Author: Rohit Satheesan

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Daily Market Feed Post Market Analysis

Markets Consolidate and Close Flat for the June Month Expiry – Post Market Analysis

NIFTY opened the monthly expiry day at 15,774 and shot up to test resistance in the 15,850-880 region. Then it fell nearly 1% to day’s low. European markets opened with a huge cut, but to surprise, Nifty tried to recover after 12:30 PM. NIFTY closed at 15,780, down by 18 points or 0.12%.

BANK NIFTY started the day at 33,180 and gave a false bullish indication in the first 30 minutes. The 33,350 level acted as a super support today, helping the index to end with gains. Bank Nifty ended the day at 33,425, up by 155 points or 0.47%.

Only Nifty Bank (+0.47%) and Nifty Finserv (+0.42%) closed in the green while Nifty Auto (-1.2%), Nifty IT (-1%), Nifty Metal (-2%), Nifty Realty (-1.1%) and Nifty PSU Bank (-1%) moved down.

Major Asian markets except China closed in the red today. China’s June factory activity is showing growth, with relaxations in Covid restrictions. European markets are all currently down more than 2% due to recession fears.

Today’s Moves

IOC shares closed above Rs 74 as the stock started trading ex-bonus today.

Oil stocks had a red day, led by BPCL (-2.5%),OIL (-3.8%), GAIL (-2.9%), ONGC (-1.6%), HindPetro (-3%), and Chennai Petro (-3.9%).

Banking stocks- Axis Bank (+1.8%), SBIN (+1.4%) and Kotak Bank (+1.1%) featured in the Nifty 50 Top Gainers list.

Insurance stocks HDFC Life (+1.6%), ICICI PruLi 9+1.3%), and SBI Life (+1.3%) moved up, but no luck for LIC (-0.68%).

All the stocks from Nifty Metal fell more than 1%. JSW Steel (+2%), Jindal Steel (-3.3%), National Aluminum (-3.3%), SAIL (-2.1%), Tata Steel (-1.6%), and Vedanta (-3.9%) are notable names.

MCX (+2.6%) moved up as SEBI approved FPIs to trade in commodity derivatives.

MTAR Tech (+2.1%) secured an order worth Rs 175 crores.

Cipla (-3.2%) once again closed in the red. The stock is trading at a support region near Rs 900.

Wonderla Holidays (+3.5%) will develop an amusement park project in Bhuvaneswar. VGuard (+1.9%) also ended in the green.

Devyani International (+3.6%) opened its 1000th outlet and will be opening another thousand outlets in the coming years.

Zomato (-6%) turns out to be the new word for going South.

Markets Ahead

The first quarter of the 2023 Fiscal Year ended today and Nifty is down nearly 10% compared to the previous quarter. This is the biggest Q1 fall since 2008.

Nifty opened the monthly expiry day with some hope for the bulls. But the scene was different after the first 30 minutes. It is good for our market to consolidate in this region, especially when European markets are having negative cues.

Bank Nifty managed to close in the green while Nifty ended with small loss. Post-Covid levels in the 33,000-350 region is giving good support to Bank Nifty.

Heighweights showed higher volumes in the last half an hour when traders started to close their monthly expiry positions.

India Finance Minister said that Rupee depreciation will impact the economy, but still, that’s not a worry because our currency is relatively better placed against the dollar.

The 2,660-2,685 zone is a major resistance for Reliance. We all know what happened earlier when the zone was broken.

How was this quarter for you, Loss or Profit? Every day is a learning opportunity!  Let us know your thoughts in the comments section of the marketfeed app!

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Daily Market Feed Post Market Analysis

Market Closes in the Green. Resistance Shifted to 15,900 – Post Market Report

NIFTY opened the day at 15,926 with a gap-up of 226 points. The index couldn’t break the opening high and was moving in a wavy style. Breaking day lows were weak and the index saved more than half of the morning gains. Nifty closed at 15,832, up by 132 points or 0.85%.

BANK NIFTY started the day with a gap-up of 498 pts at 34,126. The index was slowly moving down and fell more than 1% from the day’s high. But the previous day’s high acted as good support and Bank Nifty closed the day at 33,811, up by 183 points or 0.55%.

All sectoral indices closed in the green today. Only Nifty IT (+2%) and Nifty Metal (+1.5%) had more than a 1% change. Nifty Media (+0.01%) closed flat.

Major Asian markets closed strongly in the green today. European markets are all currently trading flat to green.

Today’s Moves

Energy related PSU stocks and IT companies closed as Nifty 50 top gainers. Coal India (+3.1%), ONGC (+3%), BPCL (+2.4%), LT (+2.7%), HCL Tech (+2.6%), TechM (+2.6%) and INFY (+2.3%) moved up.

From the IT sector, Coforge (+3.9%), Mindtree (+4.4%), and Mphasis (+3.4%) also moved up.

Paras Defence (+5.3%) made a last-minute rocket jump after NSIL agreed to transfer technology for optical imaging systems to the company.

Bajaj Auto (+1.2%) has approved share buyback at the maximum price of Rs 4600 for a total of up to Rs 2500 crore. The stock didn’t move up because the total buyback value was below street estimates.

Welspun Corp (+4.4%) moved up after it secured orders worth Rs 600 crore.

GHCL (+4.5%) has inaugurated a new spinning unit at Manaparai in Tamil Nadu.

Hikal (+5.3%) has received permission from the Bombay High Court to resume production at Raigad, Maharashtra plant. 

Paytm (+8.2%) closed above the 700 level for the first time since March 11, this year. 

Zomato (-6.6%) moved down as analysts said that its deal with Blinkit will be good for the future, but not in the near term.

Markets Ahead

What do you think about the market condition? Has Nifty reached the target?

For some days our market is moving up along with other global markets. But the market couldn’t regain investor-trader confidence completely. That’s why major gap-ups are not sustaining.

Nifty Metal is a perfect example of this. Many metal stocks including Vedanta and Jindal Steel are at good supports. But the index is moving up and down.

It will be good for the market to consolidate here for a few days before moving up.

15,930, 16,000, and 16,170 are very crucial resistances for Nifty and if they are strongly broken we will have a trend confirmation.

On the Bank Nifty side, a day candle close above 34,100 will give more clarity.

Reliance has been weak for many days and is trading with lesser volume compared to the same month of 2020 and 2021. 

Even though Nifty IT closed 2% up, the index is struggling at the 28,400 level. But we may see it above 30,100, who knows!

Are you confident in the current market condition? Let us know in the comments section of the marketfeed app!

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Daily Market Feed Post Market Analysis

Markets Showing Strength in the Fall. IT Stocks Close in Green – Post Market Report

Today’s Market Summarised

Strong recovery after the gap-down opening. 16,150 and 16,400 are back in the game.

NIFTY opened the week with another gap-down at 16,227, down by 183 pts or 1.1%. We are very familiar with the strength of 16,150 support, and it happened again today. After taking support at 16,141, Nifty recovered 250+ pts to test the super resistance at 16,400. NIFTY ended the day at 16,301, down by 109 points or 0.67%.

BANK NIFTY started the day at 34,091, down by 499 pts or 1.4%. With the help of 33,900 support, the index managed to cut its opening losses. BANK NIFTY ended the day at 34,275, down by 315 points or 0.91%.

All sectoral indices except Nifty IT (+0.05%) closed in the red.  Nifty Media (-2.6%), Nifty PSU Bank (-2.3%), and Nifty Metal (-2%) closed more than 2% down.

Asian markets except China closed in deep red. European markets are down 1.5% -2% currently.  

Today’s Moves 

PowerGrid (+2.8%) continued the recent breakout after it took support from 200 EMA in February. 

INFY (+1.7%) closed in the green after triggering the morning recovery in Nifty. 

HCL Tech (+2.4%) has acquired Swiss company Confinale AG for Rs 408 crores.

Reliance (-3.9%) saw sharp profit booking after announcing its results during the weekend.

Campus Activewear listed at Rs 360/share in pre-open on NSE vs the issue price of Rs 292/share.

Can Fin Homes (-5.1%) and its promoter Canara Bank (-8.2%) moved down as a result of media reports saying “Reserve Bank of India is likely to investigate into the books of accounts of CanFin Homes”.

UPL (-1.1%) reported it’s better than the estimated Q4 consolidated net profit at Rs 1,390 crores against Rs 1,063 crores last year.

BASF (+8.4%) rocketed after posting a Q4 standalone net profit at Rs 150 crores compared to Rs 55.8 crores last year.

Central Bank Of India (-1.9%) marked a Q4 standalone net profit of Rs 310 crores vs a loss of Rs 1349 crores last year.

Markets Ahead

Today, INFY made a strong green candle and it can be added to our watchlist. A good volume in the daily candle will make it interesting.

Putin’s speech at Russia’s Victory Day parade today hurt the market and fueled the 150+ pts fall from 16,400. He concluded his speech without declaring mobilization or declaring war as rumoured.

We need strong up movements in Bank Nifty and Nifty IT if the profit booking in Reliance continues. If that does not happen, we may see another fresh low of the month. However, Nifty respecting technicals 16,400 and 16,150 levels is a very good thing as it will have lesser dependence on rumours and news.

The rupee is currently at a record low against US Dollar, which will have a negative impact on our Forex reserves.

Keep an eye out for weakness in our markets along with international markets as days go by. Implications of the interest rate hikes and inflation are also something to watch out for!

See you all today at 7 PM on The Stock Market Show.