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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 Post Market Analysis

Calm Nifty Weekly Expiry! IT Stocks Fall – Post-Market Analysis

NIFTY started the day at 19,822 with a small gap-up of 11 points. Right from opening, the index moved in a 75-point range between 19,770 and 19,845. Nifty closed at 19,794, down by 17 points or 0.09%.

Nifty chart October 12 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,571 with a gap-up of 55 points. Throughout the day, the index consolidated in just a 110-point range between 44,550 and 44,660. BNF closed at 44,599, up by 82 points or 0.18%.

Bank Nifty chart October 12 - post-market analysis | marketfeed

All indices except Nifty IT (-1.67%) and Nifty Realty (-0.18%) closed flat-to-green. Nifty Media (+3.02%) moved up the most.

Major Asian markets closed up to 1.8% in the green. European markets are currently trading in the green.

Today’s Moves

Coal India (+1.7%) was NIFTY50’s top gainer. The company said a three-day strike called by five central trade unions has been deferred.

Aster DM Healthcare (4.9%) surged over 9% following reports that private equity firms BPEA EQT and Ontario Teachers’ Pension Plan Board have shown interest in acquiring the company’s assets, including its India business.

MMTC (+19.95%) rose sharply following the Central Govt’s nod to royalty rates of 3% each for lithium and niobium and 1% for Rare Earth Elements (REEs).

Tech Mahindra (-2.72%) was NIFTY50’s top loser. 

All stocks in Nifty IT fell after the Q2 results reported by TCS yesterday were weaker than analysts’ estimates. 

Laxmi Organics (-5.7%) fell sharply after rallying over 11% yesterday.

Markets Ahead

Major indices held the upper levels and consolidated in a small range today. A breakout or a breakdown from these zones can give us good directional moves.

Nifty: The immediate support in the index is near 19,780. Meanwhile, the immediate resistance to watch out for is the 19,880 level. A breakout from there could take Nifty up to 19,945 and 20,000 levels eventually.

Bank Nifty: The immediate support is near 44,400. A breakdown from this level might take the index down to 44,180 and 44,080. On the other hand, 44,750 is the immediate resistance to watch out. A breakout from there may give us targets of 45,000 and 45,100.

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

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Daily Market Feed Post Market Analysis

Consolidation at the Top! Breakout or Breakdown? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,564 with a gap-up of 36 points. Throughout the day, the index consolidated within just a 55-point range between 19,530 and 19,580 levels. Nifty closed at 19,574, up by 46 points or 0.24%.

Nifty chart September 5 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,625 with a small gap-up of 47 points. Unlike Nifty, Bank Nifty showed weakness today. After making a double top near 44,700 levels, the index fell more than 250 points to 44,400 levels. BNF closed at 44,532, down by 46 points or 0.1%.

Bank Nifty chart September 5 - post-market analysis | marketfeed

All other indices except Nifty Finserv (-0.17%) closed flat-to-green. Nifty Media (+3.19%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading flat-to-red.

Today’s Moves

Apollo Hospital (+3.31%) was NIFTY50’s top gainer. The company launched an ‘enhanced connected care’ program to improve its patient monitoring system. 

MMTC (+20%) hit 20% upper circuit on the back of strong volumes. The stock has rallied 50% in 3 trading sessions.

Raymond (+9.85%) hit a 52-week high of 2,240 today after brokerage firms Jefferies and Motilal Oswal initiated coverage on the stock with a ‘Buy’ rating.

UltraTech Cement (-1.49%) was NIFTY50’s top loser. 

Angel One (-3.75%) fell sharply. The company’s gross client acquisitions rose 64.9% YoY and 19% over last month to 7.3 lakh.

Markets Ahead

Markets are near resistance zones and holding major levels. A breakout on the upside can take the markets further up. And if rejection is taken, the indices can continue the down move with strength.

Nifty: The major resistance level for the index is at 19,600, which is also the Fibonacci rejection level of 50% drawn from the all-time high (ATH) of 19,990 levels. A breakout from 19,600 can confirm the trend reversal, and markets can turn bullish. We could plan to buy on dips, but if Nifty breaks the current support zones of 19,520, the index can again fall to 19,460 and 19,360 levels.

Bank Nifty: The important 50% fib rejection is near 45,000 round levels. But the immediate resistance level to watch out for is 44,800. The immediate support is near 44,400 levels, and a breakdown from there can take the index down to 44,000.

Fin Nifty: Being FINNIFTY expiry today, India Vix was at all-time lows below 11 and option premiums were very low. This created some confusion for option sellers. The index was bearish throughout the day— moving down gradually. As the fall was not quick, the implied volatility (IV) and premiums didn’t spike much, which could have created some trouble for option buyers. But it was a relatively easy expiry for option sellers.

The G20 Summit will kick off on Sept 8 in New Delhi. Leaders representing the world’s 20 major economies will address and seek resolutions for concerns like digital transformation, climate financing, Sustainable Development Goals (SDGs), food security, and other pressing issues.

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