Today’s Market Summarised
Volatile movements throughout the day ends with markets closing slightly in the red.
NIFTY opened at 17,294 with a gap-up and crashed down. It tried to gain back but fell again till near 17,080. A sharp recovery was seen just after 2 PM. NIFTY ended the day at 17,153, down 70 points or 0.40%.
BANK NIFTY opened at 35,709 with a gap-up. The index traded near the 36,500 till near noon. A sharp fall was seen after this followed by a sharp recovery in the last 30 minutes. BANK NIFTY ended the day at 35,410, down 117 points or 0.33%.
NIFTY REALTY (+1.2%) gained the most in the day. NIFTY IT (-1%) fell by 1% while others mostly consolidated.
The Asian markets closed mixed in the day. European markets are trading flat currently.
News Picks
Bajaj Auto(+1.97%) closed the day as NIFTY 50’s top-gainer after unveiling its new Electric Vehicle plan.
Titan(-3.61%) fell sharply after JPMorgan said that Titan’s valuation is too high with limited scope upgrades soon.
Indus Tower(-5%) crashed down with heavy volumes and is now trading near its 52-week low.
Meanwhile, Concor(+10.99%) had a strong breakout to its highest level since last November and Tata Elxsi(+10.93%) hit an all-time high.
Hotel stocks were buzzing in the day Indian Hotels (+3.9%) near all-time high and LemonTree (+9.8%) and EI Hotel (+7.4%) also gaining.
Atul (+2.4%) approved the buyback of shares at Rs 11,000/share via the open market. The stock gained.
Markets Ahead
NIFTY ended a two-week winning streak by closing in the red. More than half of the stocks in the market moved down this week.
Almost all stocks in BANK NIFTY moved down for the week, while NIFTY METAL gained over 5%.
Reliance is just 6% away from its all-time high levels! If it moves beyond this, we may see the stock single-handedly taking up the market.
Midcaps and Smallcaps have been outperforming when NIFTY is consolidating. This can continue to be a trend going ahead as well. NIFTY will find support at 17,000 and find resistance near 17,400. If it trades between this zone, smaller stocks in the market are set to breakout!
All the best for next week! Make sure that you are searching for some stocks near breakout zones for the upcoming trading sessions!
See you on The Stock Market Show at 7 PM!