Markets see sharp consolidation in the day, with Nifty closing flat. Nifty opened at 17,586 and moved down slightly. In general, the market moved sideways trading in a less than 90 point zone. After consolidation, Nifty closed the day at 17,546, down 15 points or 0.09%.
Bank Nifty opened the day with 37,227 and closed with a red candle in the daily charts. The index found support at 36,880 and closed near the day low. Bank Nifty closed the day at 36,944, down 290 points or 0.78%.
Nifty Media(+13.57%) shot up in the day once again with ZEEL rallying. Nifty Realty also moved up 8.45% as funds flowed into midcaps. Nifty Metal and Nifty Auto gained just over 1% each.
Asian markets closed mixed in the day. European markets are trading well in the green today.
News Picks
Stocks in the Nifty Metal index gained back with Coal India, Hindalco and JSW Steel featuring in the top-gainers.
Nifty IT hit an all time high with TechM and HCL Tech closing among the top-gainers.
Banks and financial institutions including HDFC, Kotak Bank, ICICI Bank, HDFC Bank and Axis Bank closed among the top-losers of the day.
ZEEL continued its breakout and closed 31% up in the day after merging with Sony Pictures India. SunTV also gained 4.5% along many other media stocks.
Realty stocks continued their breakout with the index hitting a 11-year high. Godrej Properties and DLF gained over 11% with IbulHsgFin and LIC Housing Finance both nearly 6% in the green each.
Hotel stocks, theatre stocks and others linked to re-opening of the economy closed in the green. PVR, Inox Leisure, IRCTC, Indian Hotels and others closed with good gains.
Markets Ahead
Nifty consolidated in the day after breaking yesterday’s high, showing that there is no real bearishness currently in the market.
But India VIX, which tracks volatility in the market did not move down.
Global markets have started recovering from their recent fall with all European markets strongly in the green. We can expect news from the FOMC Meeting tonight from the U.S. which may cause volatility tomorrow.
Pressure from the Evergrande issue has reduced with the property developer saying they will make payments on their bonds.
Eagerly watching the international markets tonight and keeping a watch on the support and resistance zones of Bank Nifty. Keep an eye on 36,500 on the lower side and 37,500 on the upper side.
Hoping you were able to catch some moves in the media and realty index today. Let us know in the comments section of the marketfeed app if you did!
Markets rebound in the day with most sectoral indices gaining back from yesterday’s fall.
Nifty opened with a big gap-up at 17,427 and tried moving up. The index struggled in the morning and fell to near 17,320 even breaking yesterday’s low. Just before noon, the market regained strength and started to move up. With some volatility, Nifty rallied up and closed the day at 17,562, up 165 points or 0.97%.
Bank Nifty opened the day with 37,262 and fell sharply. The supports at 37k and 36,800 were respected but the index broke all of these levels and moved down more than 800 points intraday. But recovery was seen across the market and Bank Nifty closed the day at 37,236, up 90 points or 0.25%.
Nifty Realty, Nifty Metal and Nifty IT bounced back from yesterday’s fall. Only Nifty Auto closed in the red today.
Asian markets stayed stable and mostly in the green, except Japan which was closed yesterday. European markets are trading well in the green currently.
News Picks
JSW Steel(+5.6%), Tata Steel(+3.1%) and UPL(+2.3%), the stocks which fell the most yesterday, closed among the top gainers today.
Oil-related stocks ONGC(+5.2%) and OIL(+7%) closed sharply in the green today. Crude oil has been on a rally internationally, and stocks related to it have been on a rally.
Bajaj Finance(+5%) and Bajaj Finserv(+3.3%) closed among the top-gainers after staying flat in yesterday’s fall.
ITC(+3.3%) continued its breakout by gaining to reach Rs 242 in the day. The stock is at its highest level since January 2020.
Auto stocks closed in the top-losers section with chip shortage continuing to be an issue for them. Maruti(-2.4%), Bajaj-Auto(-1.2%) and Hero MotoCorp(-1.3%) closed in the top losers of Nifty. Tata Motors(+1%) however moved up after saying it will increase the prices of its commercial vehicles from October 1.
SpiceJet(+1.5%) to raise up to Rs 2,500 crores by allotting equity to institutional investors. Indigo(+3%) also went up in the last hour of trade.
ITDC(+3%) to raise Rs 7,000 crores from Ashoka Hotel monetization. Hotel stocks generally closed in the green once again with Indian Hotels(+2%), EI Hotels(+1.1%), Chalet(+2.5%) and more moved up.
Godrej Industries(+4.7%) approved the issue of NCDs worth Rs 750 crores.
Four entities have shown interest to purchase a controlling stake in state-run IDBI Bank(+5.9%).
PVR(+5.9%), Mindtree(+5.5%), SAIL(+5.1%), Godrej Prop(+4.7%), PEL(+4.3%) and Can Fin Homes(+4.3%) closed among Midcap top gainers.
Markets Ahead
With the Asian markets staying in the green today morning, Nifty opened flat in the day. And once the European markets opened and shot up 1-1.5% to the green it was confirmation that our market will bounce back.
India VIX has calmed down and fell 6% today. Looks like the temporary volatility is now reduced.
Dow Jones Futures are also in the green. If the markets there also recover, we can expect our markets to do well tomorrow.
Hoping that no one got trapped in the intraday movements of the market. Even with the V-shaped recovery in Nifty, the candles being formed were very volatile.
Bank Nifty closing above 37,200 and Nifty at Friday’s closing level is some confirmation that the market has not yet turned bearish. But is it still a candle showing indecision for Bank Nifty. Keep watching the 36,500 support level in the Bank Nifty index along with 17,200 as support for Nifty.
Tomorrow’s Fed Meeting highlights are also being watched by market participants eagerly. If decisions remain along the same line as current policies, markets might jump a bit back up.
Is it just a bounce-back before another fall? Or is it showing that bears don’t have enough strength yet? Let us know what you think in the comments section of the marketfeed app!
Beginning of the fall for Nifty with morning power and an afternoon fall.
Nifty opened with a big gap-down at 17,451 and went up. After the gap-down was covered, the index found resistance at 17,620 and then a sharp fall was seen. NIFTY dropped more than 230 points from the day-high and closed near the day-low at 17,396, down by 188 points or 1.07%.
Bank Nifty opened the day with 37,362 with a gap-down and bounced up like Nifty. After finding perfect resistance at 37,800, the index fell more than 700 points by day closing. Bank Nifty closed the day at 37,145, down 666 points or 1.76%, right near crucial supports.
Nifty Metal(-6.6%) and Nifty PSU Bank(-4.1%) saw sharp sell-offs today. All sectoral indices except Nifty FMCG(+0.91%) closed in the red, with Realty(-2.1%) and Pharma(-1.8%) both closing over 2% down.
Asian markets which were open today closed in the red. European markets are trading well in the red currently.
News Picks
FMCG stocks featured in the top-gainers of Nifty 50 with small gains. Hindustan Unilever(+2.8%), ITC(+1.1%), Nestle(+0.73%) and Britannia(+0.81%) were among the only 7 gainers of Nifty. Marico(+1.3%) also closed with gains.
GMR Infra(+7.9%), PVR(+2.2%), Inox Leisure(+2.3%), Tata Elxsi(+6.2%) and ICICI Lombard(+1.5%) closed with significant gains in a bearish day.
Tata Steel(-9.5%), JSW Steel(-7.2%) and Hindalco(-6%) crashed sharply after GST Council approved increasing taxes from 5% to 18% on metals. Jindal Steel(-9.1%), National Aluminium(-8.9%), SAIL(-8.1%), NMDC(-7.7%) and many others also fell heavily in the day.
Hotel stocks closed with good gains in the day with hopes of economic re-opening. IndianHotel(+8%), EIH Limited(+3.1%), EIHAHOTELS(+6.2%), Chalet Hotels(+1.9%) closed in the green.
India VIX, or the Volatility Index jumped 15% to 17.49. Learn more about India VIX Here.
Markets Ahead
Nifty has now started the week with real bearishness, failing to sustain the morning gains. Many issues cloud the market gains.
The outcome of the Federal Open Market Committee (FOMC) meeting, which is scheduled on September 21-22 will be a critical factor going ahead.
The Evergrande issue which we discussed yesterday, with debts similar to the 2008 financial collapse caused a sharp fall in Asian markets. Profit booking from all-time highs is also being seen.
GST Council meet caused stock-specific movements in the metal industry as we discussed on Friday. India VIX rising to 3-month highs will also have to be watched.
Currently, the Dow Jones Futures are also trading 1-1.5% in the red. Markets in India may show a small bounce back tomorrow if the U.S. stays steady tonight.
The current bullish momentum in Bank Nifty has temporarily been paused. Still, the levels of 37,000 and 36,500 will act as supports for the index. Only below this can we can say that the index has become bearish.
Did you take a trade in today’s market? How did it go? Let us know in the comments section of the marketfeed app!
Markets see a small correction after the morning rally, then recovered towards the end of the day.
Nifty opened with a big gap-up at 17,710 and continued to move up to never before levels. After marking a fresh high near 17,800, the index saw a sharp fall of nearly 250 points till afternoon. Towards the end, Nifty slightly recovered and closed the day at 17,585, down just 44 points or 0.25%.
Bank Nifty opened the day with a small gap-up at 37,860 and crossed the level of 38,000 by around 10 AM. A sell-off took the index down around 600 points from the day-high. But in the last hour, banks shot back up to reach back to the opening level. Bank Nifty closed the day at 37,811, up 143 points or 0.38%.
Nifty PSU Bank(-2.9%), Nifty Realty(-2.35%) and Nifty Metal(-2.38%) saw heavy sell-offs in the day. Only Nifty Media closed well in the green.
Asian markets closed mostly in the green today. European markets are trading slightly in the red currently.
News Picks
Kotak Mahindra Bank(+5.3%) continued its rally, with steady buying throughout the day. There was news of the bank acquiring Volkswagen Finance’s assets. The stock had been underperforming for many months but turned bullish in September. The stock along with HDFC Bank(+1.4%) contributed nearly 61 points to Nifty today.
Metals once again continued their fall from yesterday with Tata Steel(-3.5%), Coal India(-3.4%) and Hindalco(-2.1%) closing as top-losers. There were concerns of higher GST on metals.
IRCTC(+2.49%) briefly crossed the 4k mark and closed with good gains.
INDIGO(+10.9%), SpiceJet(+3.4%) moved up after strong August data from the industry.
ZEEL(+3.3%) ends in the green following brokerages ‘upgrade’ their outlook on the company.
Banking and Finance companies – Indiabulls Housing Finance(-5.4%), PNB(-4.9%), Bank of Baroda(-4.1%), IDFC First(-3.5%) and Bandhan Bank(-3.4%) fell in the day.
Markets Ahead
This is the 4th week in a row of Nifty 50 closing in the green along with Nifty Small & Midcap.
Most interestingly, Bank Nifty also gave a breakout to all-time highs outperforming Nifty.
The major event to be watched today is the GST Council Meeting. The change in tax of certain industries could result in a lot of stock-specific rallies/falls.
UP Finance Minister said today that the state is against adding petroleum products under GST. Revenue loss for states and the centre may be too hard to handle in the current situation, so this is not expected to happen.
In the market, Banks may continue their bullishness as indicated towards today’s closing time. The rest of the market may enter into a mood of consolidation.
We have a weekend ahead of us to study charts and companies. So let’s make the most of it!
How did this week go for you? Did you catch Bank Nifty’s sharp moves today? Let us know in the comments section of the marketfeed app!
Breakout in the index continues with the bulls pushing Bank Nifty to new all-time highs.
Nifty opened the day at 17,552 and moved down to take support near the 17,500 mark. Yesterday this level was a resistance and today it acted as a support. After slowly moving back and breaking the day-high, Nifty even broke the 17,600 level in the last hour of trade. With the bullishness, Nifty closed the day at 17,629, up 110 points or 0.63%.
Bank Nifty opened the day with a small gap-up at 36,947 and tried breaking 37,050 multiple times. And once this was broken, there was no looking back. The index slowly and steadily kept on moving up till it hit a fresh all-time high at 37,720. Bank Nifty closed the day at 37,668, up 816 points or 2.22%.
Nifty PSU Bank(+5.43%) once again outperformed all others, followed by Bank Nifty(+2.2%). Nifty FMCG(+1.24%) and Nifty Finserv(+1%) also closed with gains. Nifty Media(-1.7%) once again saw a correction.
Asian markets closed mostly in the red today. European markets are trading in the green currently.
News Picks
The major banks with maximum loan exposure to Vodafone Idea – IndusInd Bank(+7.3%), SBI(+4.%) and ICICI Bank(+1.8%) gained to close among Nifty 50’s top-gainers. Axis Bank(+1.4%) and Kotak Bank(+1.88%) also closed with gains.
Banks were boosted by multiple factors including Vodafone Idea. SBI said it will give home loans at 6.7% irrespective of the loan amount. Kotak Mahindra Bank cuts lending rates across tenures effective today.
And the announcement of a bad bank, which could improve asset qualities of stressed PSU Banks is expected to be announced at 5 PM by the Finance Minister. Hence the rally in PSU Banks.
Vodafone Idea(+25.7%) rallied to hit its highest levels since March of this year. Yesterday’s bullishness after the telecom sector reforms by the government continued in the stock.
IndusTowers(+10.1%), IDFC First Bank(+4.7%), Yes Bank(+15.7%), PNB(+7.8%) and many other related stocks also gained in the day.
ITC(+6.8%) gave a breakout early in the morning and contributed a lot of points to Nifty’s move. The stock has hit a 7-month high.
Crude oil prices gave a breakout, as we had shared in the Top International News article, and many oil-related stocks gained. IOC(+1.68%), OIL(+2.7%), HPCL(+2.4%) gained in the day. BPCL(-10.3%) fell after the stock went ex-dividend for its record Rs 58/share dividend.
Easy Trip Planners(+19.5%) said it has expanded its business to the Philippines, Thailand, and the USA.
With news that the India GST council is likely to discuss raising the GST rate of solar modules, iron, copper, aluminium and other metals, Nifty Metal closed in the red. Tata Steel(-1.26%) and JSW Steel(-1%) closed as top-losers in Nifty 50, with NMDC(-1.3%) and Jindal Steel(-1.6%) also falling.
Markets Ahead
Markets once again surprised bears by shooting up to all-time highs. It has been a while since Nifty and Bank Nifty both hit fresh highs on the same day.
Out of those who contributed to Nifty today, Reliance was the most significant giving more than 30 points. And interestingly, as we wrote yesterday, the silent breakout in ITC became a very strong breakout today. Hope you caught this move.
The major contribution was however put in by all the top banks. ICICI Bank, HDFC Bank, SBI, IndusInd Bank, Kotak Bank and Axis Bank together contributed nearly 80 points in Nifty’s 110 point rally today. So it was a combined effort by the banks which pushed up Nifty.
And as we had discussed yesterday, our bearish view was broken once Nifty breached 17,500 and the bulls did indeed take over. And that too with so much power!
Even though there was a sell-off and profit booking in Hindustan Unilever(-0.26%), Infosys(-0.54%), TCS(-1.3%) and other IT stocks, this alone could not hold down the market. At one point just near noon, even Reliance(+2.1%) which was till then in the red, shot up.
We had waited to see if the confidence in telecom and bank sectors did continue and indeed it did. Along with this, the expectation of the announcement of a Bad Bank today(which actually pushed Bank Nifty up during Budget Week in February too) helped the market continue its dream rally.
Short sellers surely booked a loss on a day where portfolios will have closed in bright green.
I am curious, were you holding on to ITC shares? Let us know in the comments section of the marketfeed app!
Nifty breaks out once again and closes at new all-time highs with a clear bullish trend.
Nifty opened the day at 17,404 and kept on moving up through the day. It confirmed bullishness by breaking the all-time high and just kept going up. After breaking even 17,500, Nifty closed the day at 17,519, up 139 points or 0.80%.
Bank Nifty also opened the day flat at 36,637 and tried to move down. Once again, the support was taken at 36,500 and Bank Nifty quickly bounced back up. After yesterday’s high was broken around 2 PM, the index quickly jumped but could not touch the 37k mark. Bank Nifty closed the day at 36,852, up 239 points or 0.65%.
Nifty PSU Bank(+2.83%) and Nifty IT(+1.82%) shot up to outperform other sectoral indices. Only Nifty Media(-1.55%) ended in the red after yesterday’s dream rally.
Asian markets closed mostly in the red today. European markets are trading flat currently.
News Picks
Energy stocks outperformed in the day with NTPC(+7.1%), Coal India(+4.1%), ONGC(+3.6%) and Powergrid(+2.1%) featuring in the top-gainers of Nifty 50. Price hikes and fuel demand going up around the country is a possible reason. Tata Power(+5.3%) also gained.
Coal India(+4.1%) has also requested the Government to look at tweaking tax rules, after which we may see share buybacks which could boost prices of the stock
Bharti Airtel(+4.5%) once again rallied to 52-week highs after the government approved delayed payment of AGR Dues. Vodafone Idea(+2.8%) also gained with 100 per cent foreign direct investment (FDI) in the telecom sector being approved as part of its comprehensive package for the telecom sector. Possible takeover of Idea coming?
Stocks related to the telecom industry, especially PSU Banks with high debt exposure to Idea moved up. SBI(+2.5%), PNB(+2.5%), Yes Bank(+2%), IDFC First Bank(+1.4%) and IndusInd Bank(+1.6%) shares closed with bullishness.
Ami Organics(+20%-UC) which got listed in the market yesterday, hit the upper circuit in early trade today.
IT stocks including TCS(+1.6%), Mindtree(+4.5%), Goenka group’s Zensar Tech(+18.9%), Mphasis(+4.4%), CoForge(+1.3%) hit fresh 52-week highs in the day with money flowing into the sector.
After reports that rice prices could increase, shares of related stocks Chaman Lal(+5.9%), LT Foods(+6.2%) went up.
ZEEL(-2.1%) was locked in the 10% upper circuit in the morning but fell more than 15% from day high.
SpiceJet(+5.9%) introduces 38 new domestic and international flights. Indigo(+1%) also moved up.
Telangana Govt forms panel for Larsen and Toubro(+1.5%)‘s Hyderabad metro rail bailout.
Titan(+3.1%) soared to fresh all-time highs with bullishness with brokerages going bullish and fresh offerings from the company’s Tanishq brand.
US Patent and Trademark Office has granted Subex’s(+2.7%) patent application that helps to maximize the revenue of telecoms.
NCC(+7.3%) emerged as the lowest bidder to construct all 3 packages of Bangalore metro’s 37 km airport line.
Sources said during the market hours that the Indian cabinet has approved the Production-Linked Incentive scheme for the auto sector. India to spend Rs 26,058 crores on Production Linked Incentive scheme for auto, the drone industry.
Tata Motors DVR(+12.8%) extended gains over the standard Tata Motors(+1.9%) share with heavy institutional buying. The orange line is Tata Motors DVR share prices compared to standard shares.
Markets Ahead
Nifty broke out to touch and cross 17,500 with strength in the day, with our bearish view on the index being negated.
Infosys, TCS and other IT stocks continuing to rally with Foreign Institutional money flowing into them have helped the market move up. Just these two stocks alone 35 points to Nifty today.
Along with this, Bank Nifty got the confidence to break out with the telecom sector reforms announced by the government today. Including reduced payments, highly debted companies including Vodafone Idea will get 4 years to pay off their dues to the government. This has given some confidence to shareholders of their lending banks.
Not just Idea, Bharti Airtel also rallied and the co’s market cap today crossed that of SBI, nearing Rs 4 lakh crore. We will have to see if this confidence in telecom and bank stocks are continued tomorrow.
Bank Nifty once again took support at 36,500 and moved up. The range will continue to act as good support for the index.
Portfolios are at all-time highs with midcaps and largecaps creating huge investor wealth. How is yours looking now? Let us know in the comments section of the marketfeed app!
Nifty ends slightly higher, continuing its consolidation for the 6th trading day.
Nifty opened the day at 17,425 with a gap-up and tried to move up. Almost perfect resistance was taken near the all-time high and profit booking brought the index down slowly. The entire gap-up was covered and Nifty closed the day at 17,380, up 25 points or 0.14%.
Bank Nifty also opened the day with a gap-up at 36,664 but quickly found resistance. Just like Nifty, the index slowly moved down throughout the day. 36,500 support was tested once again and Bank Nifty closed the day at 36,613, up 141 points or 0.39%.
Nifty Media(+14.4%) showed off in the day with power from ZEEL’s rally. All other sectors consolidated, with Nifty Auto(+0.88%) and Nifty IT(+0.86%) giving small moves.
Asian markets closed mixed in the day. European markets are also trading mixed currently.
News Picks
Former Nifty 50 stock, ZEEL(+40%-UC) rallied with news that top investors seek removal of CEO Punit Goenka. The stock kept on moving up till the last minute of trade.
This gave power to all Nifty Media companies and TV18(+10.25%), DishTV(+9.8%), Network 18(+6.6%), SunTV(+4.8%) and DB Corp(+6%) closed with gains.
Other ZEE group companies including ZEE Learn(+20%-UC) and ZEE Media(+5%-UC) also moved up.
Indusind Bank(+4%) closed as the top-gainer of Nifty 50 with CNBC saying that the Indian Government is considering a moratorium for telecom spectrum dues. This was considered after major banks including SBI appealed to the government to relax payments from Vodafone Idea. IndusInd Bank has a considerable amount of outstanding loans to Vodafone Idea.
For the same reasons, Vodafone IDEA(+9.4%), Indus Tower(+3.1%) and IDFC First bank(+2.3%) also closed with gains.
HCL Tech(+2.5%) rallied to fresh 52-week highs after announcing a strategic partnership with Korea’s HANCOM to advance technology solutions and for overseas expansion. The company also secured a multi-year contract with biotech firm Genmab to support its IT infrastructure operations globally.
Auto stocks saw a strong rally in the morning on news that the Cabinet may consider the Production Linked Incentive(PLI) scheme for the Auto & Auto component sector in tomorrow’s meeting.
Mothersumi(+4%), Amara Raja Batteries(+2.6%) led the gains in a good day for Auto stocks. Tyre stocks CEAT(+2.2%), Apollo Tyre(+2.8%), JK Tyre(+3.9%) also gained.
Tractor manufacturer Escorts(+6.3%) moved up after partnering up with IndusInd Bank for financing customer loans.
Electric Vehicle Linked stocks Greaves Cotton(+5%), Tata Motors(+1.6%), Olectra Greentech(+5%-UC) and JBM Auto(+7%) also gained.
Larsen and Toubro(+1.6%) is trying to give a breakout and can be watched. From the smallcap space, IOLCP(+6.5%) can be watched.
Vijaya Diagnostic opened with a premium of 1.6% at Rs 540/share on NSE vs an IPO issue price of Rs 531. The stock closed at Rs 620, 16% above issue price.
Ami Organics opened with a 49% premium at Rs 910/share on NSE vs issue price of Rs 610. The stock closed at Rs 935.
After the 30% rally in stock price last month, the government is likely to sell its shares in HAL through OFS(Offer For Sale) this month, looking to sell a 0.15% stake. Hindustan Aeronautics Limited said that they have a stable financial position with consistent growth year on year.
Other defence-related stocks held by the government – BEL(+3%), BHEL(+5.1%), BEML(+6.7%) and Cochin Shipyard(+2.2%) moved up.
Godawari Power(+5%-UC) approved the proposal for a share split in the ratio of 1:2.
PEL(+3%) moved up trying to gain back from the August fall.
With crude oil prices moving up internationally, OIL(+2.6%), HPCL(+1.3%), IOC(+1%) and ONGC(+0.73%) closed in the green.
Zomato(+0.66%) touched a fresh all-time high but fell after co-founder Gaurav Gupta quit. The stock fell more than 10% from the day high but gained back and closed flat. The stock needs to be watched further to see how it reacts to the GST Council ready to consider food delivery apps as restaurant services.
The India Government may provide incentives for Drone Makers in the coming meetings. ZEN Tech closed at 5% Upper Circuit. The stock is up 165% in the last 30 days.
Cabinet to discuss PLI for surfactants, dye pigments up to Rs 5.000 crores soon. Galaxy Surfactants(+9%) and Aarti Surfactants(+16%) moved up.
ITC(+0.9%) silently hit a 3-month high and closed with small gains. The stock is long overdue for a rally.
Markets Ahead
Nifty has formed a red candle in the daily charts for the 5th time in the last 6 trading days.
Bank Nifty is also trying to take 36,500 as support once again. IndusInd Bank and Kotak Bank are trying to keep the index steady.
India’s August Wholesale Prices Inflation came out at 11.39% vs 11.16% last year. It was still better than the estimate of 11.78%. Investors around the world are looking at U.S. Inflation data, set to be out today.
Expecting volatility in the Indian market tomorrow if the U.S. markets react well to the inflation data.
Did you see ZEEL’s rally to touch fresh 52-week highs? Did you catch the fall in Nifty from the all-time high? Let us know in the comments of the marketfeed app!
Nifty ends flat for yet another day, gaining back from the morning fall!
Nifty opened the day at 17,348 and moved down sharply in the first hour of trade. However, a recovery was seen and Nifty even went on to test last day’s high of 17,370. After cooling down, Nifty closed the day at 17,355, down 14 points or 0.08%.
Bank Nifty opened the day at 36,620 and moved down. But unlike Nifty, a strong pullback was not seen and the index struggled to stay above the 36,500 mark. Bank Nifty closed the day at 36,471, down 211 points or 0.58%.
Nifty Media(+1.3%) once again moved up along with Nifty Metal(+1.2%), just like last day. Nifty IT(+0.94%) also moved up while all other sectors consolidated.
Most Asian markets closed in the red while Japan’s Nikkei closing slightly in the green. European markets are all trading well in the green currently.
News Picks
Coal India(+4%) closed as Nifty’s top gainer with the state-run company planning to increase prices of coal by over 10%.
As Aluminium prices touched $3,000/ton for the first time in 13 years, Hindalco(+3.1%) gained to close among the top-gainers. National Aluminium(+2.8%) and Vedanta(+2.2%) also moved up.
With TCS(+1.4%) being seen as the major player in BSNL 4G rollout, the stock moved up in the day. Mindtree(+4.5%) and Wipro(+1.2%) also gained in a bullish day for Nifty IT stocks.
BPCL(+1.4%) stock prices hit a 52-week high ahead of its ₹58 per share dividend payout on 16th September.
Reliance(-2.2%) moved down after delaying the launch of its ultra-low-cost smartphone in partnership with Google.
ICICI Bank(-1.7%), HDFC Bank(-0.8%) and IndusInd Bank(-0.3%) featured in the top-losers of Nifty 50 with minor falls.
Vodafone Idea(-5.3%) continued volatility and closed in the red. Meanwhile, Bharti Airtel hit fresh 52-week highs.
IRCTC(+4.2%) resumed its rally and touched fresh highs.
Angel Broking(+5.4%) moved up after onboarding 4.5 lakh customers in August, taking the total client base to 61.5 lakh. Share prices of CDSL also moved up.
Suryoday Small Finance Bank(+20%-UC) shot up after reports said Clix Capital may merge with the company. The Bank replied that at present, no decision is taken by the board on this.
Gas companies rise on Petroleum Secretary’s comment on gas prices. IGL(+4.8%) and MGL(+1.1%) closed in the green.
Goldiam International (+10.7%) moved up after the board approved share buyback up to Rs 45.6 crores at Rs 1,200/share.
Advanced Enzymes(+12.4%) shot up after announcing positive clinical breakthroughs to resolve ‘long COVID’ fatigue symptoms.
India’s government is planning to put a tax on cryptocurrency trades and ecosystems in the country, bringing some validation to the same.
Electronics PLI scheme related stocks, ITI(+2.1%), HFCL(+3.7%) D-Link(+1.6%) and Amber(+2.8%) moved up.
Media index continued to trade in green with Zeel(+2.1%), DishTV(+8.1%) and TV18(+1.1%) moving up.
Action Construction Equipment(+17.3%) moved up after getting multi-crore defence order from Tata Advance Systems and DRDO including launch vehicles for missiles.
With India’s sugar sector expected to have a record export season, last-minute moves were seen in the share prices of EID Parry(+5.1%) and Balrampur Chini(+0.2%).
Markets Ahead
Nifty has started off the week slightly in the red but showed power near the end. As we discussed last week, Kotak Bank has given further moves and pushed Nifty up near closing time.
Bank Nifty is showing weakness while Nifty consolidates. Interestingly, market has not fallen into a correction phase as shown by Nifty Midcap(+0.45%) and Nifty Smallcap(+0.59%) closed in the green. This is indicating that the general market is just going into a consolidation phase for now.
Reliance has started cooling off from its fresh 52-week highs. Since the stock has been actively moving in the last month, we can keep tracking it to predict movements from Nifty. The stock may bounce back from near 2,300 level.
Keep watching if Kotak Bank alone can keep Bank Nifty flat. If other banks don’t become bullish, we can expect profit booking in Kotak too.
How was Monday for you? Were you able to capitalise on the morning fall? Let us know in the comments of the marketfeed app!
Nifty ends the day flat after trading in a tight range for the weekly expiry!
Nifty opened the day at 17,319 and mostly saw sharp movements. But even with the volatility, the index only traded in an 80 point range. 17,300 was tested at 12:30 PM, but the market recovered from there and closed at the day-high. Even with the last 30-minute jump, Nifty closed the day at 17,369, up 16 points or 0.09%.
Bank Nifty opened the day at 36,736 and looked like it would break yesterday’s high. But, perfect resistance was taken and the index moved back down. After trading in a 290 point zone, Bank Nifty ended the day at 36,683, down 85 points or 0.23%.
Nifty Media(+2.97%) was the only sector that moved above 1% today. Nifty Metal(+0.78%) also saw some strength, while all other sectors consolidated.
Most Asian markets closed mixed in the day. European markets are all trading well in the red currently.
News Picks
FMCG stocks saw buying in the day with Nestle(+3.11%) and ITC(+0.66%) closing among Nifty 50’s top gainers. Other FMCG stocks – PGHH(+3.02%), Marico(+2.5%) and Emami(+2.41%) also moved up.
Bharti Airtel(+2.74%) moved up to fresh 52-week highs with telecom stocks once again doing well in the day. Idea(+4.35%) and Indus Tower(+2.73%) also moved up.
ONGC(+2.69%) moved up and closed as the top-gainer after ICRA assigned ‘AAA’ credit rating for non-convertible debentures (NCD) of the company for Rs 7,500 crore. OIL India closed 2.58% up.
Life insurance stocks SBI Life(-3.84%) and HDFC Life(-0.85%) closed among top-gainers of Nifty 50 today. ICICI Prudential(-2.85%) also closed in the red. SBI Life fell because Canada Pension Plan Investment Board was planning on selling 2 crore shares in the company at a discount of 0-5% to Wednesday’s close.
Media stocks mostly closed in the green. ZEEL(+3.16%), PVR(+2.12%) closed among top-gainers. DishTV(+20%) and SunTV(+1.79%) also closed with gains.
Ashok Leyland(+2.8%) moved up after Chairman Dheeraj G. Hinduja said they are looking at all options for the manufacturing of batteries for electric vehicles.
Auto ancillary companies including Mahindra CIE(6.5%), Sona Comstar(+1%) closed with gains.
Greaves Cotton(+2.5%) announces its entry in the multi-brand electric vehicle retail segment.
Coromandel International(+3.5%) closed in the green after launching a new fertiliser brand GroShakti Plus.
CDSL(+5%), BSE(+4.2%), IEX(+1%) and MCX(+1.8%) closed in the green.
Markets Ahead
Nifty has ended the week in the green, after opening with a gap-up on Monday. It is the 3rd week in green for the index. Bank Nifty has also managed to close above the 36,500 mark in the week.
What is more interesting is that Nifty has stayed strong even when global markets saw correction this week. Even the crypto markets and commodity markets have been seeing a correction. Will be interesting to see how the Indian markets move after opening on Monday.
Remember that it is a 4-day week and tomorrow is a market holiday. So do remember to take some time off and to study some charts.
Most sectoral indices closed with consolidation while Nifty Media moved up more than 2%. Nifty Pharma closed more than 0.75% in the red for the week.
Hope you had a good weekly expiry. Have a great weekend!
Wednesday volatility in the market. Nifty closes flat while Bank Nifty shoots up near closing.
Nifty opened the day at 17,377 and was in a mood to consolidate. After moving sideways till noon, the index suddenly saw selling and went down till 17,250. Nifty took support at this zone and saw good buying right after this. After almost reaching back to day-high, Nifty closed the day at 17,353, down 8 points or 0.05%.
Bank Nifty opened the day at 36,538 and was bullish in the morning. Resistance was taken near the 36,800 zone multiple times before the entire market moved down pulling banks down as well. Support was taken at 36,500 and the index bounced back to even cross the day-high near closing time. Bank Nifty closed the day at 36,768, up 299 points or 0.82%.
Bank Nifty(+0.82%) and Nifty PSU Bank(+0.71%) were the better off sectoral indices, while all other sectors consolidated.
Most Asian markets closed mixed in the day. European markets are all trading well in the red currently.
News Picks
Kotak Bank(+2.8%) moved up with strength after a 4-month consolidation. The stock closed as Nifty 50’s top gainer.
There is a proposal to bring infant nutrition and food under BIS certification. Nestle(-2.6%) moved down and closed as Nifty’s top-loser.
Hindustan Unilever(+0.84%), however, stayed steady and moved up after increasing prices of Surf Excel, Rin, Lifebuoy products.
Info Edge(+8.6%) moved to fresh 52-week highs with the possible IPO of its invested company PolicyBazaar soon. The business outlook of the company is also looking positive, as reported by brokerages.
IRCTC(+0.29%) hit an all-time high of Rs 3,422 and then fell 4% from the day’s high. The record date for the 1:5 split is yet to be announced.
Electricity financing companies under the Central Govt, PFC(+3.6%) and REC(+4.4%) moved up in the day. Tata Power(+2.4%), Torrent Power(+2.3%), Indian Energy Exchange(IEX)(+3.5%) also moved up.
With Mutual Fund data for August coming out and showing equity inflows of Rs 8,666 crores, shares of Asset Management Companies traded in the green. Even though it is lower than July’s Rs 22,583 crores inflow to equities, it is because July had many new mutual funds attracting the interest of retailers. HDFC AMC(+4.5%), Nippon Asset Management(+3.7%), UTI AMC(+1.2%) closed in the green.
Cabinet approves incentives worth Rs 10,683 crores for textiles. Trident(+4.8%), Alok Industries(+7%), Filatex India(+12%), Arvind Fashion(+5.1%), Sutlej Textiles(+6.5%) and Siyaram Silk(+2.3%) moved up. Yesterday’s gainers from the sector closed in the red.
IDEA(-2.4%), Airtel(-0.4%), IndusInd Bank(-0.16%), IDFC First Bank(-0.5%), Indus Tower(-2.4%) moved down on reports saying the Cabinet did not consider telecom relief packages today.
Markets Ahead
Nifty once again closed with a red candle in the daily charts with IT stocks and Reliance cooling down.
Bank Nifty opened above our 36,500 level and then bounced up from there. The index touched nearly 36,850 near market closing time. Kotak Bank giving a breakout in the charts might soon give more move with the kind of volume and power it has shown today.
Wednesday volatility was what we expected and it is what we got. After showing bearish signals in the first half, the market bounced back afternoon.
Even though global markets are in the red, Nifty managed to close flat with power from the top private banking shares – Kotak Bank, HDFC Bank, ICICI Bank and Axis Bank contributing nearly 44 points to the index.
Both small-caps and midcaps index outperformed Nifty today.
With tomorrow being the weekly expiry, we can see a lot of call options being written at 17,400 and 17,500. This indicates resistance for Nifty in the upward zones. The bears might take over after giving the bulls more hope that the rally will go on. Will have to watch if Nifty closes with a gap-up above 17,400 which might scare the option sellers at that zone.
What do you think? Can the bulls charge through and hit 17,500? Or will correction in Nifty IT and other sectors pull down the market? Let us know in the comments section of the marketfeed app.
Markets consolidated on the second day of the week with Nifty closing nearly flat.
Nifty opened the day with a small gap-up at 17,403 and moved down till yesterday’s low. The index tried to take support but fell to near 17,280 soon. There was a more than 150 points rally to fresh all-time highs by just afternoon. Nifty moved back down near the end and closed at 17,362, down 16 points or 0.09%.
Bank Nifty opened the day at 36,590 and moved down below 36,500 for the first time since crossing it on September 1st. Support was taken near 36,150-36,200 and the index bounced back to fresh day-highs. Bank Nifty also fell near the end and closed the day at 36,468, down 124 points or 0.34%.
Nifty Realty(-2.33%) and Nifty IT(-1.3%) from yesterday saw a correction. Nifty PSU Bank(-1.25%) also moved down, while all other sectors consolidated.
Most Asian markets closed mixed in the day. European markets are all trading in the red currently.
News Picks
HDFC(+2.5%) moved up just afternoon and closed as Nifty’s top-gainer.
Other NBFC stocks including Can Fin Homes(+4%), LIC Housing Finance(+4.7%), IDFC First Bank(+2.7%) and MFSL(+1.8%) also moved up.
With the Union Cabinet likely to consider a relief package for the telecom sector tomorrow. Bharti Airtel(+2.4%), Idea(+13.7%), Indus Tower(+7.9%) and Reliance(+0.6%) moved up.
Stocks with exposure to Idea including IndusInd Bank(+0.94%) and IDFC First Bank(+2.7%) moved up.
ITC tried to move up with global rating agency CLSA retaining a buy. The stock closed 1.17% up with a small breakout.
PSU companies IRCTC(+9.2%), Cochin Shipyard(+2.1%) moved up. Cochin Shipyard was the lowest bidder in a Rs 10,000 crore project for the Indian Navy.
Electronics companies once again moved up in the day. Voltas(+5.7%), IFBIND(+4.4%), Blue Star(+1.4%), Bajaj Electricals(+2.8%), Whirlpool(+3.9%), V-Guard(+3.7%) closed in the green.
Ujjivan(-10%-LC) and Ujjivan Small Finance Bank(-3.5%) continued to crash down after a small break.
Realty stocks moved down after yesterday’s rally. DLF(-2.7%), Oberoi Realty(-3.2%), Godrej Properties(-1.7%), Prestige(-5.8%), Sobha(-5.7%),IBREALEST(-2.1%) closed in the red.
Cabinet to consider PLI scheme for textile industry on Sept 8. Bombay Dyeing(+2.4%),Kitex(+3.4%), Sutlej Textiles(+2.5%), Welspun (+1.8%) moved up in the day.
Jindal Steel(+2.4%) closed in the green after its Australian subsidiary, Wollongong Coal got approval from the Australian government for mining expansion. Also added that Steel sales jumped 6% compared to last month in August.
Panacea Biotech(+9.2%) closed in the green after rolling out the first batch of the Sputnik-V vaccine.
Markets Ahead
HDFC and HDFC Bank kept the market in the day after the morning fall. If Nifty was breaking 17,280 today, it could’ve easily moved down another 100-150 points.
Telecom shares moving up were mostly on hopes of relief packages.
Nifty has formed two consecutive red candles in the daily charts for the first time since August 9th. IT stocks moved down in the day, with Nifty being pulled more than 20 points by Infosys.
The U.S. markets will open tonight after being closed yesterday. Any sudden movements in the global markets may cause volatility in the market tomorrow. And as we know, there could be a Wednesday volatility in the market.
A correction in Nifty is still expected. Today, the index tried to create a fresh all-time high but could not sustain it. Along with the increased VIX, this could be indicating weakness in the market. Bank Nifty has also closed below the 36,500 support zone.
By tomorrow, we can expect a clear indication. A fall till 17,000 or even lower could be seen, with this view negated if Nifty moves up above 17,500.
Do you expect a similar correction in Nifty? Let me know what you think in the comment section of the marketfeed app.
Nifty consolidates and closes at all-time highs. Sees power from Reliance hitting another 52-week high.
Nifty opened with the day at fresh all-time highs of 17,399 with a gap-up. The index however fell after crossing 17,400 and was consolidating after that. Nifty closed the day at 17,377, up 54 points or 0.31%.
Bank Nifty opened the day at 36,817 and was in a mood to consolidate. After falling slightly in the beginning, the index moved sideways till closing time. After taking support at Friday’s low, Bank Nifty closed the day at 36,592, down 169 points or 0.76%.
Nifty Realty(+3.1%) shot up once again, followed by Nifty IT(+1.5%) and Nifty Media(+1.3%). Most other sectors consolidated.
Most Asian markets closed in the green. European markets are all trading in the green currently.
News Picks
IT stocks dominated the day with Wipro(+4.7%), HCL Tech(+2.1%), Infy(+1.7%) and TechM(+1.3%) closing in the top-gainers of Nifty 50.
Mphasis(+2.4%), OFSS(+1.4%) and Mindtree(+1.2%) also closed in a day where Nifty IT stocks mostly closed in green.
Reliance(+1.5%) moves to record high again touching an intraday high of Rs 2480. The stock is nearly 20% up since July end.
Realty shares moved up in the day once again. Brigade(+6.3%), Prestige(+13.4%), Sobha(+6.3%), Oberoi Realty(+7.2%), Sunteck(+2.2%) and Godrej Properties(+1.5%) shot up.
IRCTC(+4.8%) gained and closed above Rs 3,000. The stock is waiting for a 1:5 split soon.
IndiaMART(+9.6%), IRCTC(+4.8%), Escorts(+4.9%), IEX(+4%), Polycab(+4.2%), MCX(+3.1%) were among the top midcap gainers.
Aluminium shares including National Aluminium(+5.6%) and Hindalco(+1.7%) shot up. This was after reports suggesting that the Army has taken over Guinea, a country with the world’s largest Bauxite(Aluminium Ore) reserves. This may increase aluminium prices.
Welspun India(+8.8%) becomes the first Indian company to receive USFDA approval for its 3 ply surgical masks.
Consumer durable stocks moved up with Bajaj Electricals(+8.3%), Voltas(3.1%), Blue Star(+2.8%), Crompton Greaves(+2.5%) moving up.
India’s Gold Imports in August increased by 92% to 121 tonnes compared to last year.
Manappuram(+2.8%), MuthootFin(+1.1%) moved up slightly.
Markets Ahead
Reliance and Infy held up Nifty today while all three major private banks – HDFC Bank, ICICI Bank and Kotak Bank pulled the index down.
With the India Volatility Index(VIX) moving up once more, the market is indicating a volatile week ahead. The index has closed at its highest level since June.
The week has started off on a muted note with just Realty and IT rallying the most. I think Nifty still has power and will continue to trade with 17,200 and 17,000 as important supports.
Midcaps and small-caps have now started gaining power, which could also indicate its time for Nifty to consolidate. There is now a strong call option buildup at 17,500 ranges, indicating that this could be the upper level for Nifty this week. However, there are still more than 1.2 lakh contracts at the 18,000 level also.
The U.S. markets are closed tonight on account of Labour Day, and we may not get a strong indication from there. SGX Nifty is now trading above 17,400 and might give a gap-up tomorrow if it continues. U.S. Futures are trading in the green.
Do you think the large-cap rally will take a pause? Is the high Option Interest buildup at 18,000 indicating more up move? Let us know what you think about it in the comments section of the marketfeed app!
