Today’s Market Summarised
Markets move up, reversing from yesterday’s fall.
NIFTY opened at 16,856 with a gap-up and jumped. Till about 3 PM, the market was really boring. The index was trading in a 100-point zone but gave a breakout after this. NIFTY ended the day at 16,975, up 312 points or 1.87%.
BANK NIFTY opened at 35,461 and shot up. Resistance was found at 35,800 multiple times in the day. Consolidation was seen in a 300 point zone. BANK NIFTY ended the day at 35,748, up by 725 points or 2.07%.
All sectoral indices closed in the green. NIFTY Realty, NIFTY Metal and NIFTY Auto outperformed.
All Asian markets closed mostly in the green today. European markets are trading in the green currently.
News Picks
Cement stocks shot up as international crude oil prices fell to 3-week lows. UltraTech Cements(+4.73%), ShreeCements(+3.49%) closed in the top-gainers of NIFTY 50.
Ambuja Cement(+4.83%), Sagar Cements(+10%), JK Cement(+8%) and others also moved up.
Voltas(+4.85%) and Havells(+5%) gained as the summer season usually sees an increase in AC sales.
Paper stocks gave breakouts and continued their rallies. JK Paper(+9.9%) led the move.
The government is planning a listing of 2 PSU Insurance companies. Already listed NIACL(+8.76%) and GICRE(7%) moved up.
Shyam Metalics is 4.5% up after the company approved a capital expenditure of Rs 990 crore to expand its facilities.
Markets Ahead
Russia’s gas company said that they are continuing to ship gas to Europe via Ukraine. This was taken well by the market. The country’s Foreign Minister also said that peace talks with Ukraine aren’t easy, but there is hope for compromise.
After India bought Russian crude oil, the U.S. has said that New Delhi now stands on the ‘wrong side of history’ even though sanctions won’t be violated.
The important resistance that we discussed yesterday for NIFTY was at 17,000. This was almost once tested towards the closing time today.
If you look at today’s high, it was exactly at the 200-day moving average mark of NIFTY 50. If this level is broken tomorrow, we can definitely expect more moves.
Reliance is also near a breakout zone, so keep a watch on the stock! Tomorrow is the weekly expiry, so keep volatility in mind when trading!
See you on The Stock Market Show at 7 PM!