Tag: HDFC Bank share

RBI Governor induces volatility in the market with his announcements.

NIFTY opened with a gap-up at 16,481 near yesterday’s high. Things were happening very fast as NIFTY fell more than 1% by 10 AM. As the RBI Governor’s speech went on, the index created a fresh day-high as seen in the chart. 

However, profit-booking pulled it down and NIFTY closed the day at 16,356, down by 60 points or 0.37%.

BANK NIFTY started the day at 35,168 and fell till yesterday’s low. The index had a more dramatic day as it gained 600 points in just 45 minutes. But all these gains were lost in the afternoon. Bank Nifty ended the day at 34,946, down by 50 points or 0.14%.

NIFTY Realty (+1.8%) and NIFTY Media (+1.4%)performed well in the day. The FMCG (-1.05%) index fell more than 1%.

Asian markets closed mostly in the green today. European markets are mostly trading in the red.

Today’s Moves

The RBI governor announced a Repo Rate increased by 50 basis pts. And this was in line with the street estimates so markets initially shot up.

SBI (+1.7%) saw buying in the day and closed among the top-gainers of NIFTY 50.

ITC (-2.1%) and Reliance (-1.7%) saw profit booking from their 52-week high zones.

Deepak Nitrite (-4.8%) fell after reports said that the Gujarat Govt issued a closure notice to the company’s units because of the recent fire accident.

Gujarat Gas (-7%) shares fell sharply for the fourth day as investors fear the price cuts of the company for its industrial segment.

MRPL (+9.1%) continued to hit fresh 52-week highs. Meanwhile, Reliance group stocks TV18 (+10.8%) and Network18 (+5.4%) recovered from their recent falls.

Markets Ahead

Markets were choppy as the RBI Governor’s announcements. 

One thing that the market did not like was the prediction that inflation would remain above 6% till December.

And then there is the whole worry about the 4th wave, with a number of reported cases going up 5x in the last 2 months.

News based movements continued. Options data is showing that most big players are playing it safe with a wide range of predictions for tomorrow’s expiry.

Bank Nifty is likely to trade between 34,600 and 35,500 tomorrow. Once again, most players are trying to keep it safe. Moves outside this zone could trigger bigger moves in the markets.

See you at The Stock Market Show at 7 PM!

Markets move down after the weak opening.

NIFTY opened with a gap-down at 16,487. Just before noon, the index touched its lowest in 10 days at 16,350. Consolidation was seen for the last 3 hours of the day. NIFTY closed the day at 16,416, down by 153 points or 0.92%.

BANK NIFTY started the day at 35,125 with a gap-down. Throughout the day it traded in a 300 point zone despite breaking the 35k mark. The index gained back nearly 200 points from today’s low by closing time. Bank Nifty ended the day at 34,996, down by 314 points or 0.89%.

Most sectoral indices closed in the red today. NIFTY Realty (-1.6%), NIFTY Media (-1.6%), NIFTY IT (-1.5%) and NIFTY FMCG (-1.5%) closed in deep reds.

Asian markets closed mixed in the day. European markets are also trading in the green.

Today’s Moves

ONGC (+5.1%) hit a 2-week high with gains in global crude oil prices. 

Other crude oil exploration and refining stocks MRPL (+19.5%) and OIL (+2.6%) hit 52-week highs.

Titan (-4.4%) and UPL (-4.2%) saw good selling as they closed in the top-losers list for the day.

Britannia (-3.1%) and Hindustan Unilever (-3%) fell along with Marico (-2.7%) as FMCG stocks came under profit booking.

Packaging company EPL(+5%) moved up in the day and is nearing a trendline breakout in the daily charts.

Markets Ahead

The Monetary Policy statement by our RBI Governor will be at 10 AM tomorrow. Our markets saw profit booking ahead of this announcement.

Now that the results season is over, markets are back to general news based movements. But NIFTY still managed to close above the 16,400 mark today.

Both NIFTY and BANK NIFTY are taking resistance at the 200-day EMA and moving down. This will be an important level to watch out for. 

Options data indicate that bulls are playing it safe for the week and not taking many positions. Meanwhile, there is heavy resistance at the 16,500 zone from call option sellers.

Data from Bank Nifty indicate a close between 34,400 and 35,600 for the week. A move beyond this zone could trigger a bigger move to that side.

Let us see how tomorrow’s market is affected by the RBI announcements!

See you at The Stock Market Show at 7 PM!

Markets consolidate on the first week of the day.

NIFTY opened with a gap-down at 16,547. After falling, it took really good support at last week’s low and bounced back. The day high was made around 2 PM near the 16,600 zone. Towards closing, the index lost close to 250 points from the day-high. NIFTY closed the day at 16,569, down by 14 points or 0.09%.

BANK NIFTY started the day at 35,178 with a gap-down. It shot up only to fall sharply immediately. There was mostly consolidation in the afternoon with volatility in the last 30 minutes. Bank Nifty ended the day at 35,310, up by just 35 points or 0.1%.

Most sectoral indices are consolidated today. NIFTY Metal moved up 1.12% while NIFTY Realty (-0.82%) moved down.

Asian markets closed mixed in the day. European markets ended in the green.

Today’s Moves

Bajaj Auto (+4.02%) bounced back from last week’s fall and closed as the top-gainer in NIFTY.

PVR (-1.7%) and Inox Leisure (-4.6%) fell as Covid-19 cases rise.

NIFTY Metal moved up with contributions from JSW Steel (+2.9%), Tata Steel (+1.01%), and Jindal Steel (+1.82%), Ratnamani Metals (+7.15%) also jumped up.

Meanwhile, cement shares continued their bearishness. Shree Cements(-3.08%) and UltraTech Cements (-1.72%) closed amongst the top-losers of NIFTY.

OIL India (+11.1%) gave a breakout and closed at a 52-week high as multiple brokerages gave a buy rating.

Markets Ahead

India reported 4518 new cases in the last 24 hours. Maharashtra Cabinet will meet at 4 pm today to discuss additional measures to be taken to control the spread of Covid-19 infection. 

China is easing restrictions as Covid infections cool down. Let’s see whether scenes affect the global market or not. But India is expected to get hit by the 4th Covid wave in June.

Bank Nifty is trading close to the 50 EMA (Day candle) for many days. Will be watching 35,800-36,000 levels along with 50-EMA.

Markets are highly cautious ahead of the RBI Monetary Policy Committee updates this Wednesday. Nifty and Bank Nifty closing flat looks like a perfect recipe for strong movements in the coming days.

Reliance and HDFC Bank are trading with lesser volume compared to the previous week. Remember, volume is the key to all!

Bulls are protected by 16,400 while 16,700 & 16,800 are in favour of Bears. Do keep these resistances in mind while taking trades in the market!

Are you expecting a bullish or bearish move this week? Let us know in the comment section of the marketfeed!

Show at 7 PM!

Markets move down after the gap-up opening.

NIFTY opened with a gap-up at 16,763 and tried to move up. After finding resistance at 16,800, the index traded in a 100 point zone before moving down. Towards closing, the index lost close to 250 points from the day-high. NIFTY closed the day at 16,584, down by 43 points or 0.26%.

BANK NIFTY started the day at 35,933 with a gap-up and started falling. It took support at the 35,500 zones by 1:30 PM but soon fell again. A total fall of nearly 800 points was seen from the day-high to the low. Bank Nifty ended the day at 35,275 down by just 338 points or 0.95%.

All indices except NIFTY IT closed in the red today. NIFTY Auto, NIFTY Media and NIFTY Metal fell more than 1% each.

Asian markets closed mixed in the day. European markets mostly ended in the red.

Today’s Moves

Reliance closed as the top-gainer in NIFTY 50, with a gain of more than 2%. The stock was just 1.5% away from its all-time high.

Grasim(-6.50%) fell to a 52-week low and closed as the top-loser in NIFTY after UltraTech’s investment plan. 

Cement stocks including UltraTech Cement(-5.48%) and Shree Cement(-4.61%) also fell as Adani’s entry into the cement sector prompted a Rs 12,800 crore capacity expansion plan from leader UltraTech.

Ramco Cements, JK Cement and Dalmia Bharat also fell between 8-10%.

Aether Industries listed at Rs 715 against the issue price of Rs 642, and closed at Rs 775.

Markets Ahead

NIFTY is recovering in a fast manner once again with power from Reliance. The stock is just 2% away from its all-time high. And with the gap-up opening this week, NIFTY has still closed more than 1% in the green.

The week that has gone by has been exciting. The market has moved up and down and kept traders busy. Today, NIFTY has taken resistance at its 200-Day Exponential Moving Average and moved down. The 16,800 zone is also really important for the index as you can understand from the chart below.

Hoping that Bank Nifty supports the general market on its road toward recovery.

How did this week go for you? Share your experiences in the comment section of the marketfeed!

See you all at the Stock Market Show at 7 PM!

An expiry day of slow-paced up move. Reliance makes a strong close.

NIFTY opened with a gap-down at 16,481 and moved up more than 1% from there. The up-move was slow and boosted by Reliance. The index marked a day high near 16,650. NIFTY closed the day at 16,628, up by 105 points or 0.64%.

BANK NIFTY started the day at 35,470 and fell into consolidation mode for the whole day. The index was mostly moving in a 180-pts range and ended the day at 35,613, down by just 7 points or 0.02%.

NIFTY IT ( +1.8%) recovered  from yesterday’s fall. Nifty Media (+1.1%), Nifty Metal (+1.1%), Nifty PSU Bank (+1%) also closed with good gains.

Asian markets closed mixed today. Germany and France are trading nearly 1% up while the UK market is down 1%.

Today’s Moves

Reliance (+3.4%) is racing towards its 52-week high and closed as the Nifty 50 Top Gainer.

Oil related stocks such as ONGC (+1.8%), OIL (+2.2%), Hind Petro (+1.1%), BPCL (+1%) also moved up.

Paints stocks- Asian Paint (+1.9%), Berger Paints (+3.5%), Kansai Nerolac (+2.3%) moved up as Saudi Arabia’s plan to increase oil output caused a fall in oil prices.

All the Nifty IT stocks except TechM (-0.05%) closed strong. HCL Tech (+2.1%), INFY (+2%), LTTS (+3.4%), LTI (+3.1%), Mind Tree (+1.9%), Mphasis (+2.1%), and TCS (+2%) moved.

Nifty Auto is continuing to see profit booking. Eicher Motors (-1.7%), Hero MotoCorp (-3.4%), and Tata Motors (-1.2%) closed in the red after reporting sales data. 

Ashok Leyland (+2.5%) saw good buying after it launched the industry’s first 8-wheel truck known as AVTR 2620.

Markets Ahead

Nifty was moving slowly up today, powered by our dear Reliance. 

Talking about Reliance, the stock is just 4.5% away from its 52-week high. Hoping for a breakout in other energy stocks also.

In between all this, Saudi may increase oil production to combat the global energy crisis.

Bank Nifty went through a beautiful consolidation phase today and we all know what happens if the consolidation continues for more days.

Nifty IT has covered yesterday’s fall and the 29,850 level is acting as a resistance. A 2.5% jump in TCS just after today’s opening was really interesting and major IT stocks will be on the watchlist for a few more days.

News of ‘Maharashtra CM Uddhav Thackeray’s meeting with Covid19 task force in the wake of a sudden increase in the cases’ had no impact on the market today. 

How was this expiry day? We have four more expiries this month and hope to see everything goes well.

Share your experiences in the comments down below!

See you all at the Stock Market Show at 7 PM!

Markets gain back from deep red with sharp buying towards closing.

NIFTY opened with a gap-down at 16,602 and took resistance at 16,650. Eventually, it moved down more than 200 points from the day-high. But sharp buying in banks and IT stocks helped the index move back above the 16,500 mark. NIFTY closed the day at 16,522, down by 62 points or 0.37%.

BANK NIFTY started the day at 35,407 and shot up. The index started falling just after noon and took support at yesterday’s low. From this support, Bank Nifty gained more than 450 points and ended the day at 35,620, up by 133 points or 0.38%.

NIFTY IT (-1.4%), NIFTY Pharma (-1.2%) and NIFTY Realty (-1.1%) moved down. All other sectors saw general consolidation.

Asian markets closed mixed today. European markets are currently trading flat.

Today’s Moves

JSW Steel (+3.3%) moved up after saying that the company will maintain steel shipments to Europe despite the recent export tax.

Bajaj Auto (-3.7%) fell sharply after the sales data for May fell below expectations.

Hindalco (-2.8%) fell after aluminium prices moved down. National Aluminium (-4%) also moved down. 

HDFC Life (+1.3%) and ICICI Prudential (+5%) moved up as LIC’s (-0.11%) poor results give hope to the private sector players.

PNC Infra (+3.7%) moved up after winning large orders worth Rs 1500 crores.

Dela Corp (-2.8%) moved down after news that investor Rakesh Jhunjhunwala sold 25 lakh shares from 27th to 31st May through the open market.

M&M (+1.2%) continued up move after reporting total sales of 53,700 units, 15% higher than estimates.

Markets Ahead

The markets are consolidating after multiple days of recovery.

The Bank Nifty index has hit resistance near its 200-Day Exponential Moving Average but is trying to hold strong. The index was in the green despite NIFTY closing in the red territory.

IT and Pharma stocks were the ones who actually pulled the market down. Looks like they are cooling down after many days of moving up.

The U.S. market futures are trading in the green, and if we take an indication from the closing candles of Bank Nifty, we can expect some strength tomorrow.

But tomorrow is also the first weekly expiry for the June series and market participants are eagerly waiting to gain profits after the crazy month of May. So expect tomorrow’s market to be volatile!

How has June started for you? Let us know in the comments section of the marketfeed app!

See you all at the Stock Market Show at 7 PM!

Markets fail to hold bullish sentiment and fall towards closing.

NIFTY opened with a gap-down at 16,599 and took support near the 16,500 zone. It looked like a bullish day till 2 PM, with consistent moves till yesterday’s high. NIFTY fell to the day-low as banking stocks fell towards the end and closed the day at 16,584, down by 76 points or 0.46%.

BANK NIFTY started the day at 35,665 and slowly moved up. The index did not have enough to even reach yesterday’s high. After breaking the trendline, there was a sharp crash after 3 PM. BANK NIFTY ended the day at 35,487, down by 339 points or 0.95%.

NIFTY Realty (+2%), NIFTY Media (+1.5%) and NIFTY Metal (+1.3%) closed more than 1% in the green. NIFTY PSU Bank (-1%) and NIFTY Bank (-0.95%) closed 1% in the red.

Asian markets closed mixed today. European markets are currently trading mixed.

Today’s Moves

ONGC moved up 5% in the day after it planned to increase expenditure on exploration. Along with OIL(+6%) and ONGC (+5%) also said they are not expecting more taxes on crude oil.

Other energy stocks including NTPC (+.3%) and Coal India (+3%) moved up 3% each from NIFTY 50.

Mahindra & Mahindra (+3.6%) continued to move up after brokerage re-ratings and all-time high breakout.

SunPharma(-3.12%) moved down after announcing surprise losses for the 4th quarter.

Kotak Bank (-2.9%), HDFC (-2.5%), SBI (-1.3%) and Axis Bank (-1.2%) were among the top-losers of NIFTY 50 from the financial sector.

Poultry stock Venkey’s (+3.4%) gained after Malaysia banned exports of 3.6 million chickens a month until their domestic prices and production stabilize.

Market linked stocks including CDSL (+11.9%), BSE (+9.7%), CAMS (+9.3%) and MCX(+5.8%) gained today.

Tata Elxsi (+3.7%) gained after tying up with Lenovo to deploy solutions for enterprises.

Markets Ahead

The GDP growth data for the last financial year will be published today and market participants remained cautious because of this.

The Meeting of the Union Cabinet is scheduled to be held tomorrow, do watch important updates from there as well.

The U.S. market futures had fallen sharply towards 3 PM, which triggered selling in our markets as well. Do keep a watch on the rebound of energy stocks as the global energy crunch worsens.

The FMCG index is also showing strength, touching its highest since last November. Watch how these stocks will react as other sectors like IT are recovering.

Did you catch the last hour fall in the market, or get trapped by it? Let us know in the comments down below!

See you all at the Stock Market Show at 7 PM!

Markets shot up on the first day of the week with power from IT stocks.

NIFTY opened with a gap-up at 16,529 and started moving up. The opening above the 16,500 resistance zone was a confidence booster and the index moved till 16,700. Then it lost its intraday power but never fell below 16,600 levels, marking a strong close. NIFTY closed the day at 16,661, up by 308 points or 1.89%.

BANK NIFTY started the day at 35,958 with a gap-up of nearly 1%.The index was consolidating around 36k till 11:45 pm and then it slowly moved down. BANK NIFTY ended the day at 35,826, up by 213 points or 0.60%.

All the indices closed in the green territory. Nifty Auto (+1.9%), Nifty IT (+3.8%), Nifty Media (+3.2%), Nifty PSU Bank (+3.2%), and Nifty Realty (+4%) performed well. Nifty Pharma lost its morning gains and closed flat.

Asian markets closed very well in the green today. European markets are currently trading flat to 1% gain.

Today’s Moves

Titan(+4.9%) regained an important level and closed as the top-gainer in NIFTY 50.

M&M(+4.7%) hit an all-time high after the market reacted well to its Q4 results. Tata Motors (+2.9%), and Hero MotoCorp (+1.8%) also closed well in the auto sector.

L&T (+3.7%) continued to win significant contracts that value up to Rs 1,000 to 2,500 crore and closed as the top gainer.

IT stocks shot up in the day in recovery mode. Infosys (+4.4%), TechM (+3.6%), HCL Tech (+3.5%) and TCS (+3.5%) closed in the top-gainers.

As international oil prices touch a 2-month high, Reliance (+3.4%) gained. OIL (+3.1%) also moved up after its Q4 results.

Kotak Bank (-2.2%) saw profit booking and closed as the top loser in NIFTY 50.

Jubilant Foodworks (+9.7%) after posting net profit just below expectations and IRCTC (+6.5%) gained ahead of its Q4 results.

Markets Ahead

A great start to the week with Nifty closing very well above 16,650. After many days the index broke 16,400 resistance with the help of a gap-up opening. And just like with any other short-covering days, bears panicked and pushed the market up.

The promise of inflation control from major countries is powering all the markets and it will continue as a deciding factor for many more weeks.

Investors are expecting rate hikes in the coming months also, but we may see a pause around September.

The US market will be closed today on account of ‘Memorial Day’.

Good manufacturing data and inflation data from global markets will be crucial for the recovery to sustain. Along with that, some magic by the bulls to hide all the negatives running around!

How did your portfolio react when Nifty moved from 15,750 to 16,650?  Let us know in the comments of the marketfeed app!

See you all at The Stock Market Show tonight at 7 PM.

Markets move ahead and close the week in green.

NIFTY opened with a gap-up at 16,300 and mostly moved sideways. Around noon, the index took support near yesterday’s high and then went on to close higher. NIFTY closed the day at 16,352, up by 182 points or 1.13%.

BANK NIFTY started the day at 35,335 with a gap-up. It then kept on moving up throughout the day in a bullish channel. In the process, the index hit its highest level in 3 weeks. BANK NIFTY ended the day at 35,613, up by 518 points or 1.48%.

NIFTY IT recovered in the day along with the Media index. NIFTY Auto, NIFTY BANK, Finserv, and FMCG gained more than 1% each.

Asian markets mostly closed in the green today. European markets are currently trading in the green.

Today’s Moves

TechM(+4.14%), Wipro(+3%) and Infosys(+2.63%) closed in the top-gainers of NIFTY 50 as IT stocks bounced back. This was mostly influenced by the U.S. tech index NASDAQ gaining back yesterday.

HDFC Life(+3.47%) hit its highest level since early February and moved up. Other Finance stocks also did well with IndusInd Bank(+3.10%), and Bajaj Finance(+3.02%) closing in the green.

GAIL and ONGC closed more than 5% in the red ahead of their Q4 results. The stock hit a 4-month low.

PEL fell 11.6% even after posting turnaround profits for the quarter. The stock hit a 52-week low because its financial services lending business reported an internal loss of Rs 321 crore.

Markets Ahead

NIFTY has now gained for the second week in a row despite bearish fears. And this move was majorly led by HDFC stocks.

HDFC Bank, HDFC and HDFC Life moved more than 5% each this week, along with Kotak Bank.

One interesting or worrying thing here is that the NIFTY Smallcap and Midcap indices have fallen again this week, even while most of the market recovered. These stocks are usually the last to move after a crash.

Bank Nifty has filled many gaps and looks bullish right now. If global situations permit, the index may move up further to about 36,800 in the upcoming week after which it will need further strength to breakout. 

NIFTY however is stuck near the price-action based resistance level of 16,400. If we see a gap-up above this zone for Monday, we may see more bullishness. Intraday, the level of 16,500 will need to be crossed.

How did the week go for you? Let us know in the comments of the marketfeed app!

See you all at The Stock Market Show tonight at 7 PM.

V-shaped recovery in the market helps the market close in the green for the first time this week.

NIFTY opened the day at 16,111 with a gap-up and fell. It then broke yesterday’s low and moved down even more below the 16,000 zones. But just before noon, the index bottomed out and eventually started flying up.

After a 300 point move from the day-low, NIFTY closed the day at 16,170, up by 144 points or 0.90%.

BANK NIFTY started the day at 34,689 with a gap-up. The index fell more than 200 points from here but did not go in the red. Massive green candles were formed after 1 PM, and the index moved 800 points up from the day-low. BANK NIFTY ended the day at 35,094, up by 755 points or 2.20%.

NIFTY PSU Bank (+3.1%), NIFTY Metal (+2.6%), NIFTY Bank (+2.2%) and NIFTY Finserv (+1.9%) outperformed in the day. Pharma (+0.11%), FMCG (-0.22%) and Auto (+0.78%) indices closed without much movement as they had already been strong.

Asian markets closed mixed in the day. European markets are currently trading in the green.

Today’s Moves

Tata Steel (+5.2%), JSW Steel (+4.4%)and Hindalco (+2.7%) featured in the top-gainers list after falling heavily for the last 3 days.

SBI (+3.2%) led gains for Public Sector Banks during the day. Bank of Baroda (+4.7%), Central Bank (+5.9%) and IOB (+6.5%) moved.

ITC (-2.2%) closed in the red after factoring in a Rs 6.25/share dividend.

Indigo (+10.3%) shares moved up after plans even after reporting higher net losses for Q4. Shares moved up after the airline said they will increase prices.

Torrent Pharma (+10.1%) rallied after announcing 1:1 bonus issues last quarter even with a Rs 118 crore loss for Q4.

Markets Ahead

Yesterday, during the Fed Minutes Jerome Powell said that the Federal Reserve may not be able to control inflation. And markets shot up.

It is indeed a buy on rumour, sell on type of move that we are seeing. Along with this, short-covering rallies are also giving false strength to the market.

Bank Nifty has filled the gap it created at the beginning of May. But NIFTY still has the range of 16,400 to break.

Yesterday we asked you if the market will trick everyone and shoot up. And that is exactly what happened today. Anyway, a really interesting monthly expiry.

How did the May Monthly Expiry go for you? Let us know in the comments of the marketfeed app!

See you all at The Stock Market Show tonight at 7 PM.

Gap-up fails to save the market as major stocks once again close in the red.

NIFTY opened the day at 16,197 with a gap-up and started falling. The index tried to take support at multiple zones but ended up moving down again. A low was taken near the 16k level and NIFTY closed the day at 16,025, down by 99 points or 0.62%.

BANK NIFTY started the day at 34,492 and shot up. The index traded in the green most of the day while other indices crashed. BANK NIFTY ended the day at 34,339, up by 49 points or 0.14%.

Only NIFTY BANK (+0.14%) and NIFTY FINSERV (+0.68%) closed slightly in the green. NIFTY IT (-3.3%), NIFTY Realty (-2.8%) and NIFTY MEDIA (-2.%) closed well in the red.

Asian markets closed mixed in the day. European markets are currently trading in the green.

Today’s Moves

As NTPC (+3.9%) targets an 86% increase in outputs from its coal mines, the stock shot up.

Life insurance stocks HDFC Life (+2.9%), SBI Life (+2.1%) and ICICI Prudential Life (+2.6%) moved up. 

Kotak Bank (+1.3%) hit its highest level since 2nd February as it continued its breakout.

Asian Paints (-8%) led the fall for painting stocks as crude oil prices stayed strong and Grasim (-1.9%) doubled its capital expenditure plan for paints to Rs 10,000 crores.

Berger Paint (-7.2%), Indigo Paints (-2.8%), Shalimar Paints (-3.3%) also moved down.

Sugar stocks crashed on the day after sugar mills are now required to seek Government approval for exports from next week. Major stocks to fall were Balrampur Chini (-8.8%), Shree Renuka (-6.6%) and Triveni Engineering (-7.7%).

Markets Ahead

There was positivity in the market from financial stocks. Even when NIFTY was near the day-low, the BANK NIFTY index was at its highest in the day.

Kotak Bank has been exceptional and moved up today. It is at its highest level since February 2nd, even when Bank Nifty is down 5,000+ points from that day.

Even though NIFTY has been trading in a 600-point zone for the last 2 weeks, the volatility index(VIX) is really high. 

It is because the major event we have to watch is Fed Minutes for the 4th May meeting that will be out tonight.

Even though recession fears continue, the market is trying to remain stable and sideways. 

Are you expecting a fall from here or a market which tricks everyone and shoots up?

See you all at The Stock Market Show tonight at 7 PM.

Markets close slightly in the red for the second consecutive day.

NIFTY opened the day at 16,225 and did not have much strength. The index kept on being weak even if there were recovery chances. NIFTY closed the day at 16,125, down by 89 points or 0.55%.

BANK NIFTY started the day at 34,250 and shot up. Mostly the index was sideways for the day even after the initial strength. BANK NIFTY ended the day at 34,290, up by 42  points or 0.12%.

Most of the indices were weak today. NIFTY FMCG (-1.3%), NIFTY IT (-1.8%), NIFTY Media (-2.5%), NIFTY Metal (-1.1%), NIFTY Pharma (-1.5%) and NIFTY Realty (-1.2%) moved the most.

All major Asian markets closed in the red. European markets are currently trading in the red.

Today’s Moves

Dr Reddy (+1.6%) saw continued strength after its results announcement last week.

Divis Lab (-6%) closed as Nifty 50 Top Loser, continuing bearishness after announcing its results yesterday. The stock hit a fresh 52-week low.

We have already talked many times about the trendline breakout happening in Kotak Bank (+1.5%). HDFC Bank (+1.1%) also closed in the green.

Ashok Leyland (+3.9%) continued the up move as brokerages remained bullish. Tata Motors (+1%) closed in the green with last hour reversal.

All the stocks from Nifty IT closed in the red led by COFORGE (-3.6%), HCL Tech (-2.6%), INFY (-1.8%), LTI (-3.3%), Mind Tree (-2.5%), and TechM (-3.9%).

Delhivery is listed with a premium of 1.2% at Rs 493/share after its IPO price of Rs 487/share. It closed with good gains at Rs 536, up nearly 10%.

Cement stocks JK Cement (-2.5%), JK Lakshmi (-2.4%), Ramco Cements (-3%) and India Cements (-2.9%) moved down along with Grasim (-3.7%). 

Balrampur Chini Mills (-5.7%) reported Q4 consolidated net profit at Rs 240 crores compared to  Rs 236 crores last year. 

Also, there are reports of export limits on sugar companies. Eid Parry (-2.3%), Renuka Sugar(-6.6%), Dwarikesh Sugar (-5.2%), Dalmia Sugar (-7.6%) and Balrampur Chini Mills (-5.7%) moved down.

ShilpaMed (+10.4%) had a great day after reporting Q4 earnings.

Markets Ahead

Nifty wasn’t giving any directions today and it caused huge volatility. The index fell 140+ pts in the morning and then it recovered 140 pts before 1 pm. 

And then a fall of 180 pts. Out of this, nearly 100 pts fall happened in a single 5-min candle, triggered by European markets.

Bank Nifty again tested the downtrend line today and showed weakness.

We can’t expect the market to reverse all of sudden, but we really want it to be stable. India VIX is trading at the highest level since March 17, which indicates volatility in the market.

UK May Services and Manufacturing PMI data show lower than expected numbers.

Yesterday, Nifty Metal fell heavily as a result of imposing export charges and today sugar stocks fell after the news of the export limit. The government said it will be taking many more actions in the coming months to bring inflation down. 

What are your plans to protect your capital in such a volatile market? Share your thoughts in the comment section below.

See you on The Stock Market Show tonight at 7 PM.