Author: Rohit Satheesan

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18,000 Loading? – Post-Market Analysis

NIFTY started the day flat at 17,813. The 17,825 level acted as support multiple times in the morning. After two hours, it slowly moved up and crossed 17,900 levels. The index closed at 17,915, up by 101 pts or 0.57%.

BANK NIFTY started the day at 42,753 with a gap-down of 76 points. The index wasn’t purely directional like Nifty as it was trading near 43,000. The index closed at 43,000, up by 170 pts or 0.4%.

Nifty Realty (+1.36%) and NIFTY IT (+1.07%) moved up the most. NIFTY FMCG (-0.06%) was the only index that closed in the red.

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

Today’s Moves

Bajaj Auto (+2.5%) was NIFTY50’s top gainer. The company posted a 2% YoY decline in net profit to ₹1,433 crore in Q4 FY23, in line with street estimates.

Bajaj twins – Bajaj Finance (+2.3%) and Bajaj Finserv (+1.9%) – also moved up on the back of good Q4 results.

L&T Technology Services (+8.2%) surged after reporting an 18% YoY increase in net profit to ₹309 crore in Q4.

HDFC Life (-2.59%) continued its down move and was NIFTY50’s top loser. The stock is down 5% since Monday.

HUL (-1.6%) moved down after its Q4 results missed street estimates. 

Voltas (-5.4%) fell heavily due to poor Q4 results. The company’s market share has fallen from 25.2% in FY21 to 21.9%.

Markets Ahead

It was a monthly expiry, and both indices showed strength throughout the day. Nifty closing above 17900 and Bank Nifty closing at 43,000 is a good sign. Everyone was expecting red candles today, but it never happened!

But more importantly, on the upside, Nifty has the biggest resistance at 18,000 and Bank Nifty is at a round level resistance of 43,000. So we can expect some pullback till 17,800 in Nifty and 42,850-900 in Bank Nifty. But if they start moving up, the markets can go much higher.

Tomorrow, if any of the previous swings (42,750 in Bank Nifty or 17,850 Nifty) are breached below, we can see a retracement in both indices.

US economic growth slowed by more than expected in the first quarter (Q1) to 1.1%, according to preliminary data from the Commerce Department. Let’s see how the US markets react to this data.

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

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Nifty, Bank Nifty Near Resistance Zones. Monthly Expiry Tomorrow! – Post-Market Analysis

NIFTY started the day flat at 17,767. From the opening high, the index fell 60 pts to take support from the 17,700 range. After that, it made a rally of 100+ pts to above 17,800 levels. The index closed at 17,813, up by 44 pts or 0.25%.

BANK NIFTY started the day at 42,559 with a gap-down of 119 points. The index had a similar story as NIFTY, as it rallied nearly 1% from the day’s low. BNF closed at 42,829, up by 151 pts or 0.35%.

Nifty Realty (+1.36%) closed well in the green. NIFTY Metal (-0.4%) was the only index that closed in the red.

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

Today’s Moves

PowerGrid (+2.3%) was NIFTY50’s top gainer. The stock is up for a fifth straight session today.

Nestle India (+1.75%) moved up after the company posted a 25% YoY rise in net profit to Rs 737 crore in Q4, beating street estimates.

Vodafone Idea (+3.9%) surged up to 6% after Emirates Telecommunications Group Co increased its stake in Vodafone Group Plc (Vi’s parent company).

GSFC (+19.95%) after the Gujarat state govt announced a new policy of compulsory dividends and bonus shares. 

Hindalco (-1.1%) was NIFTY50’s top loser.

AU Small Finance Bank (-2.5%) fell after the company’s March quarter results failed to cheer investors.

MCX (-6.2%) crashed up to 8% today after its Chief Technology Officer Shashank Sathe resigned. 

Markets Ahead

We have monthly expiry tomorrow, and I am expecting the market to close in the red. The view will change only if Nifty (17,850) and Bank Nifty (43,000) break their resistance levels. 

Otherwise, we can expect a retracement in Nifty to 17,720 levels. 

The US markets fell yesterday on fear of another banking sector crisis as First Republic Bank fell heavily yesterday. Also, US oil inventories are seeing more than expected drop, and investors have taken these data to predict a weakness in the economy in the coming months.

All US indices closed in the red yesterday. But after that, Alphabet and Microsoft published strong earnings reports and this helped US futures to gain some points.

This is the major reason why the Indian markets didn’t fall today. Let’s see how the US markets close today ahead of the GDP data release tomorrow.

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

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NIFTY Closes Above 17,750 Amid Volatility – Post-Market Analysis

NIFTY started the day at 17,761 with a small gap-up of 18 points. After the first red candle, the index moved up till 17,800 (an important resistance zone) and came down to close at 17,769, up by 25 pts or 0.15%.

BANK NIFTY started the day at 42,731 with a gap-up of 95 points. It consolidated in a 280-point range between 42,600 and 42,870 throughout the day. The index fell heavily after 2:30 PM and finally closed at 42,678, up by 42 pts or 0.1%.

Nifty PSU Bank (+1.31%) also closed well in the green. NIFTY Media (-0.7%), NIFTY Finserv (-0.16%), and NIFTY IT (-0.1%) fell today.

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

Today’s Moves

Bajaj Finance (+2.38%) was NIFTY50’s top gainer. Bajaj Finserv (+1.9%) also rose ahead of its Q4 results announcements on April 27.

Rail Vikas Nigam Ltd (+19.2%) surged to hit a fresh 52-week high of Rs 105.3 per share. The RVNL-Siemens consortium received two orders from Gujarat Metro Rail Corporation last week.

Zomato (+3.1%) gained up to 8% intraday even as reports emerged that over 1,000 delivery partners of its Blinkit business have joined rival platforms.

ITC (+0.7%) hit a fresh 52-week high of 413.5 and has crossed the market capitalisation of Infosys.

HDFC Life (-3.25%) was NIFTY50’s top loser after surging ~6% yesterday. HDFC Bank (-1.4%) and HDFC (-1.1%) also moved down.

UPL (-2.08%) fell after global agrochemical company Adama reports a weak set of earnings.

Ipca Labs (-10.3%) crashed to a near 3-year low after it agreed to buy a 33.38% stake in Unichem Laboratories for $126.3 million.

Markets Ahead

NIFTY closed with small gains even though bears made multiple attempts to reverse the trend considering the weak global market. All markets are waiting for further earnings reports and an update on US economic (GDP) growth for Q1 later this week.

Nifty is near its major resistance zone of 17,800. If that level is crossed tomorrow, we can expect the index to move further up. But if breaches the previous swing of 17,750 and moves down, we can expect NIFTY to move down.

Bank Nifty took a good rejection from 42,800 levels and has been moving in a range. A breakout or breakdown on either side can give us a good move tomorrow!

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

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ICICI Bank Comes to the Rescue. Nifty Closes Above 17,700 – Post-Market Analysis

NIFTY started the day at 17,707 with a gap-up of 83 points. The index moved down after the good gap-up opening and took support from 17,615. From there, it made an amazing recovery and broke the resistance above 17,700. The index closed at 17,743, up by 119 pts or 0.68%.

BANK NIFTY started the day at 42,469 with a gap-up of 351 points. The index took good support from the 42,300 region and moved up to hit a day high at 42,714. Bank Nifty closed at 42,635, up by 517 pts or 1.23%.

Nifty PSU Bank (+2.6%) and Nifty Realty (+1.06%) also closed well in green. NIFTY Media fell 1.31%.

Major Asian markets closed mixed. The German market (DAX) is currently trading in the green, while the UK’s FTSE100 and France’s CAC40 are in red.

Today’s Moves

HDFC Life (+6.6%) continued its rally and was NIFTY50’s top gainer. Ahead of the merger, RBI has allowed HDFC Bank or HDFC to increase the stake in HDFC Life and HDFC ERGO by over 50%.

Tata Consumer (+4.59%) moved up. The company will post its Q4 results tomorrow.

Wipro (+2.69%) surged the most in over 15 weeks as the IT company’s board announced a share buyback plan. 

RVNL (+13.2%) rallied after it secured two separate orders from Gujarat Metro Rail Corp.

Cipla (-1.32%) was NIFTY50’s top loser. 

IndusInd Bank (-1.29%) reported a 49% YoY rise in net profit to ₹2,040 crore in Q4. The results have beaten street/analysts’ estimates.

Adani Group stocks Adani Green (-3.1%), Adani Transmission (-3%), and ATGL (-2.9%) fell heavily. Meanwhile, Adani Ports (+1.38%) has started a $130 million buyback of debt securities.

Markets Ahead

The positive sentiment in the market was boosted by strong earnings reports from index heavyweights.

From the morning itself, it was super evident that Bank Nifty was going to move up. Nifty was falling after the opening, but Bank Nifty consolidated around the 42,350 level and ICICI Bank had a decent profit booking days before its awesome result announcement. So a strong up move in Bank Nifty was inevitable.

Looking at Bank Nifty charts, I feel that the index is gaining momentum to the upside. Resistance can be expected above 43,300.

Nifty taking support from 17,600 and closing above 17,700- this is also a good recipe for an up-move. But remember that the index is still in its consolidation zone.

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Nifty Continues Consolidation Near 200-Day EMA. Waiting for Reliance Results! – Post-Market Analysis

NIFTY started the day at 17,639 with a small gap-up of 15 points. After falling till 1 PM, it took support from the 17,550 level and recovered some points. The index closed flat at 17,624.

BANK NIFTY started the day flat at 42,252 with a gap-down of 16 points. The index also moved down, but took support from the 41,950-42000 region and then faced resistance from the 42,175 level.  Bank Nifty closed at 42,118, down by 151 pts or 0.36%.

Nifty Realty (-2.1%), Nifty Metal (-1.3%), and Nifty Auto (-1.03%) closed with major losses today. Nifty Media (+1.3%) closed well in green.

Major Asian markets closed in the red. German and French markets are currently trading in the red, while UK’s FTSE100 is in the green.

Today’s Moves

ITC (+1.9%) was NIFTY50’s top gainer. The stock hit a new 52-week high of 409. It also crossed HDFC to become the 7th largest firm by market cap.

HCL Tech (+1.1%) moved up after its Q4 results were in line with street estimates. Other IT stocks TCS (+1.8%) and Wipro (+1.4%) gained.

Nazara Tech (+6.2%) surged after ICICI Prudential MF bought an additional stake in the company.

Vodafone Idea (+6.6%) jumped up by nearly 10% today after Kumar Mangalam Birla rejoined the company’s board.

HDFC Life (-3.2%) was NIFTY50’s top loser. The RBI has allowed HDFC Bank to hike its stake in HDFC Life, HDFC ERGO to more than 50%.

Angel One (-1.2%) moved down after the broking firm reported a data breach.

Oberoi Realty (-4.4%) fell despite reporting strong operational updates.

Markets Ahead

The market continued its consolidation mode again as it retraced back close to the 200-Day EMA (exponential moving average). We can expect some panic selling 200-Day EMA is broken. Also, there can be volatility on Monday because of Reliance and ICICI Bank’s Q4 results, which will be out today and tomorrow, respectively.

Nifty’s max range for next week can be considered as 17,450-17,850.

I do not expect the Nifty to break the 17,300-17,950 range in the near term as VIX has fallen below 12.

The US GDP growth rate will be out next Thursday at 6 PM. We do not have any major domestic events next week.

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

Eid Mubarak to all! 🌙

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IT Stocks Drag NIFTY Below 17,650 – Post-Market Analysis

NIFTY started the day flat at 17,653 with a gap-down of 6 points. The index moved within the opening 15-min candle range for more than three hours. It faced resistance at the opening high, then started moving down and reached the 17,600 region. The index closed at 17,618, down by 41 points or 0.23%.

BANK NIFTY started the day flat at 42,280 with a gap-up of 2 points. The index was in downtrend mode for most of the day and recovered some points after reaching 42,000.  Bank Nifty closed at 42,154, down by 111 pts or 0.26%.

Nifty IT (-1.7%) and Nifty Media (-1.7%) closed with major losses today. Nifty PSU Bank (-0.84%) also moved down.

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

Today’s Moves

Divi’s Labs (+2.2%) continued its up-move and was NIFTY50’s top gainer. The stock is up nearly 18% in a month. Leading investment manager Saurabh Mukherjea has added the stock to his Rising Giant portfolio.

BPCL (+2.1%) plans to set up 240 MW green power facilities this year. 

Zomato (+1.59%) moved up nearly 5% today. The company said the disruptions in Blinkit services in Delhi-NCR have no material impact on its operations or its financial performance.

Piramal Pharma (+7.9%) surged up to 10% after the USFDA concluded an inspection at the company’s manufacturing facility in Sellersville, USA. 

Gland Pharma (+15%) snapped a three-day fall (it has gained 25.35% from its 52-week low of Rs 1,130.40 in March 2023).

HCL Tech (-2.3%) was NIFTY50’s top loser. The company will post its Q4 results tomorrow. Other IT stocks INFY (-2.1%), Wipro (-1.9%), and TCS (-1.3%) also fell.

ICICI Lombard (-4.8%) fell after its Q4 financial results missed analysts/street estimates.

Markets Ahead

Levels to look out for tomorrow:

Nifty: 17,700 17,666, 17,632, 17,592, 17,575

Bank Nifty: 42,350, 42,240, 42,165, 42,000

Reliance: 2338, 2375

HDFC Bank: 1680

Nifty is moving within the expected range for this week.

I do not expect any upside movement in Bank Nifty tomorrow. Also, if 42k in Bank Nifty is broken, we can expect super support from 41,750.

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

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NIFTY to Consolidate Tomorrow? – Post-Market Analysis

NIFTY started the day at 17,766 with a gap-up of 59 points and moved down with strength. The index fell to the 17,650 zone, consolidated, and gave a breakdown in the second half of the day till 17650 levels. The index closed at 17,660, down by 46 points or 0.26%.

BANK NIFTY started the day at 42,406 with a gap-up of 144 points. The index went up till 42,500, and following NIFTY, it gave a 400-point fall to 42,100, Bank Nifty closed at 42,262, up by 130 pts or 0.31%.

Nifty Pharma (+1.64%) and Nifty Realty (+1.04%) moved up the most. NIFTY Finserv (-0.3%), NIFTY FMCG (-0.3%), and NIFTY Media (-0.3%) were the indices that closed in red.

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

Today’s Moves

Divi’s Labs (+3.4%) was NIFTY50’s top gainer. 

Lupin (+6.1%), Biocon (+3.6%), Auro Pharma (+3.38%), Glenmark Pharma (+2.9%), Zydus Life (+2.75%) and other pharma stocks surged today.

DLF (+2.05%) hit a fresh 52-week high of Rs 427 after breaking out from a rectangle pattern.

Yes Bank (+8.4%) surged ahead of its quarterly results later this week. Latest shareholding pattern shows that the bank had 50.57 lakh shareholders at the end of Q4!

PowerGrid (-2.6%) was NIFTY50’s top loser. 

Tata Chemicals (-5.9%) fell after the company announced 3-4% price cuts across India for light and dense soda ash.

Avalon Technologies made its debut on the NSE, BSE today. The stock fell up to 11%.

Markets Ahead

It was a sell-on-every-rise day in NIFTY today. 

NIFTY fell sharply after 1 PM after a Bloomberg report claimed that the Indian government has been planning to hike the tax levied on capital gains. However, the Finance Ministry on Tuesday dismissed the claims!

If NIFTY opens flat and starts moving down below 17650 tomorrow, we can expect the index to move further down.

The same goes for Bank Nifty. If the market opens flat and crosses 42,200, we can expect the index can also be bearish tomorrow.

Looking for sell on highs can be profitable in the current market conditions.

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INFY Falls 9%, WPI at 29-Month Low! – Post-Market Analysis

NIFTY started the day at 17,863 with a gap-down of 35 points. The index was down nearly 250 points at 10 AM. It took support at 17,574 (the day’s low), and from there, it slowly moved up to 17,700 levels. NIFTY closed at 17,706, down by 121 points or 0.68%.

BANK NIFTY started the day at 42,603 with a gap-up of 471 points. The index fell below a major level of 42,000 in the morning. But from the day low (41,800), it recovered 1% to end in green. Bank Nifty closed at 42,262, up by 130 pts or 0.31%.

Nifty PSU Bank (+3.1%), Nifty FMCG (+1.03%), and Nifty Realty (+0.99%) moved up the most. NIFTY IT (-4.7%) fell heavily.

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

Today’s Moves

Nestle India (+4%) was NIFTY50’s top gainer. The stock has neared its 52-week high ahead of the record date for dividend payout. 

ITC (+1.15%) hit an all-time high of Rs 402 today.

Jubilant Ingrevia (+3.5%) moved up after the company commissioned a new chemical manufacturing plant in Gujarat.

Infosys (-9.4%) crashed after posting disappointing financial results for Q4 FY23. Other IT stocks TechM (-5.2%), Persistent Systems (-4.2%), Coforge (-3.4%), and HCL Tech (-2.7%) also fell heavily.

HDFC Bank (-1.52%) moved down after it reported a 20% year-on-year (YoY) rise in net profit to Rs 12,047 crore in Q4.

ZEEL (-2.07%) fell after 5.48 crore shares (5.7% equity) worth Rs 1,119.7 crore changed hands in a block deal window.

Markets Ahead

The morning fall was majorly caused by IT giant Infosys as its Q4 results were weak and its revenue outlook wasn’t promising. The gap-down opening in INFY was a result of a more than 10% fall in its American Depositary Receipt (ADR). ADRs are securities which are equal to one or more shares of a foreign company and it helps Americans to invest in foreign companies.

On the other hand, today’s fall can be considered an inevitable pullback. Smaller pullbacks are highly beneficial in the long run. What will be the Nifty’s formation in the coming weeks- head and shoulder pattern or Higher Lows and Higher Highs?

Though it showed weakness, overall market sentiments are still positive with HDFC Bank posting good results and better wholesale inflation data. WPI came out at 1.34% in March 2023 vs 3.85% in Feb.

I am expecting a consolidation this week with a max range of 300 points (17,500-17,800).  

How did your stock investments perform in FY23? Let us know in the comments section of the marketfeed app!

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Bank Nifty Makes Crucial Closing After Good CPI Data – Post-Market Analysis

NIFTY started the day flat at 17,807. After the flat opening, the index started moving down and took support from Tuesday’s intraday resistance (17,730). From there, it made an amazing recovery and hit a day high at 17,842. NIFTY closed at 17,828, up by 15 points or 0.09%. 

BANK NIFTY started the day at 41,680 with a gap-up of 122 points. During the first half, the index managed to trade above the opening low and moved up very well after 12 PM. Bank Nifty closed at 42,132, up by 574 pts or 1.38%.

Nifty Bank (+1.3%), Nifty PSU Bank (+1.4%) and Nifty Realty (+1.1%) closed well in the green. NIFTY IT (-2.2%) fell heavily.

Major Asian markets closed mixed. Germany and the UK markets are trading flat. But France is trading with nearly 1% gain.

Today’s Moves

IndusInd Bank (+3.2%) was NIFTY50’s top gainer. Other banking stocks Axis Bank (+1.5%), PNB (+1.49), and Kotak Bank (+1.38%) also moved up.

AU Small Finance Bank (+17%) surged after RBI approved the re-appointment of its MD and CEO.

FACT (+12.4%) continued its rally after the Kerala govt announced plans to acquire the company’s land assets.

IT stocks Infosys (-2.7%), TechM (-2.08%), HCL Tech (-2.07%), TCS (-1.6%), LTTS (-1.1%) and others were under pressure due to weak quarterly earnings, a cautious outlook from TCS, and on rising concerns of a mild recession in the US.

Markets Ahead

I felt like it was a special expiry day today- India and US CPI numbers, Fed minutes, Bank Nifty above 42,000 and a V-shape recovery in Nifty.  What do you think?

Yesterday evening, India’s inflation rate for March came out at 5.66% and it was below estimates. US CPI numbers came out at 5.0%, against the expectation of 5.0%.

Both the numbers were really good. But Fed meeting minutes indicated that the officials are expecting a recession later this year because of the current banking crisis. Dow Jones and S&P 500 fell nearly 1% from the day high and the minutes came out.

This US closing and a profit booking from the 17,800 level caused the morning weakness in Nifty. Do you remember this long-term support trendline in Nifty? Nifty fell below this trendline in March and is now testing it. Our local cues are very strong and also Nifty is creating higher highs and higher lows (from June 2022).

Bank Nifty made a very crucial close today, above 42,000 after breaking the 41,700-900 resistance zone. Also, it is now very well above the trendline resistance and is looking good for another 1200 pts upside move.

We can expect profit bookings in between, but right now the market is looking super strong. I feel like it just needs to clear 17,860 resistance and then it will be ready for 18,280 levels. 

Our market is closed tomorrow on account of Dr Baba Saheb Ambedkar Jayanti.

How did expiry trading go? Let us know in the comments section of the marketfeed app!

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Nifty Ends Around 17,800 Resistance, Waiting For CPI Data – Post-Market Analysis

NIFTY started the day at 17,759 with a small gap-up of 37 points. It kept moving up making higher lows following the trendline to take resistance from 17800. NIFTY closed at 17,812, up by 90 points or 0.51%. 

BANK NIFTY started the day at 41,426 with a gap-up of 59 points. Unlike Nifty, Bank Nifty was moving up slowly and mostly consolidating with a positive bias. The index closed at 41,557, up by 191 pts or 0.46%.

NIFTY Pharma (+2.23%) and NIFTY IT (+1.06%) moved up the most. NIFTY PSU Bank (-0.6%), NIFTY Media (-0.58%) and NIFTY FMCG (-0.34%) were the only indices that closed in the red.

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

Today’s Moves

Divi’s Labs (+9.7%) was NIFTY50’s top gainer. The pharma company’s exports improved/recovered in March 2023.

Bajaj Auto (+2.6%) continued its up-move after it took over the sales and operations of Triumph motorcycles in India. 

Pharma stocks Glenmark Pharma, Lupin, Aurobindo Pharma, Granules, and Dr Reddy’s Labs closed 2-3.5% in the green. 

Adani Ent (+2.45%) moved up after the company incorporated a new wholly-owned subsidiary for the coal washery business.

PowerGrid (-1.75%) was NIFTY50’s top loser. State-owned NTPC (-1.29%) also moved down.

Markets Ahead

Nifty closed today in the 17,800-820 resistance zone. The index is currently trading above the resistance trendline, but a proper breakout candle with a larger body is missing here. I am expecting 17,600- 17,860 to be the max range for expiry tomorrow.

Moreover, Nifty is at a 50% rejection from February levels if you draw it from the all-time high of 18900. So if this rejection sustains, we can see the index coming down in the coming days. If Nifty breaks out from this resistance zone of 17850-900, we can expect the index to slowly move up in the coming days.

In Bank Nifty, we can watch the 41,700-800  zone and 41,980 level as major resistances for tomorrow. On the downside 41,100 can be watched.

It looks like ICICI Bank is ready for more movements above the 900 level.

Everyone is waiting for India and US CPI data, which will be out later today. Please note that the current strength in the market is sponsored by FIIs and we need to see how they behave as Nifty, Bank Nifty, HDFC Bank and HDFC reach their resistance levels.

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

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Nifty Above 17,700 Ahead of Inflation Data Tmrw – 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 17,704 with a gap-up of 80 points. The index moved up to 17,748 and then fell 90+ points to the day-low at 17,655. Then, it made a strong up-move post 1 PM. NIFTY closed at 17,722, up by 98 points or 0.56%. 

BANK NIFTY started the day at 41,232 with a gap-up of 397 points. After forming a big red candle at opening, BNF moved up and mostly consolidated (with a positive bias) throughout the day. The index closed at 41,366, up by 531 pts or 1.3%.

NIFTY Metal (+1.76%) and NIFTY PSU Bank (+1.6%) moved up the most. NIFTY IT (-1.2%) and NIFTY Realty (-0.28%) were the only indices that closed in the red.

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

Today’s Moves

Kotak Bank (+4.9%) was NIFTY50’s top gainer. The reduction of FII stake in the private bank has raised expectations of inflows of up to $690 million. (As per reports, index provider MSCI may increase the weight of the stock in its May review).

JSW Steel (+3.6%) posted a 13% growth in consolidated crude steel production at 6.58 million tonnes (MT) in Q4.

ITC (+1.9%) hit a fresh 52-week high today. The stock is up nearly 5% in four trading sessions.

Bajaj Auto (+2.8%) moved up after it took over Triumph India’s sales & marketing operations.

IT stocks witnessed selling pressure today ahead of TCS kickstarting the quarterly earnings (Q4 FY23) season on Wednesday. HCL Tech (-1.4%), INFY (-1.5%), and TCS (-1.5%) were NIFTY50’s top losers.

Markets Ahead

Today’s market movement was similar to yesterday’s, with no major directions in Nifty. If today’s high is broken tomorrow, without a gap-up opening, there can be upside movements. I will be watching the 17,800-820 zone in Nifty.

Bank Nifty had a proper direction but without strong momentum. The next two trading days of this week might be very important as Bank Nifty tests its trendline resistance. I am expecting a strong fight between bulls and bears around that zone and it might lead to range-bound movements/consolidation. 

Considering the movements of this week, there can be an intraday profit booking in Bank Nifty tomorrow. Also, I am still expecting a breakout from HDFC this week itself.

India’s CPI data (5:30 PM) and US CPI data (6 PM) will be out tomorrow. These two pieces of data, along with Fed meeting minutes at 11:30 PM, might affect our expiry if anything unexpected comes out.

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

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Bank Nifty Testing Trendline Resistance, But Market Stays Strong – Post-Market Analysis

NIFTY pre-market analysis | marketfeed

NIFTY started the day at 17,634 with a small gap-up of 35 points. The index tried to move up but failed at 17,700 and backed down back to opening levels. NIFTY closed at 17,624, up by 24 points or 0.14%. 

BANK NIFTY started the day at 41,116 with a gap-up of 75 points. The index showed intraday weakness with no major recovery attempts. The index closed at 40,834, down by 206 pts or 0.5%.

NIFTY Realty (+4.29%) moved up the most. NIFTY PSU Bank (-0.63%), NIFTY FMCG (-0.4%), and NIFTY Finserv (-0.39%) also closed in the red.

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

Today’s Moves

Tata Motors (+5.4%) was NIFTY50’s top gainer. The automaker’s subsidiary, JLR, reported its global wholesales at 3.61 lakh units for Q4 FY23, up 8% YoY. Brokerage firm Goldman Sachs assigned a “Buy” rating on the stock.

ONGC (+4.3%) moved up after reports said the domestic gas price mechanism unveiled by the government last week is likely to be beneficial for upstream companies.

The Adani Group outrightly denied the recent Financial Times report on foreign direct investment into the conglomerate and termed it to be a “competitive race” to tear down the conglomerate. Adani Ent (+2.4%), Adani Green (+5%), Adani Ports (+1.6%), Adani Trans (+5%), and other group stocks closed with strong gains.

Bajaj Finance (-1.74%) was NIFTY50’s top loser. The company has partnered with SBI General Insurance to offer more consumer-centric motor insurance policies.

FMCG stocks HUL (-1.29%) and Tata Consumer (-1.35%) fell as Skymet expects a below-normal monsoon.

Markets Ahead

If you check the daily time frame chart of Nifty, you can see that it is making a W pattern breakout from the 16,900-17,150 range. You can watch four resistance levels in Nifty- 17,780, 17,800, 17,850 and 18,100.

Bank Nifty is making intraday struggles near the resistance trendline. If this trendline is broken, you can watch 41,650 as the immediate resistance. We can consider the current as a proper recovery, only if Bank Nifty closes above 42,100. There can be a pullback to 40,500 in the Bank, but overall sentiments look positive.

Intraday levels to watch:
Nifty – 17,435, 17,500,17,780, 17,800

Bank Nifty – 41,080, 40,720 and 40,560.

We can expect an upside momentum in HDFC if 2750 is broken.