Tag: nifty Bees strategy

Markets stay flat as bulls and bears fight after yesterday’s fall.

NIFTY opened with a slight gap-down at 15,306. The index fell to the 15,200 level but managed to bounce back up. Mostly the index moved sideways with huge volatility. NIFTY closed the day at 15,293, down by 67 points or 0.44%.

BANK NIFTY started the day with a gap-down at 32,743 and fell. The index took support near 32,300 and shot back up. The day was filled with such falls and upmoves. Bank Nifty ended the day at 32,743, up by 126 points or 0.39%.

NIFTY Pharma (-2.1%) and NIFTY IT (-1.4%) fell in the day. FMCG (-0.97%) and Auto (-1.1%) stocks also had a tough trading session.

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

Today’s Moves.

Bajaj Finance (+2.5%) and Bajaj Finserv(+2.4%) closed as the top-gainers after falling sharply yesterday.

Titan (-6%) fell more than 6% in the day, hitting the lowest since last August.

^{Sun TV (+5.7%) moved up after Kotak Equities upgraded its view on the stock.}

^{Rama Steel Tubes (+4.8%) board has scheduled its meeting on July 05 to consider and approve the}

^{sub-division of equity shares.}

^{Delta Corp (+12.3%) closed very well as its gaming arm filed IPO papers with SEBI.}

^{Rajesh Exports (+6.2%) has confirmed the news saying that the company is setting up an e-display unit in Telangana, an investment of Rs 24,000 crore.}

^{Wipro (-4%) fell sharply today, and is down 45% from its all-time highs.}

Markets Ahead

Nifty has formed a red weekly candle again, marking the lowest close since the week ended May 24 of last year. It’s time to add 14,900-15,000 as the next major support zone to the watch list. 

Considering the performance in recent weeks, we must be watching 14k also as a strong support, which is near to the Fibonacci level.

It is not easy to digest that the market has given up one year’s gain. Bank Nifty has fallen nearly 5% this week compared to last week.

But Reliance is trading at a higher level and showing strength. Now that the shock of the interest rate hike is done, Reliance can act as a boost for NIFTY.

The U.S. market futures are trading higher, and might end in green tonight. Along with global market movements, we can watch if NIFTY manages to close above the 15,750 zone in the coming week.

U.S markets will closed on Monday, enter your trades keeping this in mind.

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

ee you at The Stock Market Show at 7 PM!

Market hits a new 52-week low and reaches the oversold zone after the Federal Reserve’s interest rate hike.

NIFTY opened with a gap-up of 140 points at 15,832. But from here, there was a constant selling pressure which saw the index breaking multiple supports. A total 500 points fall was seen from the day-high and NIFTY closed the day at 15,360, down by 331 points or 2.11%.

BANK NIFTY started the day with a gap-up at 33,676. Just like NIFTY, the index first took support at yesterday’s low. A further fall was seen and the index touched the 32,500 zone. Bank Nifty ended the day at 32,617, down by 722 points or 2.17%.

All sectoral indices closed in the red. NIFTY Metal(-5.24%), Nifty Media (-3.2%) and NIFTY Realty(-2.8%) fell the most.

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

Today’s Moves.

A big fall after the U.S. Federal Reserve announced a 75 basis points interest rate hike.

Only three Nifty 50 stocks closed in the green, all from the FMCG sector – Nestle (+0.43%), Britannia (+0.15), and HUL (+0.01%).

Metal stocks are always vulnerable to market falls. Tata Steel (-6%), Hindalco (-6%), and Coal India (-5.3%) featured as Nifty 50 Top Losers. 

Adani Ent (-4.6%), HindCopper (-5.3%), JSW Steel (-3%), Jindal Steel (-6.2%), NMDC (-5.3%), SAIL (-4.9%), and VEDL (-8.2%) also moved down.

RBL Bank (-7.7%) continued finding fresh 52-week lows. It is looking like the next Yes Bank for long-term investors.

Tata Motors (-5.1%) said in its annual report that the recent lockdown in China is adversely affecting its operations. Also added that they will be temporarily closing some dealerships and plants.

^{Spicejet (-6.7%) saw a sharp fall after jet fuel hit an all-time high. Indigo also fell 5%.}

Markets Ahead

What looked like it was going to be a bullish day quickly proved otherwise. The U.S. markets had closed with more than 1% gains after the Fed announcement.

Even the last Fed interest rate hike saw the U.S. markets closing in the green, and a deep red on the day after that. Similarly, the Dow Jones Futures are more than 1.9% in the red now. So just like last time, their markets will fall tonight after the green closing on the day of the rate hike.

Our markets predicted this fall and fell today itself. Tightening policies and interest rate hikes will put pressure on global capital markets.

Being the weekly expiry, bears would have made a lot of money in the market. How did your day go? Let us know in the comments section of the marketfeed app!

See you at The Stock Market Show at 7 PM!

Markets continue the volatile consolidation ahead of Fed announcement.

NIFTY opened with a gap-down at 15,749 and was volatile. Overall the index could not break yesterday’s high or low. It traded in a 100-point zone for the whole day but closed near the day-low. NIFTY closed the day at 15,692, down by 39 points or 0.25%.

BANK NIFTY started the day at 33,358 and traded with volatility. It tried to move up and even broke the 33,500 zone afternoon. But after 2 PM, the index fell back by breaking the trendline. Bank Nifty ended the day at 33,339, up by 27 points or 0.08%.

All sectoral indices closed with consolidation. NIFTY Auto(+0.92%) moved the most in the day.

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

Today’s Moves.

Bajaj Finserv(+4.17%) and Bajaj Finance(+2.03%) closed among the top-gainers in NIFTY 50. The stocks are bouncing back after Monday’s fall.

Tata Motors(+2.21%) showed strength along with Hero MotoCorp from the auto sector.

Tata Steel(-3.67%) closed as the top-loser in NIFTY 50 after accounting for a Rs 51 dividend.

ONGC(-2.92%), NTPC(-2.15%) and Reliance(-1.21%) fell back in the volatile market.

AU Bank(+4.08%) moved up from the Bank Nifty group of stocks. IGL(+4.01%), PEL(+3.95%) and Polycab(+3.12%) were among other F&O stocks which moved up in the day.

Markets Ahead

Markets are awaiting the U.S. Federal Reserve’s interest rate hike decision tonight. 

Many expect different outcomes from this decision, and this can become a huge factor in tomorrow’s market volatility. Some market participants expect a 50 basis point increase in interest rate, while some fear a higher hike of nearly 75 basis points.

If a higher rate hike is announced, the market might move negatively tomorrow. Again, instead of predicting our situation from the rate hike news, we can look at how the global markets react tonight.

The sharp increase in option premiums and our volatility index towards the market closing indicate high speculation for tomorrow. Also being the weekly expiry, you can expect big moves to either side. Trade with caution or keep away depending on your skill and risk tolerance!

What do you think will happen overnight? Will markets open with a huge gap-up or gap-down? Let us know in the comments section of the marketfeed app!

See you at The Stock Market Show at 7 PM!

Markets trade with volatility and close slightly in the red.

NIFTY opened with a gap-down at 15,594 and was highly volatile for the first 30 minutes. Eventually, the index moved higher, but it could not reach yesterday’s high. After falling back to the day low, NIFTY closed the day at 15,732, down by 42 points or 0.27%.

BANK NIFTY started the day at 33,188 and moved very similarly to NIFTY. Even though the index moved up 500 points from the day-low, this was not sustained. Bank Nifty ended the day at 33,311, down by 94 points or 0.28%.

All sectoral indices closed with consolidation. NIFTY Realty moved the most in the day.

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

Today’s Moves.

As electricity plants across the country run at full capacity, NTPC (+1.6%) featured in the top-gainers of NIFTY. 

Bajaj Auto (-5.1%) crashed intraday after temporarily suspending plans for share buyback.

BPCL (-1.1%) and Hindustan Petro (-5.6%) hit multi-year lows as the investors fear the companies will be taking on more losses as international crude oil prices move up. Shares of IOC (-2.9%) also fell.

Meanwhile, Russian oil now accounts for 18% of India’s total crude imports.

Adani Enterprises (+5.6%) moved up after Total Energies acquired a 25% stake in its subsidiary Adani New Enterprises. They have partnered to take forward the green hydrogen business.

LIC (+0.91%) shares closed in the green for the first time since May 30.

Ashok Leyland (+1.2%) moved up in a weak market as the EV arm is expected to announce a new electric bus platform. However, the company’s Chief Operating Officer resigned after market hours.

Markets Ahead

India’s Consumer Price Inflation came out yesterday at 7.04% against an expected 7.1%. Even though the inflation has cooled down, it is still above the RBI’s comfort level of 6%.

This was why the Indian markets mostly traded flat despite global markets continuing their fall. Even SGX NIFTY was stable yesterday night.

However, in May month Wholesale Prices inflation came out at 15.88%, the highest ever.

Looking at NIFTY’s 1-day candles, it has definitely fallen below the May month’s low of 15,740. Now the next level to look out for is 15,650, which is its lowest since July last year.

Bank Nifty is still staying above its support level of 33,000. Will be watching for a bounce-back up from this level if NIFTY also reverses.

What do you think? Is this a minor fall or just the beginning of a bigger one? Let us know in the comments section of the marketfeed app!

See you at The Stock Market Show at 7 PM!

NIFTY opened with a huge gap-down of 324 points at 15,877 and started falling to take support at 15,750. After breaking that level, the index hit a three-month low at 15,687 and took support near the 2022 year low. A fall of 500+ points brought some buying and NIFTY closed the day at 15,774, down by 427 points or 2.64%.

BANK NIFTY started the day at 33,728 with a gap-down of 755 points. The index was in a free-falling mood for the first hour and then took some support, thanks to the 33,200 level. Bank Nifty ended the day at 33,405, down by 1077 points or 3.13%.

All sectoral indices closed in the red. Bank Nifty (-3.1%), Nifty Finserv (-3.1%), Nifty IT (-4.1%), Nifty Media (-3.9%), Nifty Metal (-3.8%), Nifty PSU Bank (-3.5%), and Nifty Realty (-3.1%) crashed down.

Asian markets closed in the red today. European markets are also trading nearly 2% down.

Today’s Moves

RBL Bank (-22.6%) fell more than 20% after appointing a new CEO and MD. Brokerage firms have raised many concerns about their future and are having a bearish view of the stock. 

Pidilite Industries (+1.1%) closed in the green based on good brokerage updates.

Nifty 50 Top Losers list is majorly filled with financials and IT stocks. Bajaj Finserv (-7%), Bajaj Finance (-5.4%), IndusInd Bank (-5.2%), TechM (-5.2%) and Hindalco (-5%) fell more than 5% intraday.

Tata Motors (-4.9%), ICICI Bank (-4.4%), Adani Ports (-4.2%), TCS (-4.1%) and NTPC (-4%) also featured in the list.

Bajaj Finance (-5.4%), Bajaj Finserv (-7%), Tata Steel (-3.1%), UltraTech (-2.8%) hit 52-week low during strong market fall.

Finance stocks including CholaFin (-6.3%), IBull Housing (-6.3%), and M&MFin (-6.1%) were crushed down.

Markets Ahead

Indian market is copying the global sell-off. US markets fell around 3% on Friday and other major markets are also showing a sharp fall.

Experts are saying that ‘rising crude oil prices, interest rate hikes are kind of a situation that happened just before past recessions in the US. Also US bond market is having an inverted yield curve, indicating an economic recession.

The global market sell-off will continue for a few more days. US Fed meeting this Wednesday may fuel the current fall. Analysts are expecting a minimum of 175 bps interest rate hike in the U.S this September.

Talking about our market, India’s May CPI data will be released at 5:30 PM today. The estimate is at 7.1% against 7.8% for April month. This is still above RBI limits, which means we will definitely face aggressive interest rate hikes in the coming months. 

Nifty is trading near this year’s low, which is very alarming and will be watching 15,500 on the downside.

Bank Nifty has again reached its support zone above 33k. But we can’t expect to see an immediate rebound.

The market is having a strong downside momentum, not a good time to consider new swing positions. But it looks like the coming months are a great opportunity for investing in a disciplined-slow pace manner. Take these days to find fundamentally strong stocks and just plan your future!

See you at The Stock Market Show at 7 PM!

Markets close at their lowest point for the week.

NIFTY opened with a gap-down at 16,306 and kept moving lower. The index even broke the support zone at 16,200 after noon. NIFTY closed the day at 16,201, down by 276 points or 1.68%.

BANK NIFTY started the day at 34,752 with a gap-down of 250 points. The index kept on falling throughout the day at specific intervals. After a total fall of nearly 400 points from the day-high, Bank Nifty ended the day at 34,483, down by 601 points or 1.71%.

All sectoral indices closed in the red. NIFTY IT, NIFTY Finserv and Bank Nifty saw the worst falls.

Asian markets closed in the red today. European markets are also trading in the red.

Today’s Moves

Kotak Bank (-3.9%) closed as the top loser in NIFTY 50. It was accompanied by Bajaj Finance (-3.9%) and HDFC (-3.7%) from the finance sector.

Transformers and Rectifiers (+8.5%) share shot up after getting orders of transformers for a value of Rs 186 crores.

PNB Housing (-7%), Indiabulls Housing (-4.2%) and other finance stocks ended in the red.

Welspun Enterprise (-8.4%) moved up after UK-based global investor Actis bought road assets of the company for Rs 6,000 crore.

Power Ministry says India’s electricity demand records a new high of 2.1 lakh MW.

Markets Ahead

There is fear in China over local banks collapsing and the strength of the financial institutions. Asian markets moved lower because of this.

Expecting more developments over the weekend regarding this. The inflation data from the U.S. is also expected tonight. European markets are trading lower in fear of this.

Bank of England said that UK’s 12-month inflation expectations are at the highest on record. Market participants around the world are looking at this key inflation data a month after interest rates were increased.

With today’s fall, NIFTY has lost its 3-week winning streak. The NIFTY IT index has fallen for 9 out of the last 10 weeks.

As the week closes, stay updated on the inflation data and the news from China about weakness in the banking system.

See you at The Stock Market Show at 7 PM!

Markets move up after opening in the red.

NIFTY opened with a gap-down at 16,279 and moved up. The index tried to move up but fell back to the 16,340 zone. But after 1 PM, the index started gaining strength from this level and shot up. NIFTY closed the day at 16,478, up by 121 points or 0.74%.

BANK NIFTY started the day at 34,809 and fell 150 points. The index traded in red till near 3 PM. And just in the last 30 minutes, the index moved up nearly 200 points. Bank Nifty ended the day at 35,085, up by 139 points or 0.40%.

NIFTY Pharma (+1.2%) and NIFTY IT (+0.98%) performed well in the day. Meanwhile, NIFTY Metal (-1.3%) fell considerably.

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

Today’s Moves

Dr Reddy (+2.9%) and SunPharma (+1.3%) closed in the top-gainers of NIFTY 50. Most Pharma stocks closed in the green.

Biocon (+5.1%) shot up after a positive brokerage report. The stock is trying to bounce back from a 2-year low it made yesterday. 

BPCL (+2.7%), Reliance (+2.7%) and ONGC (+1.3%) closed well in the green in NIFTY 50 from the energy sector.  

OIL, Hindustan Petro, IGL and IEX also moved up. 

UK Natural Gas futures jump 25% on US LNG outage.

Tata Steel (-3.8%) took resistance at the Rs 1,100 zone once again and fell sharply. 

PNB Housing (+15.1%) shot up and touched its highest since April 21st. 

IFB Industries (+9.2%) moved up after reports that the government may ban imports of refrigerators to boost the local industry.

AU Bank (-51.2%) shares went down by half after the 2:1 stock split came into effect.

Markets Ahead

Mutual Fund reports from May show a healthy inflow of more than Rs 18,500 crores into equity funds. SIP inflows also increased slightly for the month to Rs 12,280 crores.

The weekly expiry ended with some bullish moves. It was the sort of move that we have come to expect from a weekly expiry!

There was a crazy move once NIFTY managed to cross the day-high. And now as the week is nearing its end, we can expect more such moves in the market. 

Keep an eye on Reliance which shot up nearly 3% from the day-low. Kotak Bank is also taking support at the bullish trendline.

See you at The Stock Market Show at 7 PM!

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!