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Calm Expiry! Reliance to Declare Q3 Results Tomorrow – Post-Market Analysis 

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NIFTY opened the day at 18,119.20, with a gap-down of 46 points. Right after the gap-down, the index broke the highest Put OI strike of 18,100, gave a false breakdown, shot up to reach the day’s high to take the resistance from yesterday’s top, and then consolidated throughout the day in the range of 18,150-18,090. Nifty closed the day at 18,107.85, down by 58 points or 0.32%.

BANK NIFTY started the day at 42,416 with a gap-down of 41 pts. The index consolidated throughout the day and was moving in the same channel from yesterday. Bank Nifty closed the day at 42,328.85, down by 129.15 pts or 0.3%.

FIN NIFTY started the day at 18,740.15 with a gap-down of 13 pts. Just like Bank Nifty, Fin Nifty consolidated in a tight range of 70 points throughout the day. Fin Nifty closed the day at 18,739.70, down by 13.8 pts or 0.07%.

Nifty Media (-1%), Nifty FMCG (-0.86%), and Nifty Metal (-0.56%) closed with notable changes.

Major Asian Markets closed mixed. European markets are trading down after tracking the weak US markets.

Today’s Moves

Coal India (+3.27%), UPL (+2.08%), and ONGC (+1.68%) closed as Nifty50’s Top Gainers today.

Adani Enterprises (-3.7%) fell sharply after it announced a ₹20,000 crore follow-on public offer (FPO) yesterday. Tata Motors (-1.87%), Adani Ports (-1.33%), and IndusInd Bank also saw sell-offs.

Asian Paints (-2.69%) saw a sharp fall after its Q3 financial results missed street estimates. 

HUL (-1.36%) posted a 12% year-on-year (YoY) increase in net profit to ₹2,505 crore for Q3 FY23. The results have beaten street estimates.

Markets Ahead

It was a pretty easy week with Nifty moving in a tight range of ~450 points. The weekly expiry was also very calm with NIFTY not crossing yesterday’s high and low.

Option sellers would have easily made some profits today.

The huge fall in U.S markets yesterday has brought weakness to our market. Nifty has formed lower intraday swing highs today, and if U.S. markets fall again, there are good chances of a fall tomorrow.

Keep an eye on NIFTY50’s strong support around 18,000 zone and resistance at 18,200. If there’s any breakout or breakdown from these levels, there could be false movements. So be cautious and look out for multiple confirmations.

Levels to watch out for in Bank Nifty: 42,200 on the downside and 42,500 on the upside.

There’s a major event tomorrow: Reliance Industries will declare its Q3 results!

How do you think NIFTY will react before Reliance results are out? Will it be an upside or downside move? Let us know your views in the comments section of the marketfeed app.