NIFTY once again takes support at important levels.
NIFTY opened the day at 15,853 and fell 100 points in 5 minutes. At Friday’s low, the index took support and jumped back up to near the 16k mark. The power was not sustained and NIFTY ended the day at 15,842, up by 60 points or 0.38%.
BANK NIFTY started the day at 33,263 and took support at the 33k mark once again. The index showed some strength throughout the day and even went near to Friday’s high. BANK NIFTY ended the day at 33,597, up by 476 points or 1.44%.
Nifty Auto (+2.2%) continued strength while NIFTY PSU Bank (+2.9%) and NIFTY Realty (+2.6%) recovered.
Asian markets mostly closed well in the green. European markets are trading mixed currently.
Today’s Moves
Eicher Motors (+7.6%) jumped to close as NIFTY’s top gainer after the company reported a 16% YoY increase in net profits.
Cement stocks UltraTech Cement (-2.9%) and Shree Cements (-2.5%) closed as the top losers of NIFTY 50 after Adani Group bought Ambuja (+2.4%) and ACC (+3.9%) for a whopping Rs 81,000 crores.
Vodafone Idea (+12.5%) moved up in the day with high volumes as testing of 5G continues.
Balkrishna Industries(+8.6%) moved up after showing good growth in Q4 numbers. Meanwhile, Escorts (+6.1%) gained even after a fall in profit numbers after outlying future growth plans.
Bandhan Bank(+6.6%) gained as asset quality improved with recovery of many Non-Performing Assets(NPAs).
Markets Ahead
NIFTY has taken support at the 15,740 level for the third day in a row and banking stocks once again come to the rescue.
In the mere 60 point gain for NIFTY today, the stocks which contributed the most were HDFC Twins, Kotak Bank and SBI.
NIFTY Midcap and Smallcap continued to outperform the bigger stocks.
The important resistances for NIFTY to look out for this week are 16,000 and 16,080. As Foreign Investors continue selling, it is tough to see how our markets might gain back compared to other global peers.
Tomorrow, we will see the listing of LIC after its huge IPO. The faith of crores of small investors might be tested as the IPO might see a listing loss of nearly 60 rupees. But surely, there are many institutions waiting to pump the stock up.
Will India’s biggest IPO make small investors lose confidence in the stock market? Share your thoughts in the comments section of the marketfeed app!