Today’s Market Summarised
A considerably calm weekly expiry for the market with net consolidation being seen.
NIFTY opened the day at 17,534 with a gap-up again. From this level, it kept on falling down for more than an hour. After a 150 point fall, the index took support and slowly moved back up till the day-high. After the volatility but overall consolidation, NIFTY closed the day at 17,516, up by 47 points or 0.27%.
BANK NIFTY opened the day at 37,365 and moved down just like NIFTY. Even though the index crossed down below 36,900 at one point, it easily gained back up. The index of banks managed to stay above the 37k mark and BANK NIFTY closed the day at 37,082, down 202 points or 0.54%.
NIFTY Media(+3.5%) gave another breakout in the day along with NIFTY FMCG(+1.4%). All other sectoral indices consolidated.
Major Asian markets closed slightly in the green today. All European markets are trading flat currently.
News Picks
ITC(+4.5%) shot up in the day after the company announced its first institutional investors and analysts day on December 14th.
Larsen and Toubro(+3%), Asian Paints(+2.2%) and Reliance(+1.5%) bounced back from important support zones and closed as the top-gainers in NIFTY 50.
HDFC BANK(-1.7%) shares moved down and pulled Bank Nifty down. IDFC First Bank(+1.8%) moved up despite Bank Nifty being in red.
Vodafone Idea(+14.6%) surged to a 52-week high after sources said that the company will be able to complete its interest payments obligations on its bonds this week.
SBI Cards(-6%) fell heavily after moving up more than 10% in 8 trading days.
Reliance(+1.5%) and some related stocks moved up in the day. Just Dial(+16.5%), Network18(+16.1%), Hathway(+8.7%) and TV18Broadcast(+7%) moved up in the day. Other media index stocks including ZEEL(+3.1%) and DishTV(+4.7%) also gained.
PVR(+2.4%) and Inox Leisure(+4.3%) continued to bounce back from their lows.
Burger King(+6.6%) shares moved up after its management meet. The CEO of the company said that they plan to open 700 restaurants in the country by 2026.
Sugar stocks mostly closed in the green led by Balrampur Chini(+4.1%), Renuka Sugar(+10%- Upper Circuit), Dalmia Sugar(+4.1%), and Triveni Engineering (+6%) moved up.
PayTM(+2.6%) shares moved up after its Payments Bank received scheduled bank status from RBI.
Markets Ahead
A very calm weekly expiry after the week started off with high volatility. The week continued to follow the tradition that if a week starts off volatile, there is likely to be consolidation on Thursday.
But it was not perfect consolidation for intraday traders. Nifty opened with a gap-up, then crashed down and then gained back up and fell again. The index however closed slightly above yesterday’s high. It was kept in the green with the movement from ITC and Reliance.
Bank Nifty traded perfectly between yesterday’s high and low. In fact, the Bank Nifty Future traded between 37,000 and 37,500 very peacefully. Curiously, HDFC Bank fell. It would be interesting to note that HDFC Life and HDFC AMC are near their 52-week lows.
Still watching for the closing above 17,600 for NIFTY for a show of strengths by bulls. There is also the 50-day moving average around 17,800 which will have to be broken for an indication of bullishness to continue for longer.
How did the weekly expiry go for you? Let us know in the comments section of the marketfeed app!
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