Today’s Market Summarised
NIFTY opened at 17,519, up by 20 pts. During the morning volatility, Nifty went up till 17,559, but then it moved down slowly to take support at 17,460. Nifty was forming lower lows and lower highs throughout the day. NIFTY ended the day at 17,464, down by 33 pts or 0.19%.
BANK NIFTY opened at 36,457, up by 122 pts. After the initial volatility, the index followed a downtrend channel. The 36,300 level is currently acting as an important range for it. BANK NIFTY ended the day at 36,373, up by 39 pts or 0.11%.
While NIFTY Media (+0.81%) and NIFTY FMCG (+1.2%) moved up, PSU Bank (-0.77%) and Pharma (-1.7%) closed in the red.
Major Asian markets closed in the red. European markets are trading flat to red..
News Picks
Axis Bank (+1.4%) moved up after announcing the acquisition of Citibank’s Indian consumer retail business for Rs 12,325 crores.
HUL (+1.6%) continued to move up after it decided to hike the price of cleaning & personal care products. FMCG sector saw buying from opening itself and Marico (+2.8%), Godrej CP (+2.6%), Britannia (+1.8%) and Tata Consumer (+1.5%) also moved up.
Oil stocks IOC (+1.4%), ONGC (+1.1%), OIL (+4.7%), Hind Petro (+1.8%) moved up. BPCL (-0.19%) closed in the red.
Major IT stocks including Coforge (-1.4%), LTI (-2.4%), MindTree (-2.3%), Mphass (-1.5%) and Wipro (-1.4%) moved down.
GAIL (+1.4%) closed in the green after approving the buyback of equity shares at the price of Rs 190 for a total amount of Rs 1082 crores.
HAL (+5.7%) gained well after winning the order for 15 Light Combat Helicopters for Rs 3,887 crores.
Hindalco fell after the company announced a Rs 60,564 crore Capex plan over the next five years. Other metal stocks Hindcopper (+2.1%), JSW Steel (+2.1%), Jindal Steel (+2.5%), NMDC (+2.1%), National Aluminum (+4.2%), Ratnamani (+3.5%) moved up.
HFCL (+7.1%) moved up after getting PLI approval yesterday.
Markets Ahead
Nifty today hit its highest level above 17,500 after Feb 11. But at the end of the day, it engulfed yesterday’s green candle with a strong red candle. The index is still strong as it managed to close above 17,450, but we may see a gap-filling till 17,300. We will be looking for a daily candle close above 17,500 or below 17,000 in the coming days.
Though Bank Nifty moved down in a channel it closed in slight green, thanks to the opening jump. Bank Nifty has multiple supports at 36,300,100 and 35,950.
Nifty Metal rose 7% in March, the best month since July 2021. Nifty Realty formed a green candle this March after forming red candles for five months.
India VIX lost 20% in March 2022 to mark its worst month since April 2020.
HDFC broke a four-month falling streak.
What a great amazing Financial Year it was! We experienced multiple faces of the stock market, from budget to war, from crude oil rise to interest rate hikes, and so on. We all traded in a high VIX environment and also during huge gap-up and gap-down openings. It was a year of learning opportunities.
India markets beat all other global markets with the Nifty gaining nearly 19% till today (Compared to the close of March 31, 2021). It is time to analyze our PnL statement, trade setup, etc for next year. We wish you all a great financial year ahead!
See you at The Stock Market Show at 7 PM!