its response by September 4 in an appeal filed by Punit Goenka, the promoter of Zee Entertainment Enterprises Ltd (ZEEL). The tribunal will now hear the matter on September 8. Goenka aims to contest SEBI’s order that prevents him from taking up directorship or managerial roles in listed companies or their subsidiaries.

Read more here.

Titagarh Rail Systems secures ₹350-crore contract for Ahmedabad metro project

Titagarh Rail Systems Ltd (TRL) has received a letter of acceptance for a ₹350-crore contract from Gujarat Metro Rail Corporation (GMRC) for the design, manufacturing, supply, testing, commissioning and training of 30 standard gauge cars. The gauge cars are for the Ahmedabad Metro Rail Phase-II project. TRL is also involved in several other Metro rail projects in India.

Read more here.

YES Bank goes live with UPI interoperability on CBDC

YES Bank has gone live with Unified Payments Interface (UPI) interoperability on the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) app. With this move, users will now be able to scan any UPI QR code through the YES Bank Digital Rupee app and undertake transactions seamlessly.

Read more here.

Ramkrishna Forgings bags €8.25 million order in South America

Ramkrishna Forgings has secured an order worth €8.25 million (₹73.65 crore) to supply equipment to a client in the South American market. The company will supply front and rear axle components for the next five years. The Kolkata-based company is a leading supplier of rolled, forged, and machined products.

Read more here.

Strides Pharma arm gets USFDA nod for generic Mycophenolate Mofetil oral suspension

Strides Pharma Science’s wholly-owned arm, Strides Pharma Global Pte. Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for generic Mycophenolate Mofetil for oral suspension. The drug is indicated for organ transplant patients to avoid rejection. The product will be manufactured at the company’s facility in Bengaluru.

Read more here.

DGCA carrying out technical evaluation of two incidents involving IndiGo planes

The Directorate General of Civil Aviation (DGCA) is coordinating with IndiGo to carry out the technical evaluation of engine issues faced by the airline’s two aircraft. Two flights of IndiGo (one from Kolkata to Bengaluru and another from Madurai to Mumbai) suffered engine issues on Tuesday. IndiGo’s fleet is powered by Pratt & Whitney (P&W) engines, and several aircraft are on the ground.

Read more here.

Tata Power-DDL gets 3-year extension from DSIR for in-house R&D unit

Tata Power Delhi Distribution Ltd (Tata Power-DDL) has received a three-year extension till 2026 from the Department of Scientific and Industrial Research (DSIR) for its in-house R&D unit. TP-DDL is a joint venture between Tata Power and the Government of NCT of Delhi. DSIR is a part of the Ministry of Science and Technology, the Government of India.

Read more here.

NTPC approves Rs 15,530-crore investment for Lara Super Thermal Power Project Stage-II in Chhattisgarh

NTPC Ltd’s board has approved an investment of ₹15,529.99 crore for the Lara Super Thermal Power Project, Stage II. The power station is situated in the vicinity of Lara village within the Pussore Taluk of Chhattisgarh’s Raigarh district. It boasts a combined installed capacity of 1,600 megawatts (MW).

Read more here.

Fortis Healthcare expands footprint with Rs 225-crore acquisition of Medeor Hospital Manesar

Fortis Healthcare Ltd will acquire Medeor Hospital Manesar for ₹225 crore. The acquisition involves the procurement of both the Medeor Hospital Manesar asset and all moveable assets housed within the facility. This strategic move is aimed at expanding Fortis’ presence in key geographic clusters. The Medeor Hospital Manesar is a multi-speciality healthcare facility in Sector 5 of IMT Manesar, Gurgaon, Haryana.

Read more here.

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Daily Market Feed Post Market Analysis

Supports Not Held! Bearish Monthly Expiry? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,433 with a gap-up of 90 points (near the resistance zone of 19,420 levels). The index tried to hold those levels by consolidating within a very small range of nearly 30 points. But after 2 PM, the index broke down from 19,420 levels, filled the gap made at opening, and closed near the support zone of 19,350. Nifty closed at 19,347, up by 4.8 points or 0.02%.

Nifty chart August 30 - post-market analysis

BANK NIFTY (BNF) started the day at 44,706 with a gap-up of 211 points. After a small up-move, the index took rejection at 44,780 levels and gradually fell around 630 points to 44,150 levels. BNF closed near the important support level at 44,232, down by 262 points or 0.59%.

Bank Nifty chart August 30 - post-market analysis

All other indices except Nifty PSU Bank (-0.3%) closed flat-to-green. Nifty Realty (+1.42%) moved up the most.

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

Today’s Moves

Tata Steel (+2.13%) was NIFTY50’s top gainer. The stock has hit a 7-month high.

Uflex (+19.99%) zoomed on the back of strong volumes. The company recently appointed Rashmi Verma as an independent and non-executive director for 3 years.

BSE (+6.36%) announced that all futures & options contracts of BSE Bankex will expire on Monday instead of Friday. The new rules come into effect on October 16.

10 crore shares of Zomato (+5.39%) traded in 6 block deals during the pre-market session today.

PowerGrid (-1.61%) was NIFTY50’s top gainer.

Shares of Brightcom Group (-5.04%) hit lower circuit again. The company announced the resignation of Chairman Suresh Reddy and CFO Narayana Raju amidst a crackdown by SEBI.

Markets Ahead

Bank Nifty is looking very weak compared to Nifty. The indices could still be in a down-trend till the major resistance of 19,500 in Nifty and 45,000 in Bank Nifty are crossed.

Nifty: The index gave a closing near 19,350 zones. A flat opening and a down move or a gap-down opening could take the index down to 19,300 and 19,240 levels. Meanwhile, a flat opening and up-move or a gap-up opening will take Nifty back up to 19,420 levels. And if that resistance is broken, 19,500 can be tested.

Bank Nifty: The index has taken support from a trendline and also the horizontal support of 44,200. If 44,200 is breached, the index could fall to 44,000 and 43,750 levels. The important resistance level to watch out for will be 44,500.

Being a monthly expiry tomorrow, we can expect the index to be volatile and give moves on both sides as the indices are near important levels. So trade with caution!

Today, positive global sentiments initially boosted the Indian market. Weak monthly job openings data raised expectations of a pause in interest rate hikes by the US Federal Reserve. Moreover, Chinese banks’ decision to lower mortgage rates has favourably impacted Indian metal stocks. 

However, weak economic data from Europe has led to weakness in the global markets, which caused the Indian market to fall as well in the second half.

What levels are watching out for expiry tomorrow? Let us know in the comments section of the marketfeed app.

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Daily Market Feed Post Market Analysis

Calm Fin Nifty Expiry! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,374 with a gap-up of 68 points. The index immediately fell below the resistance levels of 19,360 levels and mostly moved in a very small range of 40 points throughout the day between 19,320 and 19,360 levels. Nifty closed at 19,342, up by 36 points or 0.19%.

Nifty chart August 29 - post-market analysis

BANK NIFTY (BNF) started the day at 44,655 with a gap-up of 161 points. Initially, the index fell to 44,500 levels. Then, similar to Nifty, BNF also consolidated within a range of 100-120 points and closed exactly at yesterday’s closing price of 44,495.

Bank Nifty chart August 29 - post-market analysis

All indices except Nifty PSU Bank (-0.49%), Nifty FMCG (-0.33%), and Nifty Pharma (-0.27%) closed flat-to-green. Nifty Realty (+1.69%) and Nifty Metal (+1.28%) moved up the most.

Major Asian markets closed in the green. European markets are currently trading in the green.

Today’s Moves

Hindalco (+2.18%) was NIFTY50’s top gainer. 

Other metal stocks like Jindal Stainless (+3.68%), NALCO (+2.54%), Jindal Steel (+3.12%), Tata Steel (+1.6%), etc., also moved up with strength. 

BEML (+13.17%) surged on the back of a strong order book position of over ₹10,000 crore.

Bharti Airtel (-1.74%) was NIFTY50’s top loser. In a block deal, 1.1 cr shares (0.16% equity) of the telecom company worth ₹922.8 crore changed hands at an average of ₹852.9 per share.

Union Bank (-6.3%) fell sharply today. The bank raised equity capital of ₹5,000 crore through a qualified institutional placement (QIP) on Aug. 25, 2023.

Markets Ahead

Buyers are trying to hold the important support levels of 19,300 in Nifty and 44,500 in Bank Nifty. Both indices haven’t crossed the levels we discussed in yesterday’s post-market analysis, and consolidated today.

Nifty: The immediate support for Nifty will be 19,300, and immediate resistance will be 19,360 levels. A breakout from here could give us a target of 19,420, and a breakdown can give us targets of 19,240 and 19,100, eventually.

Bank Nifty: The make-or-break level will be 44,500 as the index closed exactly there. A gap down could take the index to 44,430 and 44,350 on the downside. Meanwhile, 44,670 and 44,750 levels can be watched on the upside.

Fin Nifty: The index had a very calm day as the index consolidated throughout the day within the 50-point range (near 19,800). So it was an easy day for option sellers today.

Heavyweight stock Reliance Industries has fallen for the fourth consecutive trading session, exerting downward pressure on Nifty! This marks the first time in three months that RIL has experienced such sustained losses.

How did FIN NIFTY expiry go? Are you in net profit or loss today? Let us know in the comments section of the marketfeed app.

marketfeed wishes all our readers a VERY HAPPY ONAM! 🌼

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Daily Market Feed Post Market Analysis

Markets Back to Supports! Reliance Falls 1% Amid AGM – Post-Market Analysis

NIFTY started the day at 19,298 with a gap-up of 32 points. Initially, the index faced a small resistance near the 19,300 level and fell till Friday’s low. Then, it gradually moved to 19,360 levels (more than a 115-point rally), where it took resistance. The index slowly fell back to 19,300 levels over the last 1½ hours (during Reliance’s AGM). Nifty closed at 19,306, up by 40 points or 0.21%.

Nifty chart August 28 - post-market analysis

BANK NIFTY (BNF) started the day at 44,253 with a small gap-up of 22 points. After the initial consolidation, Bank Nifty moved up nearly 410 points from the intraday low of 44,200 to 44,610— crossing the important resistance of 44,500. BNF closed at 44,494, up by 263 points or 0.6%. 

Bank Nifty chart August 28 - post-market analysis

All indices except Nifty IT (-0.46%) and Nifty FMCG (-0.23%) closed in the green. Nifty Realty (+0.94%) moved up the most. 

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

Today’s Moves

PowerGrid (+2.69%) was NIFTY50’s top gainer on the back of strong volumes.

Indiabulls Housing Finance (+10.99%) surged. Recently, the company repaid ₹2,232 crore of external commercial borrowings (ECBs) raised in 2018 from foreign banks.

Reliance (-1%) was NIFTY50’s top loser. The company held its Annual General Meeting today. The next generation of Ambani family – Isha, Akash and Anant Ambani – will join the board of RIL. Mukesh Ambani will remain as the Chairman for 5 years.

Brightcom Group hit a 5% lower circuit after the Enforcement Directorate (ED) carried out multiple searches at various locations of the company.

Markets Ahead

Markets took support from the lows created on Friday and gave a small retracement. As the markets were under huge selling pressure, there was not enough strength to see a quick up-move. But the indices are holding the low levels.

Nifty: The index has closed above the important resistance of 19,300. That level can now act as immediate support. But the major support will be the 19,240 zone. And if there’s a gap down or flat opening below 19,300, 19,240 levels will be tested again, and the index might even fall to 19,100 and 18,900 levels.

Meanwhile, the immediate resistance to look out for will be today’s high of 19,360. A breakout from there can give us targets of 19,420 and 19,475. 

Bank Nifty: The index couldn’t close above 44,500, but the buying strength is still there. If there’s a gap-up opening or flat opening followed by an up-move, the index can move further up to 44,950 levels. In that case, the support zone to watch will be 44,500 levels. If there’s a gap down opening or negative movement after opening, BNF can fall to 44,200 levels (which was today’s swing and there’s also a trendline support drawn from last week’s low).

Markets have not turned bullish completely and major resistance of 19,500 in Nifty and 45,000 in Bank Nifty have to be crossed to expect a reversal. Till then, the indices can be sold in every uptick.

Fin Nifty: Being Fin Nifty expiry tomorrow, the important support zone to watch is 19,500-520 levels. The important resistance is 19,900. A breakout from today’s high of 19,800 will take the index to 19,900 and eventually to 20,000 levels. A breakdown from 19,740 levels will take the index down to 19,600 levels and can be choppy in this zone.

What levels are you watching out for FIN NIFTY expiry? Let us know in the comments section of the marketfeed app.

marketfeed wishes all our readers a VERY HAPPY ONAM! 🌼

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Market News Top 10 News

RIL May Sell 8-10% More in Rel Retail Ventures to Fund Expansion – Top Indian Market Updates

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

RIL may sell 8-10% more in Rel Retail to fund expansion

Reliance Industries is likely to sell another 8-10% stake in Reliance Retail Ventures Ltd (RRVL) to fund expansion, retire debt, and prepare for the initial public offering of its retail business. This process will likely happen in over 12-15 months and will be critical for the proposed IPO by the holding company of Reliance’s retail operations.

Read more here.

PFC to provide ₹4,528 crore loan for DVC project in West Bengal

Power Finance Corporation (PFC) has entered into a pact with Damodar Valley Corporation (DVC) to provide ₹4,527.68 crore loan to set up a 1,320 MW project at Raghunathpur, West Bengal. The Raghunathpur Phase-II project will contribute significantly to the power generation capacity in the state. With a combined capacity of 1,320 MW, the project marks a key milestone in the region’s energy landscape.

Read more here.

Suzlon secures 201.6 MW wind energy project order

Suzlon has secured a large order for a 201.6 megawatts (MW) wind energy project from Teq Green Power XI, a part of O2 Power. The company will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning. The project is expected to be commissioned in 2025.

Read more here.

NCLT approves Ramkrishna Forgings’ bid to acquire Amtek Group arm

The National Company Law Tribunal (NCLT) has approved Ramkrishna Forgings’ bid to acquire Amtek Group’s listed subsidiary JMT Auto through the corporate insolvency resolution process. Ramkrishna Forgings agreed to offer ₹125 crore to acquire JMT Auto against its admitted financial liabilities of over ₹165 crore. The resolution plan was not objected to by any of the stakeholders.

Read more here.

Garden Reach partners with DEMPO Group to build commercial vessels

Garden Reach Shipbuilders and Engineers Ltd (GRSE) has signed a Memorandum of Understanding (MoU) with DEMPO Group to build commercial vessels in three premier shipyards of DEMPO at Goa and Bhavnagar. This is GRSE’s first attempt to diversify in a big way in commercial shipbuilding to capture a large market share in the construction of commercial vessels, both domestic and international.

Read more here.

HPCL meets up to 23% of oil needs with Russian grades

Hindustan Petroleum Corp Ltd (HPCL) is meeting up to 23% of its oil needs through discounted Russian grades. HPCL’s Russian oil intake is limited by the configuration of its refineries. The company is maximising the use of these cheaper so-called opportunity crudes. HPCL operates a 190,000 barrel per day (bpd) Mumbai refinery in Maharashtra and a 300,000 bpd Vizag refinery in Andhra Pradesh. 

Read more here.

Indian Oil to invest $30 billion to achieve 2046 net-zero target

Indian Oil Corporation Ltd (IOCL) plans to spend $30 billion to achieve its net-zero operational emissions target by 2046. The company also plans to invest over ₹1 lakh crore to expand its refining capacity by a third to 107 million metric tonnes per annum. Indian Oil is partnering with Italy-based Snam to explore the possibility of converting the existing natural gas pipelines for hydrogen transportation.

Read more here.

Lupin gets USFDA approval to market Pirfenidone tablets

Lupin has received approval from the US Food & Drug Administration (USFDA) to market Pirfenidone tablets in the American market. The drug is used in the treatment of lung disease. As per IQVIA MAT data, generic versions of Pirfenidone tablets had estimated annual sales of USD 218 million in the US.

Read more here.

L&T, HAL could potentially bid on privatisation of India’s SSLV

According to a Reuters Report, Larsen & Toubro (L&T) and Hindustan Aeronautics (HAL) are among companies expected to potentially bid in India’s efforts to privatise its small satellite launch rocket. The Small Satellite Launch Vehicle (SSLV) was developed by the Indian Space Research Organisation (ISRO) as a low-cost means to launch satellites weighing up to 500 kg into low-earth orbit. They serve a booming market to launch clusters of satellites for communications and data that SpaceX and rivals compete in.

Read more here.

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Daily Market Feed Post Market Analysis

5th Bearish Weekly Closing in Nifty! – Post-Market Analysis

NIFTY started the day at 19,297 with a gap-down of 89 points (below the important support zone of 19,300). Throughout most of the day, the index consolidated in a 70-point range. But in the end, it gave a bearish closing— breaching the previous weekly low. Nifty closed at 19,265, down by 120 points or 0.62%.

Nifty chart August 25 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,276 with a gap-down of 220 points. The index initially gave a sharp fall to 44,000 levels, made a double bottom, and tried moving up. But the opening levels of 44,300 zone acted as resistance. BNF closed at 44,231, down by 264 points or 0.59%. 

Bank Nifty chart August 25 - post-market analysis | marketfeed

All indices closed in the red today. Nifty PSU Bank (-1.51%) and Nifty Realty (-1.31%) fell the most. 

Major Asian markets closed up to 2% in the red. European markets are currently trading in the green.

Today’s Moves

Bajaj Finserv (+2.4%) was NIFTY50’s top gainer. Nomura has double-upgraded the stock to ‘Buy’.

KFin Tech (+11.29%) surged on the back of strong volumes. Brokerage firm Jefferies has initiated coverage on the stock with a target price of ₹500.

Shares of Vodafone Idea (+9.4%) rallied amid reports that the struggling telecom operator has received term sheets from several potential investors. 

Dr Reddy’s Labs (-2.17%) was NIFTY50’s top loser.

Shoppers Stop (-12.7%) crashed after the company’s MD and CEO Venugopal Nair announced his resignation.

Markets Ahead

As discussed in the earlier post-market reports, the targets of 44,000 in Bank Nifty and 19,250 levels in Nifty are achieved, which gives us confirmation that indices have turned bearish.

Nifty has closed below a very important long-term support zone of 19,300. It has also breached the previous week’s low, where the index has taken support near 19,250 levels. And if Bank Nifty also joins the party, both indices may turn into near-term bearishness and continue to move further down.

Nifty: In the next trading session, bearishness can be confirmed if the index opens flat and crosses below today’s low of 19,230 levels. Look out for sell-on-rise opportunities! If there’s a huge gap down, the index can retrace and continue the fall again. If there’s a gap-up, Nifty can be choppy. So on the downside, the targets will be 19,000 and 18,900 levels. On the upside, the index has to give a closing above 19,300; so wait for confirmation.

Bank Nifty: The index took support from the round levels of 44,000. But the overall trend is bearish. So if the index falls below today’s low of 44,000 levels (after opening flat), the first target of 43,700 can be achieved. On the other hand, the index has to cross 44,350 levels for an up-move. 

But as the indices are bearish, if there’s a huge gap-up on gap-down after proper price action, look for sell-on-rise opportunities till 44,500 is crossed back again.

Global markets are awaiting comments from Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium (7:30 PM IST) to understand the potential direction of US monetary policy.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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Market News Top 10 News

Reliance Retail Launches Yousta Brand – Top Indian Market Updates

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

Reliance Retail launches youth-centric fashion brand ‘Yousta’

Reliance Retail has launched its youth-centric fashion brand ‘Yousta’. It also opened its first store in Sarath City Mall, Hyderabad. The Yousta range is also available on e-commerce platforms Ajio and JioMart. The new brand boasts of having contemporary tech-enabled store layouts while promising high-fashion at affordable prices targeted at young consumers.

Read more here.

Reliance Jio, Bharti Airtel add 36 lakh subscribers in June

Reliance Jio added the highest number of wireless subscribers in June 2023, while financially struggling Vodafone Idea continued to lose ground. Jio added 22.7 lakh subscribers in June, taking its total subscriber tally to 43.9 crore. Bharti Airtel added 14.1 lakh subscribers, and its total wireless subscriber base stood at 37.4 crore. Vodafone Idea lost 13 lakh subscribers during June, and its total subscriber base shrank to 22.9 crore. 

Read more here.

Dutch group threatens lawsuit over Tata Steel pollution

FrisseWind.nu foundation (representing at least 1,400 people) took the first steps toward a lawsuit against Tata Steel, alleging it is responsible for pollution near Amsterdam that has caused illnesses for residents. Tata Steel’s massive plant at the mouth of the IJ River has come under increasing fire from residents and health authorities, who accuse it of being the main source of contamination in the air, soil and water.

Read more here.

Hindustan Zinc to ramp up zinc production to 1.5 MT

Hindustan Zinc Ltd (HZL) chairperson Priya Agarwal Hebbar said that the company will ramp up production of zinc to 1.5 million tonnes (MT). HZL is the second largest zinc-lead miner in the world after Swiss firm Glencore and the fourth largest zinc-lead smelter globally. It has now also broken into the top 10 list of silver producers in the world.

Read more here.

Tata Power partners with Zoomcar to promote EV adoption

Tata Power EV Charging Solutions has partnered with car-sharing platform Zoomcar to promote electric vehicle adoption. The collaboration aims to promote Tata Power’s EZ Charge points on the Zoomcar platform. It will focus on supporting existing and aspiring EV owners along with Zoomcar’s existing customers.

Read more here.

USFDA issues ‘EIR’ for Torrent Pharma’s manufacturing facility

The US Food & Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for Torrent Pharmaceuticals’ manufacturing facility in Dahej, Gujarat. EIR means the closure of inspection. The drug regulator had conducted a re-inspection of the site in May this year from May 17-25 and issued Form 483 with 2 observations.

Read more here.

SBI attracts top distressed asset buyers’ interest for bad loans: Report

According to an ET report, several global and local distressed asset investors are considering buying some of State Bank of India’s (SBI) bad loans put up for sale in the financial year that began in April. Earlier this month, SBI identified a list of 331 non-performing assets with a combined outstanding value of ₹96,000 crore. Investors that have expressed interest include New York-based Cerberus Capital Management LP and Hong Kong-headquartered SC Lowy.

Read more here.

AntFin plans to sell 2.27 crore shares of Paytm

Chinese fintech giant Ant Financial is looking to offload a 3.6% stake or 2.27 crore shares in digital payments firm Paytm through block deals on August 25. Citigroup has been appointed as the broker for the deal. The transaction’s floor price has been established at ₹880 per share.

Read more here.

Tata Comm plans to raise ₹1,750cr via NCDs

Tata Communications plans to raise ₹1,750 crore through the issuance of non-convertible debentures (NCDs). The date of allotment of NCDs is August 29, and they will mature after three years of the allotment date. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange.

Read more here.

Gujarat Ambuja Exports gets GPCB approval for new plant

Gujarat Ambuja Exports Ltd (GAEL) has received clearance from the Gujarat Pollution Control Board (GPCB) to set up a greenfield corn-wet milling plant at Himmatnagar, Gujarat. The proposed facility would have the capacity to process corn up to 900 tonnes per day (TPD). GAEL is one of India’s leading manufacturers and exporters of cotton yarn, maize starch, liquid glucose, etc. 

Read more here.

HDFC Bank’s asset quality continues to be stable: Official

Asset quality of the HDFC Bank continues to be stable even as many of its peers are facing challenges, said the bank’s head for payments business and consumer finance Parag Rao. He added that the bank is witnessing “good traction” on the Unified Payments Interface (UPI) for credit cards. Rao did not share the exact number of NPAs (bad loans) from the credit card business, but added that the number is half of that of its nearest competition.

Read more here.

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Daily Market Feed Post Market Analysis

Nifty Falls Ahead of Jackson Hole Meeting. Bearishness to Continue? – Post-Market Analysis

NIFTY started the day at 19,535 with a gap-up of 91 points (above the important psychological round level resistance of 19,500). It moved with a lot of strength to 19,580 levels, where the index made an evening star pattern, and gave a fall of nearly 200 points to 19,370 (day’s low)— not respecting any supports in between and gave a very bearish closing below 19,400. Nifty closed at 19,386, down by 57 points or 0.29% 

Nifty chart August 24 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,704 with a gap-up of 225 points. Similar to Nifty, Bank Nifty also moved up with a lot of strength initially to 44,950 levels. That level acted as resistance, and the index fell 500 points from the day’s high to 44,430 levels.  BNF closed at 44,496, up by 17 points or 0.04%. 

Bank Nifty chart August 24 - post-market analysis | marketfeed

Nifty PSU Bank saw a decline of 0.65% today, while Nifty IT (+0.6%) gained the most.

Major Asian markets closed up to 2% in the green. European markets are currently trading in the green.

Today’s Moves

BPCL (+1.87) was NIFTY50’s top gainer. 

Indiabulls Real Estate (+10.45%) surged on the back of strong volumes.

Coforge (+9.72%) zoomed after 1.54 crore shares (26% stake) of the company changed hands in a block deal.

Stocks of companies related to the Chandraayan-3 mission Paras Defence & Space Tech (+6.07%), MTAR Tech (+3.8%), and others moved up with strength.

Reliance (-1.68%) was NIFTY50’s top loser. However, reports indicate that experts are optimistic about RIL stock in the wake of QIA’s investment in Reliance Retail.

Brightcom Group (-4.98%) continued its sharp fall. Yesterday, SEBI barred the company’s CEO and CFO from the Board of Directors due to alleged financial fraud. The stock has crashed ~15% in 5 days.

Markets Ahead

As said in our earlier post-market reports, Bank Nifty is looking stronger than Nifty. Today, while Nifty was crashing, Bank Nifty was holding strong. However, both indices have given a closing below major support zones— 19,400 in Nifty and 44,500 in Bank Nifty.

Nifty: Today, the index took support near 19,350-360 levels, and that can be viewed as immediate support. Breaching of these levels can give us targets of 19,300 and 19,250 on the downside. The immediate resistance to watch out for will be 19,400-420 levels. The upside move can be slow after the huge sell-off. But if 19,400 is crossed, 19,500 can be re-tested and the down move could continue.

Bank Nifty: The bearish head and shoulder pattern in Bank Nifty is intact, and the index couldn’t give a closing above it. BNF has been under selling pressure. Now, the immediate support/resistance will be 44,500 levels as the markets have closed just near it. If the market stays below 44,500 levels, 44,200 will be the first target, and 44,000 will be the second target. On the upside, BNF can face multiple rejections. So, wait for confirmation for bullish trades.

Being an expiry today, 19,500 put sellers who sold after the gap-up opening got trapped as markets reversed from there and fell. For non-directional option sellers, it was comparatively easier to manage as puts were gradually increasing. But a directional market is never good for non-directional option sellers, so they must have been a slight loss.

All eyes will be on Federal Reserve Chair Jerome Powell, who is headlining the Jackson Hole conference on Friday. He is expected to outline the US Fed’s positions on rate adjustments and inflation in the near term, among other things.

How was expiry day trading? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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Daily Market Feed Post Market Analysis

Bullish Weekly Expiry? – Post-Market Analysis

Financial Trading Concept with Green UP Arrow and a Stock Market Chart as a Background. 3D Render

NIFTY started the day at 19,439 with a gap-up of 42 points (near an important resistance zone). It immediately fell to 19,360 support levels after opening. After 10 AM, the index showed strength as banking stocks moved up, gradually crossed the day’s high (19,450 levels), and consolidated. Nifty closed at 19,444, up by 47 points or 0.25% 

Nifty chart August 23 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,064 with a gap-up of 71 points. Initially, the index came down to the round levels of 44,000 and took support. Then, there was no looking back and Bank Nifty showed a lot of strength on the upside— moving nearly 570 points to 44,500 zones! BNF closed at 44,479, up by 485 points or 1.1%. 

Bank Nifty chart August 23 - post-market analysis | marketfeed

All indices except Nifty FMCG (-0.49%), Nifty Metal (-0.13%), and Nifty Pharma (-0.13%) closed flat-to-green. Nifty PSU Bank (+1.7%) moved up the most.

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

Today’s Moves

Hindalco (+2.4%) was NIFTY50’s top gainer. The company plans to invest ₹2,000 crore in a copper & e-waste facility and ₹2,000 crore in a project with Indian Railways.

MMTC (+10.13%) jumped on the back of strong volumes.

Adani Enterprises (-6.2%) was NIFTY50’s top loser. 

Shares of Adani Group companies Adani Trans (-7.26%), Adani Power (-7.07%), and Adani Green (-4.3%) fell despite the conglomerate reporting a 42% YoY rise in pre-tax profit to ₹23,532 crore in Q1.

Brightcom Group (-4.9%) fell sharply after SEBI barred the company’s Chairman & CEO Suresh Kumar Reddy and CFO Narayan Raju from holding any directorial positions.

Markets Ahead

Banking stocks displayed notable strength today, which helped Bank Nifty move up with much more strength than Nifty. Adani Enterprises weighed down Nifty’s performance. Markets have given a good closing above the previous resistances of 19,420 in Nifty and 44,100 in Bank Nifty.

Nifty: The index is now out of the descending channel and gave a closing above it. However, Nifty still has a round level resistance near 19,500. To sustain the upward movement, Nifty must achieve a closing above this level. A breakout from 19,500 can give us targets of 19,600 and 19,640. Meanwhile, the immediate support levels to watch out for will be 19,420-400. A breakdown can give us targets of 19,360 and 300 eventually.

A flat opening with consolidation or a gap-up opening can be positive for the markets tomorrow. A gap-down opening might introduce volatility within a certain range for the index.

Bank Nifty: The index closed below the major round level resistance of 44,500. A breakout on the upside can give us targets of 44,750 and 45,000 eventually. The immediate support level to watch out for is near 44,300 level. A breakdown below 44,300 can push the index to 44,100 and 44,000 levels.

On a daily time frame, the index is at the resistance zone of an inverted Head and Shoulder pattern. So watch out if it’s being respected or giving a strong breakout!

What levels are you watching out for weekly expiry tomorrow? Let us know in the comments section of the marketfeed app.

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