Today’s Market Summarised
Markets end with net consolidation on the weekly expiry.
NIFTY opened at 17,094 with a 150 point gap-down and shot up to find resistance near 17,290 level. Then a sharp fall of 130 points was seen, but 17,150 acted as a super support for the day. NIFTY ended the day at 17,222, down 22 points or 0.13%.
BANK NIFTY opened at 35,633 with a huge 513 pts gap-down. The index traded in the red territory throughout the day, respecting the resistance trendline from yesterday. BANK NIFTY ended the day at 35,527, down 620 points or 1.72%.
NIFTY MEDIA (+5.9%) rocketed with the help of ZEEL. Nifty Finserv (-1.5%), Nifty IT (+1.2%), Nifty Metal (+1.5%), and Nifty Pharma (+1.1%) closed with more than 1% change.
The Asian markets closed with small weakness. European markets are trading flat to red currently.
News Picks
Dr Reddy’s (+4.8%) joined other pharma stocks with a good comeback rally. Cipla (+1.4%) also closed in the top-gainers of the day.
Auropharma (+4.1%), APL Ltd (+3.8%), Lupin (+3.7%) and Glenmark (+2.2%) were other pharma stocks that moved up.
Coal India(+2.38%) and NMDC (+3.9%) moved up after news that they are likely to join hands to acquire mineral assets overseas.
Hindalco (+2.2%), Tata Steel (+1.4%), JSW Steel (+1.5%) helped Metal index move up again
Financials including HDFC Bank (-2.7%), ICICI Bank (-1.9%), HDFC (-1.5%) dragged Nifty down from day high for the second day in a row.
ZEEL(+16.7%) shot up after major investor Investco decided to drop the current case against the company.
L&T Finance (-8.2%) saw profit booking after yesterday’s rally. Sister companies LTI (+1.7%) and LTTS (+2.8%) moved up.
Markets Ahead
A calm weekly expiry for the second last week of the month!
NIFTY is steadily trying to move up with the silent power of Reliance. The stock is up more than 4% in the last 4 days.
Bank Nifty is perfectly respecting the resistance trendline from yesterday. You can watch out for this line along with a major resistance zone near 36,000.
Uncertainty continues in Russia-Ukraine conflict, but for now, things are looking okay. G7 has warned Russia against the use of chemical and nuclear weapons, but things are not escalating for now.
So tomorrow being the last day of the week, please keep an eye on Reliance and NIFTY. The green global markets are currently indicating a gap-up tomorrow!
See you on The Stock Market Show at 7 PM!
