Today’s Market Summarised
Markets close in the red ahead of the Fed Meeting later in the night.
NIFTY opened the day at 17,338 and moved down. IT stocks kept pulling down the index and it made a day-low near 17,200. From here, slight recoveries were seen but last hour selling pulled the entire market back down. NIFTY closed the day at 17,221, down 103 points or 0.60%.
BANK NIFTY opened the day at 36,957 and moved sideways. It kept on finding resistance near 37,000 at yesterday’s high. Towards the closing time however, sharp selling was seen and Bank Nifty closed the day at 36,789, down by 104 points or 0.28%.
NIFTY PSU Bank(-1.3%), REALTY(-1.9%), MEDIA(-1.3%), METAL(-1.1%) and IT(-1%) indices moved down more than 1% each. Only NIFTY Auto(+0.49%) closed slightly in green.
Major Asian markets closed mixed today. All European markets are trading mixed currently.
News Picks
SunPharma (+2.5%) moved up in the day and closed as the top-gainer of Nifty 50. The stock was in the red yesterday when other pharma stocks moved up, and closed at December’s high today.
M&M (+1.1%) moved up after good commentary from brokerage firm CLSA. Other auto stocks including Maruti(+1%) and HeroMotocorp(+0.94%) also closed in green.
Bajaj Finance(-3%) and Finserv(-2.7%) closed among the top-losers again for the third day in a row. Meanwhile, Kotak Bank(+1.4%) closed in the green today after falling yesterday.
As oil prices slide slowly in the international markets, ONGC(-2%), BPCL(-1.8%) and IOC(-1.8%) closed in the red.
PayTM(-7.5%) opened with a big fall and moved back up after anchor investors’ lock-in ended today.
Nykaa(+5.6%) launched skincare brand Elemis on the global store and the stock moved up.
Reports are coming out of an upcoming announcement from TVS Motors(+1.4%) for electric vehicle strategy and alliance with BMW. The two-wheeler stock closed in green.
Markets Ahead
Another day in the red for NIFTY. Ahead of the weekly expiry and Fed Decision tomorrow, markets stayed cautious and slowly moved down.
Individual stock movements are currently less in NIFTY 50, but we can see in the daily charts that many major stocks are at support levels. You can look at Reliance, Bajaj Finance and Finserv as examples for stocks at their support levels.
If a significant decision is coming, we can expect a big gap-up/down opening in our markets tomorrow. You can keep a track of how the U.S. markets react to their announcement tonight. If there is no significant move at opening time, we can expect NIFTY to trade between 17,050 and 17,350 tomorrow.
Open Interest in Bank Nifty is indicating a range of 36,500-37,000 for tomorrow’s expiry. An opening beyond this zone will trigger volatility, otherwise we can expect a sideways move.
But according to my expectations, a week where Bank Nifty stayed calm on Tuesday and Wednesday might lead to a volatile Thursday. Tell me what you expect in the comments down below!
Meet you all on The Stock Market Show at 7 PM on YouTube!
