Author: Rohit Satheesan

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More Profit Booking in Nifty! No Nearby Supports – Post-Market Analysis

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NIFTY started the day flat at 19,820. After forming a red candle at opening, the index tried to move up but faced resistance at 19,840 levels. Then it gave a sharp fall of nearly 170 points (forming lower lows along the way) and mostly consolidated after 12 PM. Nifty closed at 19,671, down by 140 points or 0.71%.

Nifty chart October 18 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 44,404. The index fell over 500 points after 10 AM and consolidated in a 135-point range for the rest of the day. BNF closed at 43,888, down by 520 points or 1.17%.

Bank Nifty chart October 18 - post-market analysis | marketfeed

All indices except Nifty Pharma (+0.78%), Nifty Media (+0.27%), and Nifty Auto (+0.08%) closed in the red. Nifty PSU Bank (-1.67%) fell the most.

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

Today’s Moves

Cipla (+3.16%) was NIFTY50’s top gainer.

IRB Infra (+6.6%) surged on the back of strong volumes.

Bajaj Finance (-2.8%) was NIFTY50’s top loser. The company’s Q2 results failed to meet street estimates.

HUDCO (-10.78%) fell sharply after the Indian govt said it would sell up to 7% stake in the company through an offer for sale (OFS).

Biocon (-6.3%) moved down after the US Food & Drug Administration (FDA) classified its Malaysian insulin manufacturing facility as Official Action Indicated (OAI).

Markets Ahead

There is no point in talking about the Israel-Hamas issue again and again. But it has brought a lot of confusion in the global economy.

“Will crude oil price continue to rise?”
“Will inflation rates jump again?”
“Should we expect another rate hike?”
“USD-INR is testing the resistance at 83.2. Will there be more weakness?”

What will investors do at this point? They will simply exit their portfolio with every rise and wait for a dip.

Nifty has fallen below its immediate support at 19,780. But we will see a good inflow of cash if it touches the 19,480 level.

Bank Nifty has made a weak pattern after retracing to 44,660 resistance. HDFC Bank is not giving an indication of a bounce back, as the major support is far away at the 1,470 zone.

What about ICICI Bank? The current chart structure indicates major support near the 929-933 zone ahead of its results on October 21.

Please tune in to The Stock Market Show at 7 PM on our YouTube channel.

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BNF Indicates Consolidation This Week. PSU Banks Shine! – Post Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 20,155 with a gap-down of 36 points. After falling to 20,120 levels in the first candle, the index moved up gradually to 20,195 (the day’s high). Post 12 PM, it fell nearly 80 points (making lower lows) to hit 20,115. Nifty closed at 20,133, down by 59 points or 0.29%.

Nifty chart Sept 18 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 46,100 with a gap-down of 130 points. After trading in a 110-point range initially, the index broke out of the consolidation, and rose to 46,250 levels. Then, similar to Nifty, Bank Nifty fell sharply by 345 points over the remaining part of the day! BNF closed at 45,979, down by 251 points or 0.54%.

Bank Nifty chart Sept 18 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (+3.39%), Nifty Auto (+0.84%), and Nifty FMCG (+0.58%) closed in the red. Nifty Realty (-1.37%) fell the most.

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

Today’s Moves

PowerGrid (+3.09%) was NIFTY50’s top gainer.

Indian Overseas Bank (IOB) hit a 20% upper circuit amid a strong rally in PSU bank stocks. UCO Bank (+15.1%) and Central Bank (+9.8%) also closed well in the green.

BEL (+3.1%) went up nearly 7% intraday after the company received multiple orders worth ₹3,000 crore on Friday.

Hindalco (-2.43%) was NIFTY50’s top loser amidst selling pressure in metal stocks.

Vodafone Idea (-6.8%) fell sharply after the telecom company denied reports that US-based Verizon, Amazon, and Starlink are in a race to acquire it.

J B Chemicals (-49.79%) shares have turned ex-split. The company had announced a stock split in the ratio 1:2.

Markets Ahead

Nifty and Bank Nifty have closed without major changes, and our market is witnessing small profit booking. In the upcoming days, we can expect decent selling after every intraday rise. To catch this move, you can use simple trendlines.

The major support to look out for in Nifty will be the 20,100-130 zone. However, Bank Nifty is struggling to trade above 46,000 as the region is close to its all-time high (ATH).

Bank Nifty may not show bullishness at least for this week. Here are the reasons: 

  • ICICI Bank is facing resistance near the ₹1,000 mark. If the stock breaks this level, it will be a strong double-bottom breakout and could be a big move after a small retracement.
  • HDFC Bank failed to break the resistance at ₹1,650. Will be watching how the stock behaves near the ₹1,620 support region.
  • Bank Nifty might trade in a 1000-points range of 45,480-46,330 for a few more days. Even an ATH breakout would be a trap, because Pivot levels are indicating a strong resistance near the 46,680 region.

Reliance is testing its major trendline support, but proper horizontal-level support is only available near ₹2,400.

The markets will remain closed tomorrow (Sept 19) on account of Ganesh Chaturthi.

How did FIN NIFTY expiry go? Let us know in the comments section of the marketfeed app.

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

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Key Indices Mimic Previous Movements Ahead of Expiry Day! – Post-Market Analysis

NIFTY started the day at 19,369 with a gap-down of 65 points. The index started moving up after the initial red candles and tried to break the previous day’s high with the help of a 3 PM move. Even though there were no follow-up candles, the index closed in slight green. Nifty closed at 19,465, up by 30 points or 0.16% 

Nifty chart - Aug 16 - post-market analysis

BANK NIFTY (BNF) started the day at 43,726 with a gap-down of 364 points. The index struggled a lot to recover as it faced strong rejection from the 44k zone. BNF closed at 43,946, down by 144 points or 0.33%. 

Bank Nifty chart - Aug 16 - post-market analysis

All other indices except Nifty Metal (-0.94%) closed in green. Nifty Media (+1.2%) and Nifty Realty (+1.1%) moved up the most. 

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

Today’s Moves

Apollo Hospitals (+2.51%) was NIFTY50’s top gainer. The pharma company’s MD gave forward-looking commentary on its business on Monday.

Cochin Shipyard (+17.4%) hit a new 52-week high of ₹822 after posting strong Q1 results.

JBM Auto (+10.13%) jumped after the Union Cabinet approved ‘PM-eBus Sewa’ for boosting city bus operations.

Tata Steel (-1.86%) was NIFTY50’s top loser.

Hindustan Copper (-6.23%) fell sharply after the company posted weak numbers for Q1 FY24.

Markets Ahead

Key indices replicate Monday’s movements! After the opening red candle, both Nifty and Bank Nifty started moving up, similar to Monday.

Try to draw a trendline connecting tomorrow’s first two swing low points, and if this trendline is broken, it might bring a proper movement (if the initial trend is to the upside). You can also use a 200 exponential moving average (EMA) in the 5 mins chart to get more clarity.

Major weakness is being built up as both Nifty and Bank Nifty create lower lows and lower highs for more than a week.

I will be watching Nifty’s 19,500 (resistance), 19,360, 330, 300 (immediate support) and 19,250 (major support) tomorrow.

In Bank Nifty, let’s mark 44,100,44,200 (resistances) and 44,600 and 44,540 as major levels for expiry day.

Inflation (CPI) numbers have been a supporting factor for the Indian market for many months. Now, recently released above-expected inflation numbers are bringing more weakness to our market

What levels are you watching out for expiry tomorrow? 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 our YouTube channel!

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Pharma, IT Stocks Lift Nifty – Post-Market Analysis

NIFTY started the day at 19,576 with a gap-up of 59 points (above the important resistance level of 19,500). The index initially fell and took support at 19,524 levels. Then, it made a 60-point up-move, fell back to the 19,530 zone, consolidated for a bit, and made a sharp move till 19,620 (the day’s high). Nifty closed at 19,597, up by 80 points or 0.41%. 

BANK NIFTY (BNF) started the day at 44,993 with a gap-up of 114 points (above the resistance level of 44,750). The index fell to 44,770 levels, consolidated with a positive bias, and gradually hit the strong resistance zone at 45,000. From there, it fell sharply by nearly 215 points. BNF closed at 44,837, down by 42 points or 0.09%. 

All indices except Nifty PSU Bank (-0.6%) closed flat-to-green. Nifty Pharma (+1.56%) and Nifty IT (+1.13%) moved up the most. 

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

Today’s Moves

Divi’s Lab (+4.41%) was NIFTY50’s top gainer.

M&M (+4.25%) moved up after the company’s Q1 results beat analysts’ estimates. Most brokerage firms have reiterated their bullish view on the stock.’

Polymed (+14.47%) rallied on the back of strong volumes.

Britannia (-2.89%) was NIFTY50’s top loser. The company reported Q1 FY24 earnings below street estimates, partly due to higher expenses. 

Aditya Birla Fashion (-4.9%) fell nearly 7% after the apparel company’s margins fell 640 basis points year-on-year to 11% in Q1.

Markets Ahead

Bank Nifty is forming a perfect consolidation! After the bounce back from 44,275 support, the index is currently facing huge resistance from 45k. BNF is not showing any upside strength, but there are chances for the index to make a visit to 44,600.

HDFC Bank (1648) and ICICI Bank (974) don’t look strong, and they are near their immediate support levels.

IT and Pharma stocks are helping Nifty to stay above 19,400! Keep an eye on the 19,560-570 zone for intraday trades.

FIIs net sold for ₹1,892.77 crore in the Indian markets today, while DIIs net bought for ₹1,080.8 crore.

It’s an action-packed week as the US will report its inflation numbers. Moreover, the Reserve Bank of India will announce its monetary policy decision. 

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

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Technicals Indicate Market-Wide Consolidation. SBI to Breakout This Week? – Post-Market Analysis

Post-Market Analysis for July 31, 2023:

NIFTY started the day at 19,666 with a small gap-up of 20 points. The index formed a 75-point red candle at opening (5-min time frame) and took support at 19,597 levels. From there, Nifty gradually moved up to 19,700 zone, consolidated for over 3 ½ hours, and made a sharp up-move at 3 PM to 19,770 levels. Nifty closed at 19,753, up by 107 points or 0.55%.

Nifty chart - July 31, 2023

BANK NIFTY (BNF) started the day at 45,546 with a gap-up of 78 points. The index formed a 190-point red candle at opening and took support at 45,360. Then, it slowly moved up, consolidated between 45,450 and 45,580 levels for nearly 3 ½ hours, and broke out of the consolidation to hit the day’s high at 45,695. BNF closed at 45,651, up by 183 points or 0.4%. 

Bank Nifty chart - July 31, 2023

All indices except Nifty FMCG (-0.6%) closed in the green. Nifty Metal (+1.7%) moved up the most. 

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

Today’s Moves

NTPC (+3.9%) was NIFTY50’s top gainer. The company’s net profit fell 6% YoY to ₹4,871 crore in Q1 FY24, with revenue up 19%. 

BLS International (+14.2%) surged on the back of strong volumes.

Natural gas distributor GAIL (+1.36%) rose to a near five-year high after UBS double-upgraded the stock.

Maruti Suzuki (+1.56%) posted its Q1 results after market hours today. Net profit jumped 2.5x YoY to ₹2,485 crore; revenue rises 22%.

Apollo Hospital (-3.2%) was NIFTY50’s top loser.

Piramal Enterprises (-5.7%) fell sharply after posting poor financial performance in Q1 FY24. The company has also announced a ₹1,750 crore stock buyback.

Markets Ahead

A smart ending to the month, which indicates stability in the upcoming days. Let’s dive into technical analysis this week.

Nifty will continue its strength till it falls below the 19,560-600 zone, in which Friday’s day low lies. There is a high chance of consolidation this week in the 19,560-860 region.

I will be watching only three levels in Bank Nifty tomorrow, 45,200 (support), 45,750 and 45,920 (resistance). It has been in a stellar rally recently— 13% in 5 months!

Keep an eye on SBI’s ₹620 level as technicals indicate a super breakout.

I will be watching 20,200 as an expiry day support in FIN NIFTY for tomorrow.

Look out for important economic data like India’s manufacturing & services PMI, auto sales data, and others this week!

What levels are you watching out for FIN NIFTY expiry tomorrow? 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 our YouTube channel!

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Expiry Tomorrow! Indices Close Above Major Levels – Post-Market Analysis

NIFTY started the day at 18,748 with a gap-up of 57 points. The index struggled a lot today to break the resistance at 18,750. Once it was broken, it gave a decent rally to 18,820 levels. Nifty closed at 18,817, up by 126 points or 0.68%.

BANK NIFTY (BNF) started the day at 43,804 with a gap-up of 163 points. Today’s movements in Bank Nifty were unbelievable! When the market opened, we all were looking at the support near 43,500. But it made a strong rally of 400+ pts in the last two hours (supported by the HDFC twins)! BNF closed at 44,121, up by 480 points or 1.1%.

All indices except Nifty FMCG (-0.07%) closed in green. Nifty Realty and Nifty PSU Bank rose >1%. 

Major Asian markets closed mixed. Japan’s Nikkei (-0.49%) posted its longest losing streak of 2023 as tech stocks fell. European markets are currently trading in the red.

Today’s Moves

HDFC Life (+5.8%) was NIFTY50’s top gainer. HDFC (+1.5%) and the group’s other listed stocks traded higher after Chairman Deepak Parekh said the merger of HDFC with HDFC Bank Ltd will be effective July 1. 

FACT (+10.48%) jumped on the back of strong volumes.

Wood-panel stocks like Greenpanel (+8.19%) and Greenlam (+4.7%) gained as analysts see a large market potential

Cipla (-1.24%) was NIFTY50’s top loser.

Brightcom Group (-5%) has fallen over 15% over the past week amidst its legal troubles.

Markets Ahead

Today’s candle is a good follow-up candle in Nifty. Why?

  • Yesterday, Nifty took multiple supports from 18,650.
  • Today, the index opened above 18,730 resistance and moved down in the morning.
  • But it took support from yesterday’s high (the previous day’s resistance).

This setup usually indicates a rally in the second half. You can watch this setup in the future and learn more about it!

Bank Nifty breaking 44,000 resistance with a strong one-hour candle is a good candle. If the 44,170-220 resistance range is broken, more upside movements will be opened for Bank Nifty.

NSE has shifted Bakri Id 2023 market holiday to Thursday from tomorrow, and the June series expiry will be tomorrow.

HDFC Bank-HDFC merger will be completed this week itself. HDFC’s shares will be delisted on July 13.

A lot of interesting market changes are happening in July! HDFC’s delisting, Bank Nifty F&O lot size changed to 15, Bank Nifty expiry on Fridays…

How was FIN NIFTY expiry today? Let us know in the comments section of the marketfeed app.

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Huge 3 PM Move Makes Nifty Close Flat. IT Stocks Fall – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 18,600 with a small gap-up of nearly 7 points. It couldn’t sustain that level and fell to 18,530 (filling the gap created yesterday). Then, the index consolidated for nearly three hours and gave a powerful breakout after 3 PM! Nifty shot up nearly 70 points to 18,622, but the weighted average closing of Nifty is at 18,599, up by 5 points or 0.03%.

BANK NIFTY started the day at 44,156 with a gap-up of 55 points. Similar to Nifty, it saw selling pressure initially, which pulled the index down to 44,000 round levels. Then, the index mostly consolidated and finally gave a good rally on the upside to 44,200 zones post 3 PM. Bank Nifty closed at 44,164, up by 62 pts or 0.14%.

Nifty IT (-1.8%) fell heavily, while Nifty Realty (+1.19%) and Nifty Auto (+1.09%) moved up the most. 

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

Today’s Moves

UltraTech Cement (+2.89%) was NIFTY50’s top gainer. The stock hit a 52-week high of Rs 8,120 today on the back of multiple block deals.

Meghmani Finechem (+14%) rallied after the company informed about an investor meeting with Singapore-based Indea Capital Partners.

Mazagon Dock Shipbuilders (+4.1%) has surged over 30% over the past week. Defence stocks have been rising after India and the US agreed on a roadmap for military-industrial cooperation.

TechM (-2.08%) was NIFTY50’s top loser. 

Other IT stocks Persistent Systems (-4.3%), Coforge (-3.8%), Mphasis (-3.6%), INFY (-1.95%), and Wipro (-1.05%) also fell after US-based EPAM cut its CY23 revenue growth outlook for the second time. The cut is based on the slowdown in discretionary spending by US companies, which is a crucial market for Indian IT companies. 

IEX (-3.9%) fell after it reported that the average spot power price fell 30% to Rs 4.74 per unit in May.

Markets Ahead

A proper 3 PM movement after a very long time! The breakout was only of 70 pts, but it was very huge compared to today’s intraday candles and 3 PM movements on previous days. 

  • Keep an eye on Reliance in the coming days as it tests 2480-2500 resistance. 
  • HDFC Bank is now trading near the 1580-1600 support zone.
  • ICICI Bank’s 935 level would give some direction for the stock.
  • Axis Bank is testing its previous all-time high (ATH).

In Nifty, two major levels can be considered as supports: 18,450 and 18,530. I am expecting the index to trade within the 18,530-18,670 range till the RBI announces its interest rate decision on Thursday at 10 AM.

A momentum will form in Bank Nifty only if the 44,150-210 resistance zone is broken and support can be expected at the 43,400 -500 zone.

The National Stock Exchange (NSE) has changed the expiry for Bank Nifty Futures and Options (F&O) to Friday instead of Thursday (effective July 7). What do you think of this move? Let us know in the comments section of the marketfeed app.

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Market to Retrace or Breakout? Reliance Rises 2% – 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 18,368 with a gap-up of 47 points. The index moved down initially to yesterday’s closing levels (18,330) and then moved up with strength throughout the day to 18,500! NIFTY closed at 18,499, up by 178 points or 0.97%.

BANK NIFTY started the day at 43,765 with a gap-up of 83 points. The index also rallied up 475 points to 44,070 levels and consolidated in a tight range (of 100 pts) after 2 PM. Bank Nifty closed at 44,018, up by 336 pts or 0.77%.

All sectoral indices closed in the green. Nifty Media (+2.2%), Nifty IT (+1.4%), and Nifty FMCG (+1.4%) moved up the most.

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

Today’s Moves

Reliance (+2.7%) was NIFTY50’s top gainer on the back of strong volumes. US-based Bernstein Research reported that RIL is best positioned to lead India’s e-commerce market.

MedPlus Health (+17.8%) jumped after its Q4 profit surged two-fold on the back of strong sales.

Zee Entertainment (+6.6%) moved up after the National Company Law Appellate Tribunal (NCLAT) turned down National Company Law Tribunal’s (NCLT) order to NSE and BSE to review their approval of the merger between ZEEL and Sony.

ONGC (-1.3%) was NIFTY50’s top loser. The company will post its Q4 results today.

Page Industries (-8.8%) crashed the most in 15 years after reporting disappointing Q4 results.

Markets Ahead

Hope you remember this trendline we discussed last Friday, and it was beautifully respected this week. Two levels should be watched next week: 18,560- as immediate resistance and 18,340- to where Nifty might retrace.

Big moves happen when no one expects them! Do you expect Nifty to break out from this ‘W’ pattern?

I will be watching, two zones in Bank Nifty: 43,450 and 44,150. What if Bank Nifty falls below 43,400? No worries, we have a major support at 43k!

Keep an eye on Reliance, the stock is at a major resistance zone around 2,500.

We can expect a marketwide breakout or retracement next week, not a fall. 

Institutions are keeping the market steady with strong net buying. This usually happens when they expect retailer participation in the coming days.

Did you trade in SENSEX and BANKEX derivative contracts today? Let us know in the comments section of the marketfeed app!

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Bank Nifty to Hit ATH Next Week? Nifty at Crucial Zone! – Post-Market Analysis

NIFTY started the day at 18,186 with a gap-up of 56 points. The index moved down initially till 18,060, retraced back ~100 points, and consolidated in a 60-point range for nearly 3 hours. Post 2 PM, Nifty moved up with strength to 18,215 levels. NIFTY closed at 18,203, up by 73 points or 0.41%.

BANK NIFTY started the day at 43,930 with a gap-up of 177 points. The index fell till 43,530 levels and consolidated in a 195-point range till 2 PM. Then, it shot up around 280 points to cross 44,000. Bank Nifty closed at 43,969, up by 217 pts or 0.5%.

All indices except NIFTY Pharma (-0.9%) and NIFTY FMCG (-0.03%) closed in the green. NIFTY IT (+1.4%) moved up the most.

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

Today’s Moves

Adani Enterprises (+3.49%) was NIFTY50’s top gainer. Adani Ports (3.4%) also moved up with strength. The Supreme Court-appointed panel has found no evidence of a regulatory breach by the Adani Group.

Shares of Nexus Select Trust REIT listed at a 3% premium over the issue price at Rs 103 per share on NSE today.

Ramco Cements (+7.9%) hit a 52-week high on the back of strong Q4 results.

Divi’s Labs (-1.75%) was NIFTY50’s top loser. The stock has displayed bearishness around the falling trendline and 200-day moving average.

Gland Pharma (-20%) crashed after the company’s Q4 financial results missed street estimates.

Markets Ahead

The Indian stock market has broken its 3-day losing streak!

Do you remember this long-term trendline? It’s getting back into action with yesterday’s close near the line and forming a hammer candle on the daily time frame today. The 5-min intraday candles also respected that trendline today.

Keep your eyes on the 18,200-230 resistance zone in the coming days. I feel that if this is broken, Bank Nifty will reach its new all-time high (ATH) next week.

If you have watched today’s 3 PM candle, it is very evident that a huge fight is going on between sellers and buyers now.

FIIs continuing net buying is bringing good confidence, but if huge net selling happens, it will trigger a panic selling.

UK will publish their inflation data on Wednesday at 11:30 AM IST.

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

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Weekly Candle Loses Strength! Bank Nifty Falls 1,000 Points – Post-Market Analysis

NIFTY started the day at 18,117 with a gap-down of 138 points. After the gap-down opening, Nifty started to move up, but the candles had no strength. Bears came into play when the index reached 18,200 and broke the support at 18,100 towards the end. NIFTY closed at 18,069, down by 186 pts or 1.02%.

BANK NIFTY started the day at 43,110 with a big gap-down of 574 points. The index turned heavily bearish after hitting the 43,500 region. Strong red candles came on time and the index fell nearly 1,000 pts from the day high. BNF closed at 42,661, down by 1,024 pts or 2.34%.

All indices except NIFTY Auto (+0.4%) and NIFTY FMCG (+0.27%) closed in red today. NIFTY Finserv (-2.3%), NIFTY Media (-1.7%), and NIFTY Metal (-1.49%) fell heavily.

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

Today’s Moves

Titan (+2.3%) was NIFTY50’s top gainer. Growth prospects remain strong for Titan after a good Q4 performance.

TVS Motor (+3.9%) hit a new 52-week high following better-than-expected Q4 earnings.

Rail Vikas Nigam (+9%) continued its non-stop rally. The stock is up more than 90% in a month!

HDFC Bank (-5.9%) and HDFC (-5.5%) fell sharply after a report suggested that the merged HDFC entity could see $150-200 million in outflows in MSCI. 

Manappuram Finance (-11.49%) crashed after the Enforcement Directorate (ED) froze assets worth Rs 143 crore of the company’s MD.

Federal Bank (-8.3%) fell even after it posted a 67% YoY increase in net profit to ₹902.6 crore in Q4 FY23.

Markets Ahead

Our market has been fighting global negativity for the last few days. Many traders had long positions and a small weakness triggered a sudden selling in the market today. We had an amazing up move for the last many weeks and because of that this down move looks fine. But a closing below 17,700 won’t be good.

If you are looking into weekly candles, it is a little bit scary. Today’s move has killed its beauty and has brought a fear of profit booking. 

Let’s watch 18,000 in Nifty and 42,000 in Bank Nifty. 

Apologies for the delay! Catch you next week!

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Consolidation Continues! – Post-Market Analysis

NIFTY started the day at 18,113 with a gap-down of 33 points. It was another pure consolidation day with Nifty moving within a tight range of 40 pts for most of the day. The 18,100 level acted as an intraday resistance multiple times. The index closed at 18,089, down by 57 pts or 0.32%.

BANK NIFTY started the day at 43,154 with a gap-down of 197 points. The index was trying to move up after the gap-down opening, with 43,110 as a support and 43,320 as a resistance. The index closed at 43,312, down by 39 pts or 0.09%

All indices except NIFTY FMCG (+0.78%), NIFTY Media (+0.28%), and NIFTY Realty (+0.28%) closed in red today. NIFTY IT (-1%) fell the most.

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

Today’s Moves

HUL (+1.4%) was NIFTY50’s top gainer after positive commentary from the FMCG company’s top management.

Asian Paints (+1.04%) moved up after crude oil prices hit a 5-week low overnight. (Crude oil is a key raw material for manufacturing paints)

Engineers India (+14.9%) surged today on the back of strong trading volumes. 

RVNL (+9.9%) continued its rally. The company was granted the ‘Navratna’ status by the Department of Public Enterprises earlier this week. The stock is up 26% in 3 days.

Adani Ent (-4.2%) was NIFTY50’s top loser. Adani Group stocks are in the headlines after Shah Dhandharia & Co (mentioned in Hindenburg Research’s report) resigned as the statutory auditor of Adani Total Gas.

Manappuram Finance (-12%) crashed after ED searches premises linked to the company and its promoter VP Nandakumar’s residence on money laundering charges.

Markets Ahead

Our Indian market is showing no major weakness now, but it is facing hurdles because of the banking sector crisis in the US market. 

The US Federal Reserve’s decision on interest rate hike will be out today at 11:30 PM. If everything is within expectations, we would have a consolidation expiry tomorrow.

You can watch two levels in Bank Nifty tomorrow- 42,940 and 43,550. We can expect a panic selling in Bank Nifty to 42,500 levels if 42,880 is broken.

If you check the volumes in major banks, it is very evident that big players were trying to keep Bank Nifty above 43k.

All eyes on US markets! If the US market closes with a good loss today and we open in the green tomorrow, then we can expect a clear fall during the first half.

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

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Calm Day in the Market! – Post-Market Analysis

NIFTY started the day at 18,124 with a gap-up of 59 points. After the gap-up, it consolidated in a 50-point range throughout the day. The index closed at 18,147, up by 82 pts or 0.46%.

BANK NIFTY started the day at 43,395 with a gap-up of 161 points. It consolidated in a 150-point range till 3 PM, and took perfect resistance at 43,500 and after which it fell close to the day low. The index closed at 43,352, up by 118 pts or 0.27%

All indices except NIFTY Pharma (-0.19%), NIFTY FMCG (-0.13%), and NIFTY Realty (-0.03%) closed in the green today. NIFTY Metal (+1.4%) and NIFTY IT (+1.1%) moved up the most.

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

Today’s Moves

ONGC (+3.3%) was NIFTY50’s top gainer after the Central govt reduced the windfall tax on crude oil.

TechM (+2.9%) moved up after posting a 26% YoY decline in net profit to Rs 1,118 crore in Q4.

Welspun India (+15%) surged on the back of share buyback announcement, Q4 earnings.

RVNL (+10%) hit its upper circuit today. The company has been granted the ‘Navratna’ status by the Department of Public Enterprises.

Hero MotoCorp (-2.4%) was NIFTY50’s top loser. The two-wheeler manufacturer saw a slight dip in April wholesales with 3.9 lakh units sold.

Sun Pharma (-1.3%) fell after the US health regulator halted the company’s trials on a dermatological drug.

MRPL (-5.6%) moved down after the company’s net profit fell 10.7% to ₹2,638 crore in FY23.

Markets Ahead

There is a major resistance on the upside near 18,200 for NIFTY. If the range is being breached on the lower side, we can expect the gap to fill in near 18,050.

Similarly, if Bank Nifty breaks above 43,500, we can expect good momentum. But if today’s low is breached, we can expect the market to fall till 43,000.

India’s Purchasing Managers’ Index (PMI) data was out yesterday. Manufacturing PMI hit a four-month high of 57.2 in April vs 56.4 in March.

Did you trade in FIN NIFTY expiry? How did it go? Let us know in the comments section of the marketfeed app.