NIFTY started the day at 17,427 with a gap-up of 68 points. The opening above 17,400 brought some profit booking, and the index hit a day low at 17,312. From there, it moved up, consolidated around 17,350 for nearly two hours, and finally reached near opening levels. NIFTY closed at 17,398, up by 38 points or 0.22%. 

BANK NIFTY started the day at 40,695 with a gap-up of 87 points. It did not show much weakness in the morning and moved up very slowly. The index closed at 40,813, up by 204 pts or 0.5%.

NIFTY Auto (+1.49%) and NIFTY PSU Bank (+1.08%) moved up the most. NIFTY FMCG (-0.36%), NIFTY Metal (-0.36%), and NIFTY IT (-0.23%) were the only indices that closed in the red.

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

Today’s Moves

Hero MotoCorp (+3.5%) was NIFTY50’s top gainer. Major automobile stocks like Bajaj Auto (+2.8%), Maruti Suzuki (+2.5%), and Eicher Motors (+1.8%) surged after posting auto sales data for March 2023.

Coal India (+3.04%) breached its annual production target of 700 million tonnes in FY23, the first time it surpassed its goal since FY2005-06.

RVNL (+9.8%) gained on winning multiple orders from NHAI.

BPCL (-4.1%) was NIFTY50’s top loser. The stock declined in reaction to higher international crude oil prices as OPEC+ and Saudi Arabia announced plans to cut oil output.

KPIT Tech (-12.3%) crashed after brokerage firm JPMorgan said it sees a downside potential of 44% in the stock.

Markets Ahead

The Indian markets will be closed tomorrow on account of Mahavir Jayanti. 

In Nifty, we have three interesting levels to watch for Wednesday- 17,300,17,430 and 17,465. Also, it is currently testing the trendline resistance.

In Bank Nifty, I will be closely watching how it reacts around the 40,820 level.

FIIs’ continuing net buying is a good indication for the market. 

The RBI MPC meeting has started today and we will see the interest rate announcement on Thursday!

NIFTY started the day at 17,210 with a gap-up of 129 points. It opened above the 17,200 resistance and started moving up. So all short sellers started covering their positions, which resulted in massive short covering, and the index went to another important resistance zone of 17,400. NIFTY closed at 17,359, up by 279 points or 1.63%. 

BANK NIFTY started the day at 40,231 with a gap-up of 321 points. After moving up initially, the index took resistance at 40,500. The index gradually moved up slowly to close at 40,608, up by 698 pts or 1.75%.

All sectoral indices closed in the green today. NIFTY IT (+2.45%), NIFTY Realty (+1.6%), NIFTY Finserv (+1.49%), and NIFTY FMCG (+1.06%) moved up the most.

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

Today’s Moves

Reliance (+4.2%) was NIFTY50’s top gainer. The company’s creditors & shareholders will meet on May 2 to discuss the demerger of its financial services business.

IT stocks Mphasis (+4.5%), Coforge (+4.2%), Infosys (+3.2%), TCS (+2.1%), and TechM (+1.9%) surged today.

RVNL (+2.3%) secured an order from the Ministry of Railways for manufacturing Vande Bharat trains.

Apollo Hosp (-1.19%) was NIFTY50’s top loser.

Shipping Corp of India (-22.4%) crashed after the stock turned ex-date for the demerger of its non-shipping business into a separate entity.

Markets Ahead

Both Nifty and Bank Nifty gave a strong weekly closing. There was a morning star pattern in Nifty (on a weekly scale)! A morning star pattern is a sign of a bullish reversal.

But both indices are nearing a longer-term resistance line connecting the highs from December 2022.

If today’s highs are crossed and the resistance trendline is breached, we could see both indices moving up from there.

On the upper side, we can look for 17,500 (in NIFTY) and 40,900 (in BNF) as resistances. Supports to look for are 17,100 and 40,000.

It’s the end of the financial year! How did it go? Are you in net profit or loss in FY23? Let us know in the comments section of the marketfeed app!

NIFTY started the day at 17,031 with a gap-up of 46 points. The index showed weakness after the opening and every rise was sold out. NIFTY closed at 16,951, down by 34 points or 0.2%. 

BANK NIFTY started the day at 39,545 with a gap-up of 113 points. It tried strongly to move up but faced resistance from 39,600. The index closed at 39,567, up by 136 pts or 0.35%.

NIFTY Realty (-1.21%) and NIFTY Media (-1.68%) fell sharply today. NIFTY Bank, NIFTY Finserv (+0.27%) were the only indices that closed in the green.

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

Today’s Moves

IndusInd Bank (+2.3%) was NIFTY50’s top gainer. Many brokerage firms have given an upside rating on the stock.

UPL (+2%) rose after the company’s promoters further increased their stake in the company, taking the total holding past 32% as of March 2023. This figure is the highest since Sept 2005.

Adani Ent (-7.09%) crashed and was NIFTY50’s top loser. Other Adani Group stocks fell up to 6%. A report published by The Ken raised questions on whether the conglomerate has actually repaid debt totalling $2.15 billion.

Bandhan Bank (-5.2%) fell to a three-year high. The fall was backed by strong volumes of more than 1.7 crore shares

Kalyan Jewellers (-9.69%) crashed after 2.8 crore shares (representing a 2.74% stake in the company) worth ₹312.17 crore exchanged hands in a block deal.

Markets Ahead

It looks like the market is consolidating before a big movement. But I will strictly watch 16,880-17,115 as the expiry day range. You can mark two levels in Nifty-16,910 and 17,060.

In Bank Nifty 39,700-750 zones and 39,270 levels can act as major ones. Also, you can watch the trend lines marked here.

HDFC Bank (1584) and HDFC (2600) are getting compressed as they reach their resistance levels.

The market will be closed on Thursday on account of Ram Navami, so we will have weekly and monthly expiry tomorrow!

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

NIFTY started the day at 16,984 with a slight gap-up of 39 points. Initially, the index fell till yesterday’s low and took support there. It moved up throughout the day till the resistance zone of 17,100 (which was also the high of the previous day). There was high selling pressure, and the index fell by 140 points in the last hour. NIFTY closed at 16,985, up by 40 points or 0.24%. 

BANK NIFTY started the day at 39,484 with a gap-up of 89 points. Throughout the day, the index consolidated between 39600 and 39300. After 2:30 PM, BNF fell more than 410 points to the day’s low near 39,275! The index closed at 39,431, up by 35 pts or 0.09%.

NIFTY Realty (-1.16%) and NIFTY Media (-1.08%) fell sharply today. NIFTY Pharma (+1.08%) closed well in the green.

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

Today’s Moves

Grasim (+2.3%) was Nifty50’s top gainer. The company recently acquired leasehold rights to approx. 220 acres from Century Textiles & Industries for ₹254.70 crore.

Pharma stocks Sun Pharma, Cipla, Aurobindo Pharma, Alkem, NATCO Pharma, Lupin, Glenmark & Biocon closed 1-3.4% in the green.

Reliance Industries (+1.5%) moved up after it appointed Venkatachari Srikanth (currently serving as joint CFO) as its new chief financial officer (CFO).

Adani Ports (-1.39%) was NIFTY50’s top loser. Other Adani Group stocks Adani Ent (-1.1%), Adani Green (-4.3%), Adani Power (-4.9%), and Adani Trans (4.9%) fell heavily.

Nykaa (-2.8%) fell for the sixth straight session amid the resignation of top executives of the company.

Markets Ahead

On a closing-to-closing basis, both NIFTY and BANK NIFTY have ended flat. If 16,900 in NIFTY and 39,250 in BANK NIFTY are breached on the lower side, we can see much more selling pressure in the coming days.

After falling to the lower band of the downtrend channel, the index is consolidating in the 16,800-17,200 zone. This week, the weekly expiry is on Wednesday, and I am expecting the above zone to be in action till then. Also, you can expect strong resistance from 17,100.

Watch 39,200 in Bank Nifty and if it’s broken, keep a target at 38,850. For this to happen, either HDFC BANK (1555.5) or ICICI Bank (838) should break their support. 

NIFTY started the day at 17,177 with a gap-up of 69 points. The index had an opening fall of 80+ pts. Then, it consolidated in a tight range of 30 pts for most of the day. NIFTY closed the day at 17,151, up by 44 points or 0.26%. 

BANK NIFTY started the day at 40,036 with a gap-up of 141 points. The index consolidated within the 39,900-40,000 range. There were multiple attempts to break the 40k resistance, and all of them failed. The index closed at 39,999, up by 104 pts or 0.26%.

NIFTY Pharma (+1.04%) and NIFTY PSU Bank (+0.8%) moved up the most. NIFTY Media (-0.32%) and NIFTY Realty (-0.1%) fell today.

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

Today’s Moves

HDFC Life (+3.05%) continued its up-move and was NIFTY50’s top gainer. 

Pharma stocks Dr Reddy’s Labs, Biocon, Lupin, Sun Pharma, Gland Pharma, Aurobindo Pharma, and Alkem Laboratories Ltd closed 1-2.6% higher.

Sula Vineyards (+3.8%) surged after brokerage firm CLSA gave a “Buy” rating with a potential upside of 40% from current levels.

Bajaj Finance (+2.1%) and Bajaj Finserv (+2.09%) rose today. Yesterday, Bajaj Finance allotted 49,600 non-convertible debentures with an 8.08% coupon rate.

BPCL (-1.8%) was NIFTY50’s top loser. Other state-owned companies like NTPC (-1.5%) and Coal India (-1.4%) also fell.

Sobha (-12.8%) crashed after reports revealed that the Income Tax department is carrying out searches at the company’s registered office and other premises.

Markets Ahead

Consolidation before a weekly expiry- an important day for option traders. It looks like the market is waiting for the US Fed interest rate decision, which will be out today.

If there is a breakout, I am expecting good resistance from the 40,500-600 zone in Bank Nifty.

In the case of Nifty, if there is a gap down opening tomorrow, we can expect lesser momentum. Because Nifty’s resistances- 17,130, 17,150, 17,205 and 17,230 will have more strength.

In Bank Nifty you can watch the 39,600 level and 40,300-370 zone for tomorrow.  

PM Modi is holding a meeting today to review the Covid-19 situation in the country. I expect that it won’t be a major issue for the market.

NIFTY started the day at 17,066 with a gap-down of 33 points. The index moved 200+ pts to the day low at 16,828 and recovered towards 17,000. NIFTY closed the day at 16,988, down by 111 points or 0.65%. 

BANK NIFTY started the day at 39,512 with a gap-down of 86 points. The index took support from yesterday’s low and recovered 1%. The index closed at 39,361, down by 236 pts or 0.6%.

NIFTY Metal (-2.3%), NIFTY PSU Bank (-1.7%), and NIFTY IT (-1.4%) fell heavily today. NIFTY FMCG (+0.79%) and NIFTY Media (+0.12%) were the only indices that closed in the green.

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

Today’s Moves

Hindustan Unilever (+2.6%) was NIFTY50’s top gainer. The company recently said it is betting on the health & well-being space as the “sunrise market” of the future.

Atul Auto surged after veteran investor Vijay Kedia raised the stake in the company to 8.4

Shares of Reliance Industries (-0.98%) hit another 52-week low of Rs 2,183. The stock is down for the eighth straight day, its longest losing streak since December 2014!

Bajaj Finserv (-4.2%) fell heavily and was Nifty50’s top loser.

Metal stocks JSW Steel, Vedanta, Welspun Corp, SAIL, Jindal Steel, JSL, Tata Steel, Hindalco, Adani Enterprises, and NALCO closed 1.1 to 4% lower.

Markets Ahead

Is the market going to take some rest from the current fall? I don’t see any recovery indication and there is no reason for another fall. 

The reasons are: 

• Bank Nifty took excellent support from the previous day’s low and is continuously testing the 39,400-500 resistance.

• Nifty took support from the downtrend channel and the horizontal support near 16,800.

• The market has already absorbed too much negativity for many days and we should see some buying.

Nifty has good resistances at 17,045, 17,130, and 17,250. Bank Nifty’s day candles from Thursday are showing bull power as it recovers well from the day low again and again.

My biggest concern is Reliance. It has fallen 20% from the recent high. Will it enter a bearish phase? To get an answer, I will watch the support at 2170 in the coming days!

NIFTY started the day at 17,111 with a gap-up of 126 points. After the good gap-up, the index fell 1% from the opening high. But in the second half, it recovered well and came back above 17,000. NIFTY closed the day at 17,100, up by 114 points or 0.67%. 

BANK NIFTY started the day at 39,442 with a gap-up of 309 points. Bank Nifty had a more beautiful intraday recovery with a reversal of 2% from the day low. The index closed at 39,598, up by 465 pts or 1.19%.

NIFTY Realty (+3.03%), NIFTY Metal (+2.39%), NIFTY Finserv (+1.19%) and NIFTY IT (+1.18%) moved up. NIFTY Media (-0.8%) fell the most.

Major Asian markets closed in the green. The UK market is trading slightly in the green, while German and French markets are in the red.

Today’s Moves

HCL Tech (+3.7%) was NIFTY50’s top gainer. 

Realty stocks Oberoi Realty, Phoneix Ltd, Godrej Properties, Sobha, Lodha, Brigade Enterprises, DLF, and Prestige Estates closed 1.5-5.1% in the green.

VA Tech Wabag (+4.8%) gained after the company secured an order worth Rs 800 crore order from the Dhaka Water Supply & Sewerage Authority of Bangladesh.

Jubilant Pharmova (+10.3%) surged after the Canadian govt approved a loan of CAD 23.8 million to part-finance the capacity expansion of its manufacturing facility in Montreal.

Eicher Motors (-2%) was NIFTY50’s top loser. 

ITC (-1.5%) fell after 50 lakh shares of the company exchanged hands in a large deal.

Biocon (-8.8%) lost Rs 1,800 crore in market cap in just five minutes! A 2.3% equity stake in the company changed hands in a block deal today.

Markets Ahead

Nifty closed with gains for the second day. But on a weekly basis, it’s in the red. The intraday structure showed some power today, but I think the bigger picture is to the downside.

Watch the long support trendline of Bank Nifty. Even if this is broken, I am expecting strong support from -the 35,700-36,000 zone (larger view).

Nifty has already broken a trendline in the weekly chart. But it will be better to watch the 16,750-800 zone and 16,450 level in Nifty.

The Indian economy has been giving good numbers and news during the last many weeks. But our stock market was showing weakness and volatility because of the global negativity. 

UK inflation data will be out this Wednesday at 12 30 PM. 

U.S. Fed interest rate decision will come out on Wednesday, at 11:30 PM.

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