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Daily Market Feed Post Market Analysis

Fin Nifty Falls 200 Points in 10 Mins on Expiry Day! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,521 with a gap-down of 21 points. After a small consolidation initially, the index broke the round level support of 19,500 and continued to move down strength to 19,255 level— a fall of nearly 300 points from the day’s high! Nifty closed at 19,281, down by 260 points or 1.34%.

Nifty chart October 23 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,822 with a small gap-up of 99 points (near the resistance zone of 43,800). The index initially fell to the 43,600 swing low (created last Friday). Then, it mostly consolidated till 2:30 PM, post which there was a fall of more than 575 points to 43,000 levels. The intraday fall was 800 points from the day’s high to the day’s low! BNF closed at 43,151, down by 571 points or 1.31%.

Bank Nifty chart October 23 - post-market analysis | marketfeed

All major indices closed in red. Nifty Media (-4.98%), Nifty PSU Bank (-3.7%), and Nifty Metal (-3.26%) fell the most.

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

Today’s Moves

Mahindra & Mahindra (+0.4%) was NIFTY50’s top gainer.

BSE (+7.52%) moved up sharply after the exchange said it would increase transaction charges on the equity derivatives segment, with effect from November 1.

Shares of CreditAccess Grameen (+7.4%) hit a 52-week high on the back of strong Q2 results and a rise in FY24 revenue guidance.

LTI Mindtree (-3.97%) was NIFTY50’s top loser. The stock has been witnessing a correction since the IT firm reported its Q2 results last week.

Laurus Labs (-9.6%) fell sharply after the pharma company reported a decline in net profit and revenue in Q2.

Markets Ahead

The Indian stock markets were under severe selling pressure post 2:30 PM today— there was a fall of more than 550 points in Bank Nifty, 200 points in Fin Nifty, and 150 points in Nifty! Now, all these indices are at major long-term support zones. If those supports are breached, we could see more bearishness in the markets.

Nifty: As you can see in the chart below, Nifty is at a very important support zone of 19,200-250 levels. If that level is breached, the index may fall to 18,800 levels. On the other hand, the important hurdle to cross on the upper side would be 19,500 levels.

Bank Nifty: Bank Nifty broke the important support zone near 43,500. Now, the 43,000 round level can still be considered as support. If that level is breached, we could expect a further decline to 42,600 levels. Meanwhile, the important resistance to watch out for will be 43,600 levels.



Our markets fell sharply today after the benchmark 10-year US treasury note rose above 5%. Moreover, deepening conflict in the Middle East has hurt investor sentiments in the overall Asian markets.

The Indian markets will be closed tomorrow (Oct 24) on account of Dussehra!

marketfeed wishes all our readers a very happy and prosperous Dussehra!

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Daily Market Feed Post Market Analysis

Sharp Recovery After Gap Down. Bearishness to Continue? – Post-Market Analysis

closing bell | marketfeed

NIFTY started the day at 19,545 with a big gap-down of 126 points. The index took support near the round levels of 19,500, moved up to 19,600, consolidated, and gave a breakout till yesterday’s closing levels of 19,680. After taking rejection there, the index fell back to 19,600 levels. Nifty closed at 19,624, down by 46 points or 0.24%.

Nifty chart October 19 - post-market analysis

BANK NIFTY (BNF) started the day at 43,616 with a gap down of 272 points. After the big gap-down opening, the index rose sharply till yesterday’s closing levels of 44,000, took rejection, fell to 43,750 levels, and shot back up to 44,060. Then, the index gradually fell to 43,750 levels again. BNF closed at 43,754, down by 134 points or 0.31%.

Bank Nifty chart October 19 - post-market analysis

All indices except Nifty Auto (+0.5%), Nifty Media (+0.14%), and Nifty FMCG (+0.14%) closed flat-to-red. Nifty Metal (-0.88%) fell the most.

Major Asian markets closed mixed (Japan’s Nikkei fell 1.9%). European markets are currently trading in the red.

Today’s Moves

Bajaj Auto (+6.7%) was NIFTY50’s top gainer. The stock hit a 52-week high of ₹5,495 after the two-wheeler manufacturer reported strong Q2 results.

Shares of PSU civil construction company NBCC (India) Ltd (+9.5%) have zoomed over 60% in 3 months.

LTI Mindtree (+6.6%) jumped after the IT major posted Q2 earnings yesterday.

Wipro (-2.98%) was NIFTY50’s top loser. The company reported flat overall growth in Q2 due to the macroeconomic slowdown and cutbacks in discretionary spending in global markets.

MMTC (-9.95%) fell sharply today. The stock has crashed nearly 20% in 2 days on reports that the govt may shut down the company.

Markets Ahead

Bank Nifty made very volatile moves today. Meanwhile, Nifty tried recovering from the lows but faced rejection from the resistance zones.

Nifty: The important support to watch out for is 19,600. A breakdown from there may take the index down to 19,500 levels. The earlier resistance in Nifty will now act as support. The resistance to look out for will be 19,680 levels, and a breakout from there could give us targets of 19,720 and 19,800.

Bank Nifty: The immediate support in BNF is near today’s low and round levels of 43,500. This is an important long-term support zone as you can see in the chart below. A closing below that zone on a daily or weekly time frame could confirm long-term bearishness. On the other hand, the resistance zone is 44,000, and BNF needs to close above that for some bullishness or reversal.

Premiums in Nifty contracts today and Bank Nifty contracts yesterday experienced insane gamma spikes in Out of the Money (OTM) options. The premiums shot up from ₹1 to ₹25-20 in Nifty today and ₹15 premiums spiked to ₹300 yesterday in Bank Nifty! This creates panic situations for option sellers, whereas such moves reward option buyers if they’re in the right direction.

How was Nifty expiry? Are you in net profit or loss? Let us know in the comments below!

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Daily Market Feed Pre Market Report

Eyes on HDFC Bank – Pre Market Analysis

Here are some of the major updates that could move the markets today:

Stocks

Avenue Supermarts Ltd reported a mere 2% rise in net profit for the quarter ended June to Rs 695 crore, despite a double-digit growth in revenue.

Shares of HDFC Bank, LTIMindtree, and Tata Elxsi will be in focus today as the companies will announce their first quarter results.

Leading broker Angel One has been from onboarding new authorised persons (APs) for alleged failure to monitor the operations of its APs.

What to Expect Today?

NIFTY opened with a gap-up at 19,495 on Friday. There was weakness in the morning due to the long unwinding on Thursday. The market picked up and rallied, especially in the last hour. NF closed at 19,564, up by 151 points or 0.78%.

BANK NIFTY opened with a gap-up at 44,861. It was a down-trending day till 3 PM. There was a huge up-move at 3 PM and BN closed at 44,819, up by 154 points or 0.35%.

IT shot up by 4.5%.

The US markets and the European markets closed mixed with a negative bias.

The Asian markets are trading lower.

The U.S. Futures and European futures are trading lower.

GIFT NIFTY is trading at 19,633.

All the factors combined indicate a flat opening.

NIFTY has supports at 19,500, 19,450 and 19,385. We can expect resistances at 19,600, 19,650 and 19,700.

BANK NIFTY has supports at 44,650, 44,500 and 44,440. Resistances are at 44,950, 45,100 and 45,370.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,500. 

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 44,500.

Foreign Institutional Investors net-bought shares worth Rs 2,600 crores. Domestic Institutional Investors net-sold shares worth 800 crores.

INDIA VIX is at 10.7.

We were expecting a tick mark-like price action as we discussed on Friday’s Pre Market Analysis. The reason is that there was long unwinding on Thursday. The market moved exactly like a tick mark but there was a huge up-move at 3 PM.

Bank Nifty saw immense short covering towards the end. Will there be a continuation to the up-move? 45,000 is going to be the testing zone.

India’s Wholesale Price Inflation came out at -4%, better than expected. As we discussed earlier, negative figures are fine for now.

We do not have major events this week from the global front. However, there are results coming out and more importantly, Reliance demerger.

HDFC Bank will announce their results today. Let us watch the stock closely. It is more important this time as the weightage has increased.

I will watch 19,385 on the downside in NIFTY. 19,600 can be watched on the upside.

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