Tag: Bank Nifty

Categories
Daily Market Feed Pre Market Report

Big Gap-Up and Short Covering? – Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the day at 19,486 with a gap-down of 38 points. After opening, the index further fell nearly 80 points with volatility. Then, it consolidated throughout the day in a 25-point upward channel. Nifty closed at 19,443, down by 82 points or 0.42%.

BANK NIFTY started the day at 43,915 with a gap-down. Similar to Nifty, BNF fell more than 200 points with wild moves. Then, the index rebounded 200 points in just 20-25 minutes and consolidated for the rest of the day. BNF closed at 43,891, down by 105 points or 0.24%.

U.S. markets closed in the green(+1.43%). The European markets closed in the green.

What to Expect Today?

Asian markets are trading in the green.

The U.S. Futures are trading slightly in the green.

GIFT NIFTY is trading in green at 19,735.

All the factors combined indicate a good gap-up opening in the market.

NIFTY has supports at 19,440, 19,366 and 19,309. We can expect resistances at 19,500, 19,440 and 19,493.

BANK NIFTY has supports at 43,835, 43,680 and 43,560. Resistances are at 43,960, 44,160 and 44,225.

Foreign Institutional Investors net–sold shares worth Rs -1,244.44 crores. Domestic Institutional Investors net-bought worth Rs 830 crores.

INDIA VIX is at 11.18.

FINNIFTY’s expiry on Monday was a volatile one! Even though the market closed flat, FINNIFTY saw a lot of big intraday candles causing trouble.

Even after Sunday’s gap-up on Muhurat, and Monday’s slight red, NIFTY is still trading between the expected range of 19,230-19,640.

The market now is indicating a big gap-up after the U.S. markets moved up. It shot up after the U.S. CPI fell to 3.2% vs the expected 3.3%.

Now the expectation when inflation falls is that the Fed will pause its interest rate hikes going ahead.

And now today, there is the BANK NIFTY expiry with the highest call OI at 44,000. But the interesting thing to note is that there was a high put OI buildup nearby too.

Even a move up to 44,200 can be a controllable gap-up for the market. Will it be a short-covering rally is the question for today. NIFTY also has high call selling at 19,500.

We will be continuing our NIFTY and BANK NIFTY trades today. You can check out our trades on marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Daily Market Feed Post Market Analysis

Muhurat Trading Gains Lost! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,486 with a gap-down of 38 points. After opening, the index further fell nearly 80 points with volatility. Then, it consolidated throughout the day in a 25-point upward channel. Nifty closed at 19,443, down by 82 points or 0.42%.

Nifty chart November 13 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,915 with a gap-down of 81.5 points. Similar to Nifty, BNF fell more than 200 points with wild moves. Then, the index rebounded 200 points in just 20-25 mins and consolidated for the rest of the day. BNF closed at 43,891, down by 105 points or 0.24%.

All indices except Nifty PSU Bank (+2.64%) and Nifty Metal (+0.37%) closed in the red.

Major Asian markets closed in the green. Germany’s DAX and UK’s FTSE100 are currently trading in the green, while France’s CAC40 is trading in the red.

Today’s Moves

Coal India (+5.29%) was NIFTY50’s top gainer. Jefferies India and other brokerages have upgraded the stock and raised their target prices on the back of strong Q2 earnings by the state-run miner.

BSE (+9.2%) hit a 52-week high of ₹2,350 after the stock exchange reported a 4x jump in its net profit to ₹118.4 crore in Q2.

Hindustan Copper (+8.07%) surged after the company’s net profit more than doubled in Q2.

SBI Life (-2.2%) was NIFTY50’s top loser. 

Glenmark Pharma (-5.03%) fell sharply after the company posted a loss in Q2 on exceptional legal costs.

Markets Ahead

On the occasion of Muhurat Trading, the Indian markets opened with a gap up (above major resistance levels). However, today’s opening brought the indices back into their original zones, suggesting the presence of selling pressure in the markets.

Nifty: Keep an eye on the resistance levels at 19,460 and 19,500. If there’s a breakout, we might see the index aiming for 19,540 and 19,600. On the other hand, the critical support for Nifty is at 19,400. If it falls below this level, potential targets could be 19,360 and 19,330.

Bank Nifty: The resistance levels to keep an eye on are at 43,900 and 44,000. A breakout might set a target at 44,000 and a larger one at 44,500. On the downside, the key support levels are at 43,800 and 43,700. If there’s a breakdown, potential targets could be 43,500 and 43,300.

Also, watch out for this channel in BNF! 

Bank Nifty chart November 13 - post-market analysis | marketfeed

The Indian market continues to consolidate due to various factors: the sudden slowdown in Industrial Production (IIP) growth in Sept 2023, and the declining manufacturing PMI mirror global patterns influenced by rising interest rates and inflation. The weakness in the Indian Rupee has made FIIs adopt a cautious stance. However, the market’s potential decline is limited by robust Q2 earnings, economic stability, and consistent DII investments.

The markets will be closed tomorrow (Nov 14) on account of Diwali-Balipratipada! marketfeed wishes all our readers a Happy Diwali! 🪔

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Post Market Analysis

Bullishness in Nifty After the Gap-Down! – Post-Market Analysis

NIFTY started the day at 19,351 with a gap-down of 43 points. The index initially consolidated and then started moving up— making higher lows till yesterday’s closing levels of 19,400. Then, it made a minor retracement and an even stronger up-move of 75 points after 3 PM. Nifty closed at 19,425, up by 30 points or 0.15%.

Nifty chart Nov 10 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,542 with a gap-down of 140 points. Right after opening, the index rose till yesterday’s closing levels and took rejection at 43,700 levels. Then, it fell a bit and later moved back up after 3 PM (crossing the day’s high). BNF closed at 43,829, up by 136 points or 0.31%.

All indices except Nifty Media (-1.23%), Nifty Auto (-0.42%), and Nifty IT (-0.26%) closed in the green.

Major Asian markets closed in the red. European markets are currently trading up to 1.3% in the green.

Today’s Moves

NTPC (+2.02%) was NIFTY50’s top gainer, following the positive momentum observed in power sector stocks.

Network18 Media (+7.37%) surged on the back of strong volumes.

Shares of Engineers India (6.54%) jumped after its Q2 profit beat analyst estimates.

Hero MotoCorp (-2.16%) was NIFTY50’s top loser. The Enforcement Directorate (ED) has attached assets worth ₹24.95 crore of the company’s executive chairperson Pawan Kant Munjal as part of a money laundering investigation against him.

ZEEL (-5.29%) fell sharply after the company recorded a 5% YoY decline in consolidated net profit to ₹130 crore in Q2 amid pressure on ad revenue.

Markets Ahead

The festive Diwali spirit seems to be lifting the markets. Despite a gap-down, there was strong buying in Nifty and BNF today. Both indices kept rising, showing considerable strength. However, it’s important to note that major indices are currently at their respective resistance levels. They need to breach those levels for a continued up-move.

Nifty: The index is currently facing a significant resistance around 19,460 levels. If it successfully breaks out from there, we might see Nifty climb to 19,500 initially and potentially reach 19,560 levels later. Meanwhile, the index could take support at 19,400 levels (the earlier resistance now acting as support). If it falls below this point, the targets on the downside could be 19,350 and 19,300 levels.

On a daily time frame, Nifty is currently close to the breakdown levels and undergoing a re-test. An important Fibonacci retracement level of 50% is located around 19,520 levels. To confirm a bullish trend, the index needs to surpass this level.


Bank Nifty: The major resistance for the index is 43,900 levels. If it manages to break out, we could see the index reaching 44,000 first and 44,500 next. On the other hand, the immediate support to keep an eye on is around 43,700 levels (the previous resistance may now act as support). If the index falls below 43,800 (the previous swing), it might fall to 43,700 and 43,500 levels.

On a daily timeframe, BNF faces a crucial resistance point that aligns with both the breakdown levels and the 33% Fibonacci retracement levels. To confirm a change in trend, the index needs to cross the 44,000 mark.



Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Pre Market Report

Which Way Next? Gap Down Opening Expected! – Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the day flat at 19,457 and traded in a tight zone. There was huge volatility in the first 30 minutes. Later, the index tried moving up but took resistance at the opening levels (19,460) and fell gradually. Nifty closed at 19,395, down by 48 points or 0.25%.

BANK NIFTY started the day flat at 43,626. Unlike Nifty, BNF was bullish and moved up more than 300 points to 43,880 levels. Post 12 PM, there was a slow correction till 43,650. BNF closed at 43,683, up by 25 points or 0.06%.

U.S. markets closed in the red(-0.65%). The European markets closed in the red.

What to Expect Today?

Asian markets are trading in the red.

The U.S. Futures are trading slightly in green.

GIFT NIFTY is trading in red at 19,381.

All the factors combined indicate a gap-down opening in the market.

NIFTY has supports at 19,366, 19,309 and 19,230. We can expect resistances at 19,440, 19,493 and 19,560.

BANK NIFTY has supports at 43,680, 43,560 and 43,470. Resistances are at 43,830, 43,960 and 44,160.

Foreign Institutional Investors net–sold shares worth Rs -1,712.33 crores. Domestic Institutional Investors net-bought worth Rs 1,512 crores.

INDIA VIX is at 10.98.

NIFTY expiry closed in a very predictable way. Even with the aggressive option sellers, the index traded between 19,400 and 19,500 for most of the day.

This has helped the market get settled down after Tuesday’s craziness.

U.S. markets have cooled down and continue the consolidation at the top. So there is a chance that NIFTY will also take a pause near the current Fib retracement level.

U.S. Fed Chair, Jerome Powell, continued his stance that restricting inflation down to 2% over time is the goal and they are not yet there.

Overall, NIFTY has taken resistance for the last 2 days near 19,440 which is important in the daily charts.

This brings a zone for NIFTY to trade in this week to between 19,230 and 19,460. Both are near important Fibonacci levels and strong technical levels.

In BANK NIFTY, between 43,260 and 43,840 are levels to keep an eye out for.

We will be entering our fresh NIFTY trades and continuing our BANK NIFTY trades today. You can check out our trades on marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Daily Market Feed Post Market Analysis

Flat Expiry for Nifty! What Next? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,457 with a small gap-up of 14 points. There was huge volatility in the first 30 minutes. Later, the index tried moving up but took resistance at the opening levels (19,460) and fell gradually to 19,380 levels. Nifty closed at 19,395, down by 48 points or 0.25%.

Nifty chart November 9 - post-market analysis

BANK NIFTY (BNF) started the day flat at 43,626. Unlike Nifty, BNF was bullish and moved up more than 300 points to 43,880 levels. Post 12 PM, there was a slow correction till 43,650. BNF closed at 43,683, up by 25 points or 0.06%.

All indices except Nifty Realty (+1.23%) and Nifty Auto (+0.83%) closed flat-to-red. Nifty FMCG (-0.9%) fell the most.

Major Asian markets closed mixed (Japan’s Nikkei closed 1.58% in the green). European markets are currently trading in the green.

Today’s Moves

Mahindra & Mahindra (+4.35%) was NIFTY50’s top gainer. The automaker is expected to report a healthy rise in Q2 earnings, led by robust automobile sales even as weak tractor sales will cap gains.

SPARC (+8.08%) surged on the back of strong volumes. 

Adani Ent (-2%) was NIFTY50’s top loser. 

Shares of MTAR Tech (-11.4%) fell the most since June 2022 after the company posted weak Q2 results. It has also cut revenue, margin guidance for FY24.

KRBL (-8.9%) fell sharply after the company (a top exporter of branded basmati rice) reported a 28.1% YoY drop in Q2 profit as it was hit by weak demand.

Markets Ahead

Bank Nifty is holding the upper levels, while Nifty is looking a bit weak. Both indices are holding their respective resistance zones, as those were the levels from where the indices gave a breakdown. So if the indices can cross major resistances, we could see a clear change in trend in the coming days.

Nifty: The major support to watch out for is near the closing level of 19,380. A breakdown from there could take the index down to 19,320 levels and 19,280 levels eventually. Meanwhile, the index has an important resistance at 19,460 levels. A breakout from there may take the index up to 19,500 and 19,550 levels.

Bank Nifty: The index is respecting a trend line and has formed a triangular pattern. If BNF breaks down from this trendline or 43,500, we could expect a fall to 43,300 and 43,000 levels. On the other hand, a breakout from the 44,000 resistance level might take the index up to 44,500.

After the volatility we’ve experienced, the indices are now staying within a certain range. If this consolidation continues tomorrow, it might be a sign that the markets are gearing up for some bug movement in the upcoming weeks, especially with Diwali and upcoming state assembly elections.

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Post Market Analysis

Consolidation Near Resistance! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,449 with a gap-up of 43 points. Throughout the day, the index mostly consolidated in a 50-point range between 19,410 and 19,460 levels. Nifty closed at 19,443, up by 36 points or 0.19%.

BANK NIFTY (BNF) started the day flat at 43,791 with a small gap-up of 55 points. Like Nifty, BNF mostly consolidated in a 150-point range with a bearish bias. BNF closed at 43,658, down by 79 points or 0.18%.

Nifty Realty (+1.52%) and Nifty Pharma (+1.48%) closed well in the green.

Major Asian markets closed mixed. European markets are currently trading in the red.

Today’s Moves

BPCL (+3.06%) was NIFTY50’s top gainer.

Shares of Prince Pipes (+15.2%) recorded its 2nd largest single-day rise after the company returned to profit in Q2 FY24.

HPCL (+7.48%) has surged ~25% in nine days in response to the company’s positive Q2 results. Several domestic brokerages maintained or raised their target prices for the stock and sees potential upside. 

ICICI Bank (-1.3%) was NIFTY50’s top loser on the back of strong volumes.

Easy Trip Planners (-3.17%) fell sharply after the company’s Q2 results triggered volatile moves in the stock price.

Markets Ahead

Major indices are holding the upper levels and respecting key resistances. So a breakout or breakdown from these key levels will decide the upcoming market trend.

Nifty: It’s crucial to keep an eye on the major resistance at 19,470. If the index breaks out from that level, it could potentially move up towards 19,520 and round levels of 19,600. Meanwhile, there’s strong support for the index near 19,400 levels. If it breaks down below this point, we might see a fall towards 19,350 and 19,300. 

Bank Nifty: The resistance to look for in BNF is 43,700. If the index manages to breach this level, it might make its way up to 43,900. On the other hand, the support to watch out for is 43,500. If the index falls below this point, it could potentially fall to 43,300 and 43,000 levels eventually.

All eyes will be on US Federal Reserve Chair Jerome Powell’s speech that might point the way for future interest rate policy.

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Pre Market Report

Market Signals Gap-up. Can Expiry be Consolidation? – Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the day flat at 19,404. After an initial 60-point fall in the first 5 minutes, the index attempted to recover but didn’t succeed, and fell again. Then, Nifty moved took support from 19,330 levels and shot back up even breaking the day’s high. Nifty closed at 19,406, down by 5 points or 0.03%.

BANK NIFTY started the day flat at 43,598. Right after the market opened, the index quickly fell more than 200 points. A while later, the index shot up nearly 520 points from the day-low! BNF closed at 43,737, up by 118 points or 0.27%.

U.S. markets closed in the green(+0.17%). The European markets closed mixed.

What to Expect Today?

Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in red at 19,525.

All the factors combined indicate a flat to gap-up opening in the market.

NIFTY has supports at 19,366, 19,309 and 19,230. We can expect resistances at 19,440, 19,493 and 19,560.

BANK NIFTY has supports at 43,680, 43,560 and 43,470. Resistances are at 43,830, 43,960 and 44,160.

In NIFTY, the highest call OI is at 19,500 and the highest put OI is at 19,300. PCR is 0.99.

In BANK NIFTY, there is high call OI buildup at 44,000 and high put OI at 43,500. PCR is at 1.24, showing bullishness.

Foreign Institutional Investors net–sold shares worth Rs 497 crores. Domestic Institutional Investors net-bought worth Rs 700 crores.

INDIA VIX is at 11.19.

The market gave some crazy movements, and ended with a rally yesterday. Both FINNIFTY and BANK NIFTY gained more than 1% each from the day-low in last 3 hours.

It looks like a day where on the lower side, put sellers got in trouble and got in trouble in the call side also.

The U.S. markets are holding strong near the top, giving our market some confidence.

Have a watch out for the OI levels in BANK NIFTY expiry today. The levels are once again tight, which might cause options short covering in either side.

Especially watching SBI and ICICI Bank as they are looking dangerous in their hourly charts. Don’t forget the BANK NIFTY levels too!

We will be continuing our NIFTY and BANK NIFTY trades today. You can check out our trades on marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Daily Market Feed Post Market Analysis

Bulls Take Over Bank Nifty? Nifty Closes Flat Amidst Choppiness – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,404. After an initial 60-point fall in the first 5 minutes, the index attempted to recover but didn’t succeed, and fell sharply below the day’s low. Then, Nifty moved down to 19,330 levels, took support there, and moved up back up— breaching the opening levels and the day’s high. Nifty closed at 19,406, down by 5 points or 0.03%.

Nifty chart November 7 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,598. Right after the market opened, the index quickly fell more than 200 points to 43,380 levels. It then made a temporary recovery before again falling to 43,280. Then, the index shot up nearly 520 points to reach the resistance zone of 43,800! BNF closed at 43,737, up by 118 points or 0.27%.

All indices except Nifty Realty (-1.34%), Nifty Media (-0.64%), and Nifty Auto (-0.18%), closed flat-to-green.

Major Asian markets closed in the red. European markets are currently trading up to 1% in the red.

Today’s Moves

Sun Pharma (+1.82%) was NIFTY50’s top gainer. Some brokerages have upgraded the stock after the company posted strong Q2 results.

Trent (+8.54%) surged today after reporting an 189% YoY jump in net profit to ₹228 crore in Q2.

Shares of Jyothy Labs (+8.69%) rallied after the FMCG company’s net profit rose 59.1% YoY to ₹103.98 crore in Q2, while revenue was up 11.09% YoY.

Hero MotoCorp (-1.16%) was NIFTY50’s top loser. 

Sobha (-3.68%) fell sharply after the realty firm’s net profit fell 22% YoY to ₹15 crore in Q2 FY24; missing analysts’ estimates.

SEBI has revoked the securities market ban against entities in Lux Industries Ltd’s (-2.4%) insider trading case.

Markets Ahead

Remember when we were talking about the rise in India VIX and the chance of a retracement/pullback? Well, we saw a similar structure in the market today. With the earlier resistance levels now acting as supports, the major indices have moved up with strength, especially Bank Nifty.

Nifty: It’s crucial to keep an eye on the significant resistance at 19,400. If the index manages to break out from that level, it could potentially climb towards the round level of 19,500. On the other hand, there’s strong support for the index at 19,380 levels. If it falls below this point, we might see a decline towards 19,320 and 19,250 levels.

Bank Nifty: The resistance to look for in Bank Nifty is clearly the 43,800-900 zone. If the index manages to surpass these levels, it might make its way up to the round figures of 44,000 and 44,100. Meanwhile, the support to look out for is near 43,600 (the previous swing level). If the index falls below this point, it could potentially slide down to 43,400 and 43,200 levels.

Bank Nifty is testing important breakdown levels (as shown in the chart below). So, a breakout will confirm the change in the trend.

The Indian stock market faced resistance at higher levels and broke its 3-day winning streak today. Negative global news came in as Chinese exports fell more than expected, indicating that global trade is slowing down.

How was FIN NIFTY expiry today? Are you in net profit/loss? Let us know in the comments section below!

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Pre Market Report

Gap-Down Opening in NIFTY. Can Market Hold Strength? – Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the day at 19,345 with a gap-up of 115 points. It traded in a sideways channel till 2 PM. Gave a breakout above the day-high and kept on moving up till the last candle. NIFTY closed at 19,411, up by 181 points or 0.94%.

BANK NIFTY started the day at 43,627 with a big gap-up of 310 points. There was an immediate sell-off to 43,400 levels. But the earlier resistance now acted as support, and the index moved up till the opening levels. BNF closed at 43,619, up by 301 points or 0.7%.

U.S. markets closed in the green(+0.10%). The European markets closed in the red.

What to Expect Today?

Asian markets are trading in the red.

The U.S. Futures are trading in slight red(-0.17%).

GIFT NIFTY is trading in red at 19,450.

All the factors combined indicate a flat to gap-down opening in the market.

NIFTY has supports at 19,366, 19,309 and 19,230. We can expect resistances at 19,440, 19,493 and 19,560.

BANK NIFTY has supports at 43,560, 43,470 and 43,390. Resistances are at 43,680, 43,830 and 43,960.

FINNIFTY has supports at 19,500, 19,450 and 19,425. Resistances are at 19,560, 19,620 and 19,700.

In NIFTY, the highest call OI is at 19,500 and the highest put OI is at 19,300. PCR is 1.08

In BANK NIFTY, there is high call OI and put OI at 43,500. PCR is at 1.10.

In FINNIFTY, the highest call OI is at 19,600 and the highest put OI is at 19,400. PCR is 1.11.

Foreign Institutional Investors net–sold shares worth Rs 549 crores. Domestic Institutional Investors net-bought worth Rs 595.70 crores.

INDIA VIX fell to 11.10.

The market has moved up with gap-ups over the last many days, and not much bullishness intraday. This is how it was expected for the market.

NIFTY has crossed the 19,230 mark and moved up much above it yesterday. Bank Nifty also reached its highest in the last 2-weeks.

There are very few news-based movements expected in this week. So it will be international markets impacting ours, and technical levels to watch out for.

The fall in US 10 Year bond yields has stopped, and this in a way indicates that market rally has lost its full strength. The U.S. markets also closed with Dojis, after 5 back to back green candles.

Now the expectation today from the market is gap-down with consolidation. There are no good reasons for big moves, except our own technical levels.

Have a watch out for FINNIFTY and the aggressive option sellers overnight. If the 19,400 level is crossed downward, we can expect bulls to cover their positions for today’s expiry.

Running in good profits for the week, hoping it will continue like this!

We will be continuing our NIFTY and BANK NIFTY trades today. You can check out our trades on marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Daily Market Feed Post Market Analysis

Diwali Rally in Nifty? – Post-Market Analysis

NIFTY started the day at 19,345 with a gap-up of 115 points (near the 50% Fibonacci rejection levels). After facing initial resistance at 19,380 levels, the index fell to 19,310. The earlier resistance acted as support. Then, Nifty gradually continued the up-move to 19,420 levels. Nifty closed at 19,411, up by 181 points or 0.94%.

Nifty chart November 6 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,627 with a big gap-up of 310 points. There was an immediate sell-off to 43,400 levels. But the earlier resistance now acted as support, and the index moved up till the opening levels. BNF closed at 43,619, up by 301 points or 0.7%.

Bank Nifty chart November 6 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (-1.09%) closed in the green. Nifty Metal (+1.36%), Nifty Pharma (+1.28%), and Nifty Realty (+1.2%) moved up the most.

Major Asian markets closed well in the green (Japan’s Nikkei rose nearly 2.3%). European markets are currently trading mixed.

Today’s Moves

Divi’s Labs (+4.6%) was NIFTY50’s top gainer despite reporting a 29% YoY fall in net profit to ₹348 crore in Q2.

Shares of Aarti Industries (+10.7%) surged as investors cheered the management’s positive commentary and improved sequential performance in Q2.

JK Cements (+8.6%) moved up with strength after the cement manufacturer posted robust Q2 results yesterday.

SBI (-0.66%) was NIFTY50’s top loser. 

Krsnaa Diagnostics (-6.04%) fell sharply after the diagnostic company’s net profit declined 32% YoY to ₹10.5 crore in Q2 due to higher operational expenses.

Markets Ahead

The Indian stock market has been showing a consistent pattern lately. It opened with a gap-up and either continued to rise or remained steady for the last three trading sessions. The markets have now closed above significant Fibonacci levels – 50% at 19,300 in Nifty and 43,400 in Bank Nifty.

This suggests a potential shift in the market trend to bullishness. However, there’s a concern regarding the increase in India VIX, which has risen by 2% despite the upward movement. So, it’s important to be cautious in case the market experiences a downturn tomorrow.

Nifty: A breakout from 19,420 may take the index up to 19,500, which will be the next major resistance to watch out. Meanwhile, the immediate support for Nifty is near 19,360 levels. A breakdown from there could take Nifty down to 19,300 and 19,240 levels.

Bank Nifty: The major resistance for BNF is near 43,700 levels. A breakout from there might take the index up to 43,900 and 44,000 levels. On the other hand, the immediate support for the index is near the 43,500 round levels. A breakdown from there may take the index down to 43,300 and 43,000.

Key resistance levels are being breached mainly due to the gap-ups, and we haven’t seen much intraday price action to reach our targets. As long as the market remains above these resistance levels, it may be a good strategy to buy on dips. However, if an unexpected gap-down occurs in the coming days, you may consider selling when the market rises.

What levels are you watching out for FIN NIFTY expiry tomorrow? Let us know in the comments section below!

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Pre Market Report

Will Call Sellers Trigger Short Covering? – Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the day at 19,241 with a gap-up of 108 points. For the most part of the trading session, the index consolidated in a small range of 40 points between 19,270 and 19,230. Nifty closed at 19,230, up by 97 points or 0.51%.

BANK NIFTY started the day at 43,318 with a big gap-up of 301 points. The index also consolidated in a 165-point range between 43,250 and 43,415 levels today. BNF closed at 43,318, up by 301 points or 0.7%.

U.S. markets closed in the green(+0.66%). The European markets closed mixed.

What to Expect Today?

Asian markets are trading in the green.

The U.S. Futures are trading in slight green(+0.07%).

GIFT NIFTY is trading in green at 19,452.

All the factors combined indicate a flat to gap-up opening in the market.

NIFTY has supports at 19,230, 19,170 and 19,050. We can expect resistances at 19,310, 19,370 and 19,440.

BANK NIFTY has supports at 43,250, 43,100 and 42,960. Resistances are at 43,390, 43,470 and 43,560.

In NIFTY, the highest call OI is at 19,300 and the highest put OI is at 19,200. PCR is 0.77.

In BANK NIFTY, the highest call OI at 44,000 and the highest put OI is at 43,000. PCR is at 1.01.

Last week, Foreign Institutional Investors net–sold shares worth Rs 5,520 crores. Domestic Institutional Investors net-bought worth Rs 3,538 crores.

INDIA VIX fell to 10.88.

Last week in NIFTY was a green candle reaching our exact resistance of 19,230. The Fed Reserve announcement on Wednesday night, helped the market move up with gap-ups on the last 2 days.

This all helped NIFTY move up just nearly 1% for the week. Meanwhile, international markets like the U.S. rallied 4%+ just last week

NIFTY still has not closed above the 19,230 mark. So with today’s gap-up, it will be interesting to see if the market can sustain above this mark.

SBI posted a net profit increase of 8% YoY to ₹14,330 crore, higher than expectations. We can see the effect on the stock, and other PSU Banks in the market today.

But other than this, there are no other major market events this week.

Have a look at the US10Y bond yields on TradingView. It has fallen from its peaks in the last 3 days, and at the same time market has rallied back up.

So, this week’s general expectation is for the market to move up. There is good call OI at 19,300, and it may trigger some green movement at the beginning of the day.

Expecting a good start to the week. All the best for your trading day!

We will be continuing our NIFTY and BANK NIFTY trades today. You can check out our trades on marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Daily Market Feed Post Market Analysis

Gap-Up and Consolidation! What Next For Nifty? – Post-Market Analysis

NIFTY started the day at 19,241 with a gap-up of 108 points. For most part of the trading session, the index consolidated in a small range of 40 points between 19,270 and 19,230. Nifty closed at 19,230, up by 97 points or 0.51%.

Nifty chart November 3 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,318 with a big gap-up of 301 points. The index also consolidated in a 165-point range between 43,250 and 43,415 levels today. BNF closed at 43,318, up by 301 points or 0.7%.

Bank Nifty chart November 3 - post-market analysis | marketfeed

All indices closed in green. Nifty Realty (+2.54%) and Nifty Media (+1.38%) moved up the most.

Major Asian markets closed in green. European markets are currently trading flat-to-green.

Today’s Moves

Apollo Hospitals (+5.45%) was NIFTY50’s top gainer. The stock extended gains for the second day on the back of strong volumes.

Eicher Motors (+2.7%) moved up after the automaker reported a 3% year-on-year rise in sales for October. 

Shares of Adani Ports (+2.73%) rose after the company said it handled 37 million metric tonnes (MMT) of total cargo in October 2023, registering a growth of 48% YoY.

Bajaj Finserv (-2.5%) was NIFTY50’s top loser. Yesterday, Bajaj Finance issued warrants worth ₹1,190 crore to Bajaj Finserv.

Dr Reddy’s Labs (-1.4%) extended losses for the third day.  The fall comes after brokerages maintained a cautious stance on the stock despite the company’s financial recovery in Q2.

Markets Ahead

The major indices opened with a big gap and held their levels. This looks like a clear trap for option sellers from yesterday, as the markets have moved above Thursday’s selling zones. But there are still important resistances that have to be broken for the confirmation of a change in trend (or trend reversal).

Nifty:  The immediate support for the index is near 19,180 levels. A breakdown from there could make the index fall to 19,140 levels. Meanwhile, the immediate resistance is near 19,250. A breakout from there can give us targets of 19,350 on the upside, which is also the 50% Fibonacci retracement level.

Bank Nifty: The immediate support for BNF is near 43,230 levels, and the target to watch out for on the downside is 43,080 (gap-filling levels). On the other hand, the index could face a major resistance near 43,400 levels. A breakout from there might make the index hit 43,800 next.

On a weekly chart, both indices have made a Bullish Harami Pattern. If their respective highs are crossed, we can expect the coming week to be bullish.

Today, a rise in the Asian stock markets lifted market sentiments in India as well, thanks to lower US treasury yields and falling crude oil prices. However, there is still uncertainty due to rising prices, the war in West Asia, and how these factors might affect the global economy.

How did this week go? Are you in net profit or loss? Let us know in the comments section below!

Please join The Stock Market Show at 7 PM on our YouTube channel.