Today’s Market Summarised
Markets open with a gap-up and see volatility.
NIFTY opened with a gap-up at 17,308 with a gap-up of more than 200 points. The index kept taking support at 17,280 and found resistance at 17,400. After 6 hours of trading, it closed just above the opening level at 17,339, up 238 points or 1.39%.
BANK NIFTY opened at 38,108 with a big gap-up and fell. Support was found at Friday’s low near 37,650. The index consolidated after bouncing back to the opening ranges. Bank Nifty regained from Friday’s losses and closed the day at 37,975, up 285 points or 0.76%.
All sectoral indices closed in the green today. NIFTY Realty (+3.1%), NIFTY IT(+2.8%) bounced back while NIFTY PSU Bank (+2.9%) continued bullishness. NIFTY Auto (+1.8%), Pharma (+1.5%) and Media (+1.4%) also moved up.
Most Asian markets closed in green for the day. European markets are all trading in the green currently.
News Picks
IT stocks shined with good gains on the day. TechM (+4.8%), Wipro (+3.7%) and Infosys (+2.9%) closed among the top-gainers of NIFTY 50.
Mindtree (+7.5%), LTI (+6%) and LTTS (+2.4%) also moved up.
Tata Motors (+4.1%) closed among the top-gainers with results coming out today. The automaker posted a net loss of Rs 1,516 crores, better than estimates.
BPCL (+3.8%), Divislab (+2.4%), SBI (+2.8%) and others gained ahead of Q3 results announcements.
UPL (-1.7%) was trading in the top-gainers list but closed in the top-losers of NIFTY 50. It fell with profit booking after Q3 net profit at Rs 936 crores, up 15% YoY and better than estimates.
After a 91% YoY increase in Q3 net profits, Naukri (+11.2%) jumped up in the day.
PSU Banks once again outperformed with Canara Bank (+5.8%) leading gains. Indian Bank (+4.4%), Bank of Baroda (+4.1%) and SBI (+2.8%) also moved up.
Markets Ahead
VIX shot up more than 6% in the day ahead of the Budget day tomorrow. There is no concrete evidence to show that markets move up on Budget Days, but we can say for sure that tomorrow will be volatile.
PSU Banks are already showing strength in expectation of good outcomes in tomorrow’s budget.
We are planning a Budget Article with live updates tomorrow, so be sure to tune into that!
Resistance at the level of 17,350 is still relevant along with today’s high. The support at the zone of 16,900 will be important for the week.
IT stocks and banks are showing technical bullishness. Do you believe in this ahead of the ever important day tomorrow? Let us know in the comments section of the marketfeed app!
See you on The Stock Market Show at 7PM!