Today’s Market Summarised
The weekly expiry ends with the market closing flat after the morning volatility.
NIFTY opened at 17,399 with a small gap-up and moved up and immediately crashed down. By 10:30 AM, the index found support near yesterday’s low and bounced back up. It could not however break the day-high and fell again. NIFTY closed the day at 17,304, down 17 points or 0.10%.
BANK NIFTY opened at 38,047 with a gap-up but could not hold gains. After the initial fall, it could not break the resistance at 38,000 throughout the whole day. Towards closing time, the index tried to break the support at 37,500. Bank Nifty closed the day at 37,531, down 422 points or 1.11%.
All sectoral indices except NIFTY FMCG closed in the red. Nifty PSU Bank(-1.1%) and NIFTY Bank moved down 1% while others consolidated.
Asian markets closed mixed today. European markets are also trading mixed currently.
News Picks
Tata Consumer (+2.7%) closed as the top-gainer in NIFTY 50 after many days. It is trying to regain from an 8-month low. Similarly, HDFC (+2%) also featured in the list after regaining from its 52-week lows.
ONGC (+1.9%) gave a breakout and moved back up to near multi-year highs. Reliance (+1.2%) also climbed up as global crude prices move up.
HDFC Life (+1%) and ICICI Prudential Life (+3%) closed in green, regaining from the fall last month.
NMDC (-5.2%) moved down after factoring in a dividend of Rs 5.75/share.
Muthoot Finance (-3.4%) lowered growth guidance and continued fall along with peer Manappuram Finance (-2.6%).
Markets Ahead
With how the market behaved on Monday and Tuesday and Russia-Ukraine tensions, the expiry was expected to be a wild one. But, it turned out to be a relatively calm weekly expiry than what was expected!
The market fell in the morning with reports of Ukraine and Russia-backed Rebels accusing each other of attacks. However, this cooled off quickly and the market regained stability after the Russian Defence Ministry published a video of tanks returning to bases.
Reliance is continuing its breakout as we discussed on Tuesday. HDFC is also stabilising after its fall. NIFTY looks confident to respect the support at 17,000 and continue to move back up.
As global nations expect and call for de-escalation of tensions in Europe, it would be a positive cue for the market. Realistically, every nation in the world is trying to avoid armed conflict in the region. And markets have factored in the current situation.
But if there is an escalation or strong signs of war, things will surely change! The resistance to watch out for the short term will be at 17,650 for NIFTY and 39,000 for Bank Nifty.
See you on The Stock Market Show at 7 PM!
