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Bullishness in Nifty After the Gap-Down! – Post-Market Analysis

NIFTY started the day at 19,351 with a gap-down of 43 points. The index initially consolidated and then started moving up— making higher lows till yesterday’s closing levels of 19,400. Then, it made a minor retracement and an even stronger up-move of 75 points after 3 PM. Nifty closed at 19,425, up by 30 points or 0.15%.

Nifty chart Nov 10 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,542 with a gap-down of 140 points. Right after opening, the index rose till yesterday’s closing levels and took rejection at 43,700 levels. Then, it fell a bit and later moved back up after 3 PM (crossing the day’s high). BNF closed at 43,829, up by 136 points or 0.31%.

All indices except Nifty Media (-1.23%), Nifty Auto (-0.42%), and Nifty IT (-0.26%) closed in the green.

Major Asian markets closed in the red. European markets are currently trading up to 1.3% in the green.

Today’s Moves

NTPC (+2.02%) was NIFTY50’s top gainer, following the positive momentum observed in power sector stocks.

Network18 Media (+7.37%) surged on the back of strong volumes.

Shares of Engineers India (6.54%) jumped after its Q2 profit beat analyst estimates.

Hero MotoCorp (-2.16%) was NIFTY50’s top loser. The Enforcement Directorate (ED) has attached assets worth ₹24.95 crore of the company’s executive chairperson Pawan Kant Munjal as part of a money laundering investigation against him.

ZEEL (-5.29%) fell sharply after the company recorded a 5% YoY decline in consolidated net profit to ₹130 crore in Q2 amid pressure on ad revenue.

Markets Ahead

The festive Diwali spirit seems to be lifting the markets. Despite a gap-down, there was strong buying in Nifty and BNF today. Both indices kept rising, showing considerable strength. However, it’s important to note that major indices are currently at their respective resistance levels. They need to breach those levels for a continued up-move.

Nifty: The index is currently facing a significant resistance around 19,460 levels. If it successfully breaks out from there, we might see Nifty climb to 19,500 initially and potentially reach 19,560 levels later. Meanwhile, the index could take support at 19,400 levels (the earlier resistance now acting as support). If it falls below this point, the targets on the downside could be 19,350 and 19,300 levels.

On a daily time frame, Nifty is currently close to the breakdown levels and undergoing a re-test. An important Fibonacci retracement level of 50% is located around 19,520 levels. To confirm a bullish trend, the index needs to surpass this level.


Bank Nifty: The major resistance for the index is 43,900 levels. If it manages to break out, we could see the index reaching 44,000 first and 44,500 next. On the other hand, the immediate support to keep an eye on is around 43,700 levels (the previous resistance may now act as support). If the index falls below 43,800 (the previous swing), it might fall to 43,700 and 43,500 levels.

On a daily timeframe, BNF faces a crucial resistance point that aligns with both the breakdown levels and the 33% Fibonacci retracement levels. To confirm a change in trend, the index needs to cross the 44,000 mark.



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Vedanta to Split Into Six Listed Companies – Top Indian Market Updates

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

Vedanta to split into six listed companies 

Vedanta Ltd will spin off and list six of its businesses as it seeks to fuel their growth. The demerger plan is aimed at driving better valuations as its parent company struggles to raise funds due to rating downgrades and concerns over meeting its debt obligations. The six units being planned to be listed are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Ltd. 

Read more here.

India’s core sector growth rises to 12.1% in August

According to Government data, India’s output of eight infrastructure sectors rose to 12.1% in August 2023 against 4.2% last year. The core sector output is at a 14-month high. The production of refinery products, steel, cement, and electricity also grew in August. Core sector growth in July was 8.4%. Cement production rose by 18.9% while coal production recorded a substantial increase of 17.9%.

Read more here.

Uno Minda to enhance stake in JV firm to 76%

Uno Minda’s board has approved enhancing its stake in a joint venture (JV) firm to 76%. The company will increase its stake in Minda Westport Technologies Ltd (MWTL) from 50% to 76% by acquiring an additional 26% stake from its JV partner Westport Fuel Systems Italia. The purchase consideration for the 26% stake is around ₹15 crore.

Read more here.

Ashok Leyland secures order for 1,282 buses from GSRTC

Ashok Leyland has secured an order for 1,282 fully built buses from Gujarat State Road Transport Corporation (GSRTC). The company will deliver 55-seater fully assembled BS VI diesel buses in a “phased manner”. Gujarat State Road Transport Corporation (GSRTC) has had a long association with Ashok Leyland with more than 2600 buses of the company being operated by GSRTC.

Read more here.

Hindustan Zinc plans to spin off businesses 

Hindustan Zinc’s board has authorised a committee of directors to evaluate the appropriate corporate restructuring exercise to unlock shareholder value. The company is looking to assess distinct investment profiles to attract deeper and broader investor bases. The company is valued at ₹1.2 lakh crore ($14.45 billion) and wants to broaden its investor bases and sharpen its focus on its core businesses.

Read more here.

Godrej Properties acquires 109 acres in Nagpur

Godrej Properties has acquired nearly 109 acres of land parcel in Nagpur. The company plans to develop primarily plotted residential units on this land parcel and estimates a saleable area of 2.2 million sq ft. The land parcel is located near the recently operationalised Samruddhi Mahamarg, the expressway connecting the cities of Mumbai and Nagpur and MIHAN Special Economic Zone (SEZ).

Read more here.

IFC gets RBI’s nod for acquiring 9.7% stake in Federal Bank

The Reserve Bank of India (RBI) has approved the International Finance Corporation (IFC) to acquire a 9.7% stake in Federal Bank. The central bank’s approval comes in response to IFC’s application and is contingent on compliance with several regulatory provisions. 

Read more here.

Sterling and Wilson secures order worth ₹1,535 crore from NTPC Renewable Energy

Sterling and Wilson Renewable Energy has secured a project worth ₹1,535 crore from NTPC Renewable Energy in Khavda, Gujarat. The engineering, procurement and construction (EPC) project of 300 megawatts of alternating current (MWac) of NTPC REL is located at the Khavda renewable energy plant at the Rann of Kutch in Gujarat. This is the company’s third NTPC REL order in over a year. 

Read more here.

L&T bags order worth over ₹7,000Cr from MMRDA

Larsen & Toubro has won an order worth over ₹7,000 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The project is to design an underground road tunnel project between Orange Gate, and Eastern Freeway to Marine Drive Coastal Road in Mumbai. The company plans to complete the project within 54 months.

Read more here.

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Tata Motors to Hike CV Prices by 3% in Oct – Top Indian Market Updates

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

Tata Motors to hike commercial vehicles prices by 3% in Oct

Tata Motors will raise the prices of its commercial vehicles (CVs) by up to 3%, its third hike in 2023, to offset the residual impact of past input costs. The price hike, effective Oct. 1, will be applicable across its range of CVs. The automaker previously raised prices by 1.2% in January and by 5% in March to ensure its vehicles comply with the new emission norms.

Read more here.

SBI launches digital opening of NRE/NRO account setup via YONO

State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO. This service is designed for NTB or ‘new to bank’ customers, providing them with ease and efficiency in the account opening process.

Read more here.

Petromin Corporation signs 3 agreements with HPCL to invest $700 million

Petromin Corporation KSA will invest $700 million in partnership with Hindustan Petroleum Corporation Ltd (HPCL) in three strategic areas. It will invest around $100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India. Petromin will also invest around $100 million to install and operate up to 5,000 electric vehicle charging units at HPCL-operated stations throughout India.

Read more here.

NTPC mining arm to explore battery minerals overseas

According to a Reuters report, NTPC’s mining arm will explore overseas sourcing of battery minerals such as lithium, cobalt and nickel. India has been pursuing pacts with other countries to secure key minerals in resource-rich countries such as Australia, Argentina and Chile. The country aims to be a net zero emitter of greenhouse gases by 2070.

Read more here.

Torrent Pharma looks to partner with CVC Capital to fund Cipla purchase

Torrent Pharmaceuticals Ltd is in advanced negotiations with CVC Capital Partners to form a consortium and raise at least $1.2-$1.5 billion. The fundraise is for its proposed acquisition of Cipla. Torrent is also engaged with Brookfield to raise $1-1.2 billion in mezzanine debt. The company’s founders, the Sudhir and Samir Mehta family, are seeking to dilute equity and create a non-disposable undertaking (NDU) using their shares as collateral for loans.

Read more here.

India’s net direct tax collections rise over 23% to ₹8.65 lakh crore

According to the Income Tax department, India’s net direct tax collections grew 23.51% to ₹8,65,117 crore till September 16, 2023, in the current financial year (FY24). The provisional figures show net collection figure for the corresponding period in FY23 was ₹7,00,416 crore. This surge can be attributed to a balanced mix of Corporation Tax (CIT) and Personal Income Tax (PIT), which includes Securities Transaction Tax (STT).

Read more here.

India’s trade deficit widens to $24.16 billion in August

India’s trade deficit in August 2023 surged 17% month-on-month to $24.16 billion. The trade deficit in July stood at $20.67 billion. This rise can be attributed to an 11% increase in goods imports, whereas exports only experienced a modest 6.9% growth during the same period. [Trade deficit is the difference that arises when the amount of imports by a country exceeds its exports.] 

Read more here.

VA Tech WABAG signs pact with Al Jomaih Energy and Water

VA Tech WABAG Ltd signed a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a developer of energy and water projects in the Middle East. The companies examining collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.

Read more here.

Sona BLW Precision concerns over auto workers’ strike in US

Sona BLW Precision Forgings Ltd informed of a strike at the plants of three of its key clients in the United States. United Auto Workers (UAW) in the US went on strike at some of the plants of three original equipment manufacturers (OEMs) on September 15, 2023. The company added that it supplies to these three OEMs in the US, directly or indirectly.

Read more here.

HFCL secures ₹1,015 crore order from Madhya Pradesh govt

HFCL secured a ₹1,015 crore order from the Madhya Pradesh Jal Nigam for providing engineering, procurement and construction (EPC) services. The order involves a provision for laying optical fibre cables on critical routes and execution of a multi-village drinking water supply network in the Sheopur district of the state. The project will be executed by the company in 24 months in collaboration with Khilari Infrastructure Pvt. Ltd.

Read more here. 

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Indian Oil Becomes Title Sponsor of MotoGP Bharat – Top Indian Market Updates

Indian Oil

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

Indian Oil becomes title sponsor of MotoGP Bharat

Indian Oil Corporation has become the title sponsor for MotoGP Bharat. The event is scheduled at the Buddh International Circuit in Greater Noida from September 22 to 24. The event will see participation from 42 teams and 84 riders. The race will be live-streamed on Jio Cinema and Sports18 in India.

Read more here.

SBI plans to bundle home loans with rooftop solar installations

State Bank of India (SBI) plans to bundle and make home loans with rooftop solar installations mandatory for residential projects funded from its long-term climate action funds drawn down from multilateral agencies. SBI has a home loan book of over ₹6.3 lakh crore as of June and outstanding foreign exchange (forex) loans of $2.3 billion from multilateral lenders, including the World Bank, Asian Development Bank, and KfW of Germany.

Read more here.

Centre receives ₹1,487 crore from NTPC as dividend

According to the Secretary of the Department of Investment and Public Asset Management, the central government has received about ₹1,487 crore from NTPC as dividends. NTPC is India’s largest power utility firm with an installed capacity of 73,824 MW (including Joint Ventures) and plans to become a 130 GW company by 2032. On Wednesday, the govt received ~₹1,701 crore from Power Grid Corporation of India Ltd (PGCIL) as a dividend.

Read more here.

Tata Steel to get £500 million from UK govt for Port Talbot

Tata Steel and the UK government have signed a joint agreement on a proposal to invest in Electric Arc Furnace steelmaking at the Port Talbot site costing £1.25 billion. The government will grant up to £500 million to Tata Steel. The steel company said it would reduce direct emissions by 50 million tonnes over a decade.

Read more here.

Ashok Leyland to invest ₹1,000 cr to set up its first plant in Uttar Pradesh

Ashok Leyland will invest ₹1,000 crore in Uttar Pradesh to set up a bus manufacturing facility focused on clean mobility. The company has signed a Memorandum of Understanding (MoU) with the Uttar Pradesh government to come up with the plant. The company will set up an integrated commercial vehicle bus plant focused on green mobility near Lucknow.

Read more here.

India may add up to 30 GW more thermal power capacity

According to the Union Power Minister R. K Singh, India may add 25-30 gigawatts (GW) of thermal electricity generation capacity. The additional investment is in addition to 50 GW already under work to meet the rising demand. Singh said that India has around 25 GW of thermal capacity under construction and another 25 GW is planned.

Read more here.

TotalEnergies in talks to invest in Adani Green’s projects

TotalEnergies SE is in talks to invest in renewable energy projects developed by Adani Green Energy Ltd. They are looking to buy stakes in some of Adani Green’s projects to expand its portfolio of clean energy projects. TotalEnergies could invest about $700 million in total into the projects. This deal potentially marks the first public deal between the French oil giant and Gautam Adani since Hindenburg. 

Read more here.

SpiceJet completes $1.5 million payment to Credit Suisse

SpiceJet completed the payment of $1.5 million payment to Credit Suisse. The payment comes days after India’s Supreme Court (SC) urged the company’s chairman Ajay Singh to make the payment or face consequences. Earlier this week, SC had asked Singh to make a payment of $5,00,000 towards an instalment to Credit Suisse by September 22, along with $1 million towards the defaulted amount.

Read more here.

IOCL clears ₹904 crore additional investment in Hindustan Urvarak & Rasayan

Indian Oil Corporation Ltd’s (IOCL) board of directors has approved an additional investment of ₹903.52 crore in Hindustan Urvarak and Rasayan Ltd (HURL). HURL was formed in June 2016 as a joint venture consortium of five public sector units for catering to the urea needs of farmers in the eastern and northern parts of India. Coal India, NTPC, and IOCL are the lead promoters of HURL, holding a total of 89% stake (29.67% each).

Read more here.

Shakti Pumps secures ₹293 crore order from UP govt

Shakti Pumps (India) Ltd received a Letter of Award (LoA) under the PM- KUSUM III scheme under component B from the UP government’s Department of Agriculture. The Agricultural Department placed an order for 10,000 pumps worth ₹293 crore. Under the contract, Shakti Pumps will supply, install, and commission solar water pumping systems. The company plans to complete the project in 90 days.

Read more here.

Bharat Electronics bags orders worth ₹3,000 crore

Bharat Electronics Ltd (BEL) has received orders worth ₹3,000 crore, including an order worth ₹2,118.57 crore from Cochin Shipyard. The company will supply next-generation missile vessels equipped with state-of-the-art technology worth ₹2,118.57 crore to the Indian Navy. The project will involve the active engagement of Indian electronics and related sectors, including micro, small, and medium enterprises (MSMEs).

Read more here.

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India’s Retail Inflation Eases to 6.83% in August – Top Indian Market Updates

inflation - market updates | marketfeed

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

India’s retail inflation cools to 6.83% in August

According to the National Statistics Office (NSO), India’s annual retail inflation (measured by the Consumer Price Index) eased to 6.83% in August. Inflation came down from a 15-month high of 7.44% in July. The fall was largely led by a decline in vegetable prices. Food inflation fell from 11.51% in July to 9.94% in August.

Read more here.

India’s industrial output grew 5.7% in July

According to data published by the Ministry of Statistics and Programme Implementation, India’s Index of Industrial Production (IIP) expanded at a rate of 5.7% in July 2023. The expansion was at a faster pace in July than a month ago. Mining output grew 10.7% YoY, while manufacturing output and electricity generation expanded at 4.6% and 8% YoY, respectively, in July.

Read more here. 

Govt may impose addl tax to restrict sale of diesel vehicles

Nitin Gadkari, the Minister of Road, Transport & Highways (MoRTH) plans to propose to the Indian govt to consider imposing additional taxes on diesel vehicles. The additional tax is to restrict the sale of diesel vehicles unless automakers voluntarily move away from it. The minister made the statement while speaking at the 63rd Annual Convention of the Society of Indian Automobile Manufacturers (SIAM).

Read more here.

NTPC pays final dividend of ₹2,908.99 cr for 2022-23

NTPC announced the payment of ₹2,908.99 crore final dividend for 2022-23. This payment constitutes 30% of the paid-up equity share capital of NTPC. The total dividend disbursed for FY 2022-23 stands at ₹7,030.08 crore, being 41% of the profit after tax (PAT). This marks the 30th consecutive year in which the company has distributed dividends.

Read more here.

Tata Power Delhi Distribution ties with US-based Utiltyx for cyber security

Tata Power Delhi Distribution has partnered with Utiltyx, the Indian subsidiary of a US-based cyber security and data analytics software company. The partnership aims to enhance the company’s preparedness against future threats and challenges related to cyber security. The association is aimed at augmenting Intelligent Electronic Device (IED) visibility, strengthening Tata Power-DDL’s capabilities to fight cyber threats.

Read more here.

Reliance Retail Ventures gets ₹2,000 crore from KKR

KKR is investing another ₹2,069.5 crore through an affiliate in Reliance Retail Ventures (RRVL). This follow-on investment will translate into an additional equity stake of 0.25% in RRVL. The additional acquisition will take KKR’s total stake in RRVL to 1.42%. The private equity firm acquired the stake at a valuation of ₹8.36 lakh crore.

Read more here.

Hindalco partners with Metra for extrusion tech

Hindalco Industries has signed a technology partnership agreement with Italy-based Metra to manufacture high-speed aluminium rail coaches. The partnership is aimed at sharing extrusion and fabrication technology for building high-speed aluminium rail coaches. Hindalco is the world’s largest aluminium rolling and recycling company. 

Read more here.

SpiceJet pays Kal Airways ₹100Cr

SpiceJet paid Kal Airways and its promoter Kalanithi Maran ₹100 crore towards an arbitral award. The payment was made a day after the Delhi High Court ordered it to complete the payment by September 12. On August 24, the court had asked SpiceJet and Singh to pay ₹100 crore to Maran by September 10, failing which the court had said it might consider the attachment of their properties.

Read more here.

IndiGo plans to lease 22 Airbus A320 aircraft

IndiGo is looking to induct up to 22 aircraft from the secondary lease market as it faces the grounding of several Airbus A320 Neo aircraft powered by Pratt & Whitney engines. Over 1,000 P&W engines will need to be inspected after the manufacturer found that contamination of powder metal defects could lead to the cracking of some engine components. 

Read more here.

Coal India to invest ₹24,000 crore in green transportation

Coal India Ltd (CIL) is planning to invest ₹24,000 crore in green transportation in three phases. This investment is part of CIL’s plan to ensure the eco-friendly transfer of coal from its production point to handling plants. The phases will cover 61 First Mile Connectivity (FMC) projects, which will have a combined capacity of 763.5 million tonnes per annum. Under these green projects, coal will be loaded directly into rail wagons through mechanised piped conveyors with a rapid loading system.

Read more here.

Uno Minda to buy an additional 3.81% stake in European subsidiary

Uno Minda Ltd’s Board of Directors approved the acquisition of the remaining stake in Uno Minda Europe Gmbh. The acquisition will be at a consideration of 1.3 million euros (~₹11.58 crore) to make it a wholly-owned subsidiary. The stake will be purchased by SAM Global Pte Ltd, a wholly-owned subsidiary of Uno Minda Ltd.

Read more here.

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RIL Partners With NVIDIA to Develop AI Infra – Top Indian Market Updates

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

Reliance partners with NVIDIA to develop India’s own AI infra

Reliance Industries is partnering with NVIDIA to develop India’s own large language model. The model will be trained on local languages and tailored for generative artificial intelligence (Al) applications. According to Nvidia, the companies will work together to build Al infrastructure that is “more powerful than the fastest supercomputer in India today”. NVIDIA will provide access to the most advanced NVIDIA GH200 Grace Hopper Superchip and NVIDIA DGX Cloud, an Al supercomputing service in the cloud.

According to a Reuters report, Tata Group is also likely to announce a partnership with NVIDIA for AI.

Read more here.

NTPC Green Energy to develop green hydrogen hub in Tamil Nadu

NTPC Green Energy Ltd (NGEL) has partnered with V O Chidambaranar Port Authority (VOCPA) to develop a green hydrogen hub at Tuticorin in Tamil Nadu. Both entities signed a Memorandum of Understanding (MoU) in this regard. Green hydrogen and its derivatives such as green ammonia and green methanol will be produced at the hub to be built on the land provided by VOCPA.

Read more here.

AU Small Finance partners with Bank Bajaj Allianz Life Insurance to offer insurance products

AU Small Finance Bank (AUSFB) and Bajaj Allianz Life Insurance have entered into a strategic partnership to offer insurance products. The partnership will help AUSFB’s customers gain access to Bajaj Allianz Life’s life insurance products. AUSFB aims to leverage technology-based solutions for its customers through life insurance products offered by Bajaj Allianz Life Insurance.

Read more here.

Oil India plans net zero by 2040

Oil India Ltd aims to invest ₹16,500 crore ($1.98 billion) in clean energy projects to meet its 2040 net zero carbon emissions goal. Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, GAIL (India) Ltd, and Oil & Natural Gas Corp have already announced their net zero goal. Together with Oil India, the six state-run energy companies plan to invest ₹6.38 lakh crore towards reducing carbon emissions.

Read more here.

Natco Pharma sued in US for generic cancer drug

Natco Pharma and other drug makers have been named defendants in an antitrust lawsuit regarding a generic cancer treatment drug in the US. Drug makers including Celgene Corporation, Bristol Myers Squibb, and Breckenridge Pharmaceutical Inc. have been named defendants by Louisiana Health Service & Indemnity Company, D/B/A Blue Cross and Blue Shield of Louisiana and HMO Louisiana Inc. regarding anti-cancer treatment medication Pomalidomide.

Read more here.

SJVN signs agreement with BBMB to set up 18 MW solar project

SJVN Ltd has signed a 25-year Power Purchase Agreement (PPA) with Bhakra Beas Management Board (BBMB). The PPA is to set up an 18-megawatt (MW) solar power project at an investment of ₹90 crore. SJVN signed the agreement through its wholly-owned subsidiary SJVN Green Energy Ltd (SGEL). The project will be developed on the land parcels of BBMB in Himachal Pradesh and Punjab.

Read more here.

Coffee Day Global faces ₹228-crore default allegations

Coffee Day Global Ltd (CDGL) has been facing a legal challenge under Section 7 of the Insolvency and Bankruptcy Code, 2016. CDGL owns and operates the Cafe Coffee Day chain of cafes. The case has been brought by IDBI Trusteeship Services Ltd and filed with the National Company Law Tribunal (NCLT) in Bengaluru. The lawsuit alleges that Coffee Day Global has defaulted on payments totalling ₹228.5 crore.

Read more here.

Titagarh Rail to expand production capacity by year-end

Titagarh Rail Systems plans to raise its production capacity to 1,000 wagons per month by the end of this financial year. Currently, it is operating at a capacity of 600-700 wagons per month. The decision comes as the company continues to secure orders and expand its presence in the domestic (Indian Railways) and export markets.

Read more here.

Angel One to enter into asset management and lending business

Angel One is all set to enter the lending business by the year-end. The company is also planning to get into asset management services. Angel One has been experiencing steady organisational growth in the recent past by adding diversified business verticals into its fold. It also plans to offer a broader spectrum of financial services as part of this growth strategy.

Read more here.

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V-Shaped Recovery From Lows! Retracement or Trend Reversal Next? – Post-Market Analysis

NIFTY started the day flat at 19,258. Right from the first 5 min candle, the index moved up with strength, making higher lows, and moving up over 200 points to 19,460 levels. Nifty closed at 19,435, up by 181 points or 0.94%.

Nifty chart September 1 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,996. The index initially fell to 43,830 levels. But similar to Nifty, Bank Nifty also gave a strong upward rally of more than 700 points from the intraday low to resistance levels of 44,500 levels. BNF closed at 44,436, up by 446 points or 1.02%.

Bank Nifty chart September 1 - post-market analysis | marketfeed

All indices except Nifty Pharma (-0.56%) closed in green. Nifty Metal (+2.8%) moved up the most.

Major Asian markets closed in the green. European markets are currently trading flat-to-green.

Today’s Moves

NTPC (+4.7%) was NIFTY50’s top gainer. The company said it will partner with Oil India to explore collaborations in the renewable energy, hydrogen space.

BHEL (+12.29%) surged after the company received an order worth ₹15,530 crore from state-run NTPC.

Stocks in the railway sector: RailTel (+15.5%), IRFC (+11.06%), RVNL (5.5%), and IRCTC (+2.43%) moved up with strength today.

Cipla (-0.9%) was NIFTY50’s top loser. 

Brightcom Group (-5%) hit lower circuit for the 8th straight session since SEBI’s interim order.

Markets Ahead

Both indices witnessed strong buying at crucial support levels— covering the fall from the previous two sessions. This could just be a retracement of the fall from highs. So it’s essential to see if the markets break major resistance levels for a confirmed reversal.

Nifty: On a 2-hour time frame, the index is moving in a range between 19,240 and 19,460 levels— giving moves on both sides. The index has to cross the 19,600 zone for a trend reversal (which also represents the 50% Fibonacci levels). Till then, the immediate resistance will be 19,460 levels. If that’s breached, 19,520 and 19,600 levels could be the targets. The important support to watch out for is the 19,390-400 levels. And if that’s broken, the index can fall to 19,360 and 19,300 levels again.

Nifty 2hr chart | marketfeed

Bank Nifty: The index is also moving in a very wide range between 43,800 and 44,800 levels, giving volatile moves. This up-move can still be a retracement as the 50% Fib level in BNF at 45,000 has to be crossed for trend reversal. Until then, the index will still be under a bearish trend. Now, the important resistance is 44,500— and a breakout from there can give us targets of 44,800 and 45,000. The immediate support level to look out for is 44,200. A breakdown from that level can give us targets of 44,000 and 43,800.

Today’s market up-move can be attributed to positive global signals, a domestic manufacturing PMI that exceeded expectations, and encouraging GDP growth data.  India’s S&P Global Purchasing Managers’ Index (PMI) surged to 58.6 in August from July’s 57.7— reaching its highest point since May.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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ED Flags Suspicious Activities by 16 Entities in Adani Case – Top Indian Market Updates

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

ED flags suspicious activities by 16 entities in Adani case

According to reports, the Enforcement Directorate (ED) has investigated links of an Indian private bank and 15 more entities in the case related to short selling of shares of Adani Group companies. This comes days after market regulator SEBI submitted the status of its probe in the Adani-Hindenburg Research matter to the Supreme Court. 

Read more here.

SAT to hear Punit Goenka’s appeal against SEBI order on Sept 8

The Securities Appellate Tribunal (SAT) directed market regulator SEBI to file its response by September 4 in an appeal filed by Punit Goenka, the promoter of Zee Entertainment Enterprises Ltd (ZEEL). The tribunal will now hear the matter on September 8. Goenka aims to contest SEBI’s order that prevents him from taking up directorship or managerial roles in listed companies or their subsidiaries.

Read more here.

Titagarh Rail Systems secures ₹350-crore contract for Ahmedabad metro project

Titagarh Rail Systems Ltd (TRL) has received a letter of acceptance for a ₹350-crore contract from Gujarat Metro Rail Corporation (GMRC) for the design, manufacturing, supply, testing, commissioning and training of 30 standard gauge cars. The gauge cars are for the Ahmedabad Metro Rail Phase-II project. TRL is also involved in several other Metro rail projects in India.

Read more here.

YES Bank goes live with UPI interoperability on CBDC

YES Bank has gone live with Unified Payments Interface (UPI) interoperability on the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) app. With this move, users will now be able to scan any UPI QR code through the YES Bank Digital Rupee app and undertake transactions seamlessly.

Read more here.

Ramkrishna Forgings bags €8.25 million order in South America

Ramkrishna Forgings has secured an order worth €8.25 million (₹73.65 crore) to supply equipment to a client in the South American market. The company will supply front and rear axle components for the next five years. The Kolkata-based company is a leading supplier of rolled, forged, and machined products.

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Strides Pharma arm gets USFDA nod for generic Mycophenolate Mofetil oral suspension

Strides Pharma Science’s wholly-owned arm, Strides Pharma Global Pte. Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for generic Mycophenolate Mofetil for oral suspension. The drug is indicated for organ transplant patients to avoid rejection. The product will be manufactured at the company’s facility in Bengaluru.

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DGCA carrying out technical evaluation of two incidents involving IndiGo planes

The Directorate General of Civil Aviation (DGCA) is coordinating with IndiGo to carry out the technical evaluation of engine issues faced by the airline’s two aircraft. Two flights of IndiGo (one from Kolkata to Bengaluru and another from Madurai to Mumbai) suffered engine issues on Tuesday. IndiGo’s fleet is powered by Pratt & Whitney (P&W) engines, and several aircraft are on the ground.

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Tata Power-DDL gets 3-year extension from DSIR for in-house R&D unit

Tata Power Delhi Distribution Ltd (Tata Power-DDL) has received a three-year extension till 2026 from the Department of Scientific and Industrial Research (DSIR) for its in-house R&D unit. TP-DDL is a joint venture between Tata Power and the Government of NCT of Delhi. DSIR is a part of the Ministry of Science and Technology, the Government of India.

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NTPC approves Rs 15,530-crore investment for Lara Super Thermal Power Project Stage-II in Chhattisgarh

NTPC Ltd’s board has approved an investment of ₹15,529.99 crore for the Lara Super Thermal Power Project, Stage II. The power station is situated in the vicinity of Lara village within the Pussore Taluk of Chhattisgarh’s Raigarh district. It boasts a combined installed capacity of 1,600 megawatts (MW).

Read more here.

Fortis Healthcare expands footprint with Rs 225-crore acquisition of Medeor Hospital Manesar

Fortis Healthcare Ltd will acquire Medeor Hospital Manesar for ₹225 crore. The acquisition involves the procurement of both the Medeor Hospital Manesar asset and all moveable assets housed within the facility. This strategic move is aimed at expanding Fortis’ presence in key geographic clusters. The Medeor Hospital Manesar is a multi-speciality healthcare facility in Sector 5 of IMT Manesar, Gurgaon, Haryana.

Read more here.

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Daily Market Feed Post Market Analysis

Technicals Indicate Market-Wide Consolidation. SBI to Breakout This Week? – Post-Market Analysis

Post-Market Analysis for July 31, 2023:

NIFTY started the day at 19,666 with a small gap-up of 20 points. The index formed a 75-point red candle at opening (5-min time frame) and took support at 19,597 levels. From there, Nifty gradually moved up to 19,700 zone, consolidated for over 3 ½ hours, and made a sharp up-move at 3 PM to 19,770 levels. Nifty closed at 19,753, up by 107 points or 0.55%.

Nifty chart - July 31, 2023

BANK NIFTY (BNF) started the day at 45,546 with a gap-up of 78 points. The index formed a 190-point red candle at opening and took support at 45,360. Then, it slowly moved up, consolidated between 45,450 and 45,580 levels for nearly 3 ½ hours, and broke out of the consolidation to hit the day’s high at 45,695. BNF closed at 45,651, up by 183 points or 0.4%. 

Bank Nifty chart - July 31, 2023

All indices except Nifty FMCG (-0.6%) closed in the green. Nifty Metal (+1.7%) moved up the most. 

Major Asian markets closed up to 1.3% in the green. European markets are currently trading flat-to-green.

Today’s Moves

NTPC (+3.9%) was NIFTY50’s top gainer. The company’s net profit fell 6% YoY to ₹4,871 crore in Q1 FY24, with revenue up 19%. 

BLS International (+14.2%) surged on the back of strong volumes.

Natural gas distributor GAIL (+1.36%) rose to a near five-year high after UBS double-upgraded the stock.

Maruti Suzuki (+1.56%) posted its Q1 results after market hours today. Net profit jumped 2.5x YoY to ₹2,485 crore; revenue rises 22%.

Apollo Hospital (-3.2%) was NIFTY50’s top loser.

Piramal Enterprises (-5.7%) fell sharply after posting poor financial performance in Q1 FY24. The company has also announced a ₹1,750 crore stock buyback.

Markets Ahead

A smart ending to the month, which indicates stability in the upcoming days. Let’s dive into technical analysis this week.

Nifty will continue its strength till it falls below the 19,560-600 zone, in which Friday’s day low lies. There is a high chance of consolidation this week in the 19,560-860 region.

I will be watching only three levels in Bank Nifty tomorrow, 45,200 (support), 45,750 and 45,920 (resistance). It has been in a stellar rally recently— 13% in 5 months!

Keep an eye on SBI’s ₹620 level as technicals indicate a super breakout.

I will be watching 20,200 as an expiry day support in FIN NIFTY for tomorrow.

Look out for important economic data like India’s manufacturing & services PMI, auto sales data, and others this week!

What levels are you watching out for FIN NIFTY expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Daily Market Feed Post Market Analysis

Weak Weekly Closing for the Month – Post-Market Analysis

Post-Market Analysis for July 28, 2023:

NIFTY started the day flat at 19,659. Throughout the day, the index mostly consolidated with a negative bias. After moving down to the support level of 19,600, Nifty gave a small breakdown, went to the earlier swing of 19,560 levels, and reversed back to close at 19,646, down by 13 points or 0.07%.

Nifty chart post-market report - July 28

BANK NIFTY (BNF) started the day at 45,560 with a gap-down of 118 points. Similar to Nifty, Bank Nifty also mostly consolidated within a 250-point range between yesterday’s closing and 45,300 major support levels. BNF closed at 45,468, down by 211 points or 0.46%. 

Bank Nifty chart post-market report - July 18

Nifty Realty (+1.8%) and Nifty Media (+1.38%) closed well in green, while Nifty IT (-0.8%) fell the most. 

Major Asian markets closed mixed. Germany’s DAX and France’s CAC40 are currently trading in the red, while UK’s FTSE 100 is trading in the green.

Today’s Moves

NTPC (+3.9%) was NIFTY50’s top gainer. Yesterday, the company reported the declaration of the second unit of 660 MW capacity at Barh Super Thermal Power Station.

Intellect Design Arena (+19.7%) jumped after posting strong Q1 results.


Godfrey Phillips (+8.6%) continued its up-move after the company posted a 68.6% YoY risein consolidated net profit to ₹220.97 crore for Q1.

Bajaj Finserv (-1.8%) was NIFTY50’s top loser. The company’s net profit rose 48% YoY to ₹1,943 crore in Q1 FY24.

Supreme Industries (-7.8%) fell sharply after posting weak Q1 results. 

Markets Ahead

Markets took a pause after a huge fall yesterday (monthly expiry). Nifty has given a negative closing on a weekly time frame. This is the first negative closing for Nifty after a strong rally (from 18,900 to 19,990 levels).

Nifty: The major support zone in Nifty is clearly 19,600 levels, and the important resistance now will be 19,700. A breakdown from this support can give us a target of 19,560 and 19,520, while a breakout on the upside can give us a target of 19,750 and 19,820.

Bank Nifty: The next important support level for the index is 45,300, and major resistance would be 45,600. A breakout from 45,600 can give us a target of 46,200 and a breakdown can give us a target of 45,000 and 44,800 eventually.

In the next trading session, major bearishness could hit the markets if the market moves below today’s low and a trend reversal will also be confirmed.

US gross domestic product (GDP) expanded by 2.4% annually in the April-June quarter, surpassing the expected 1.8%. Despite robust economic data from the US, crude oil futures traded lower today morning. Look out for important economic data like India’s manufacturing & services PMI, auto sales data, and others next week!

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Daily Market Feed Post Market Analysis

Will Nifty Hit 20,000 Soon?- Post-Market Analysis

NIFTY started the day at 19,802 with a gap-up of 53 points. Initially, the index started moving higher to 19,840 levels (which was a pivot level resistance). Then, profit booking kicked in, and Nifty fell till the support zones of 19,730 levels. Then, it gave a huge recovery to hit a fresh all-time at 19,851. Nifty closed at 19,833, up by 83 points or 0.42%.

Nifty chart July 19

BANK NIFTY (BNF) started the day at 45,622 with a gap-up of 211 points. Unlike Nifty, Bank Nifty consolidated today within a 200 point-range between 45,700 and 45,500. BNF closed at 45,669, up by 258 points or 0.57%.

Bank Nifty chart July 19

All indices closed flat-to-green today. Nifty PSU Bank (+1.95%) and Nifty Media (+1.1%) moved up the most.

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

Today’s Moves

NTPC (+2.7%) was NIFTY50’s top gainer. Goldman Sachs has initiated coverage on the stock with a ‘Buy’ rating.

Tata Teleservices (+10.4%) surged on the back of strong volumes.

TV18 Broadcast (+9.16%) jumped after the company reported a 52% YoY increase in its consolidated net profit at Rs 91.20 crore for Q1.

Hindalco (-1.19%) was NIFTY50’s top loser. 

Network18 (-7.54%) fell after the company said its net loss widened to ₹38.73 crore in Q1 FY24.

Markets Ahead

Nifty is looking more bullish when compared to Bank Nifty. A lot of positive Q1 results have been boosting the index.

Nifty: Now, the important support level for Nifty will be 19,730, and the major resistance will be 19,880 (which is a pivot point resistance). If there’s a flat opening and Nifty moves higher, the index can move higher till the resistance zone. If the index falls below 19,830 levels, it can come down to the support levels mentioned above.

Bank Nifty: The index has moved in a range. So if there is a range breakout or breakdown from 45,700 levels and 45,500 levels, respectively, BNF can fall to 45,335 levels. On the upside, it could move to 45,890 levels.

Being weekly expiry tomorrow, both indices can be volatile. So watch out for all important levels and plan your trades accordingly.

In other news, UK’s inflation stood at 7.9% for June 2023, below the 8.2% that economists predicted. Euro Area’s June consumer prices rose 5.5% YoY in June vs an estimate of 5.5% growth.

FIIs have net bought for ₹1,165.47 crore today, while DIIs have net sold for ₹2,134.54 crore.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

What levels are you watching out for expiry tomorrow? Let us know in the comment section of the marketfeed app.

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Market News Top 10 News

PVR Inox’s Net Loss at Rs 333 crore in Q4 – Top Indian Market Updates

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

PVR Inox Q4 Results: Net loss at Rs 333 crore

PVR Inox reported a net loss of Rs 333 crore for the quarter ended March 2023 (Q4 FY23), compared to a net profit of Rs 16.1 crore in Q4FY22. However, its operating revenue jumped 113% YoY to Rs 1,143 crore during the same quarter. EBITDA stood at Rs 285 crore in Q4FY23. This is the company’s first quarterly results after its merger with Inox.

Read more here.

WPI inflation falls to -0.92% in April

Wholesale price-based inflation, WPI declined to -0.92% in April on an annual basis from 1.34 % in March. Primary articles inflation slowed to 1.60%, and fuel & power inflation reduced to 0.93 % in April. Inflation in manufactured products declined to -2.42 % in April from -0.77 % in March.

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Berger Paints Q4 Results: Net profit falls 16% YoY to Rs 186 crore

Berger Paints reported a 16% YoY fall in net profit to Rs 185.7 crore for the quarter ended Q4 FY23. Its revenue jumped 12% YoY to Rs 2,443.6 crore during the same quarter. EBITDA also rose 6% to Rs 368 crore during the quarter. The company’s board has recommended a dividend of Rs 3.2 per equity share.

Read more here.

SpiceJet subsidiary SpiceXpress to get USD 100 million from UK group

SpiceJet’s subsidiary, SpiceXpress and Logistics, will receive a $100 million investment from a UK-based group, SRAM & MRAM Group. This investment comes as SpiceJet faces financial difficulties and an insolvency plea from an aircraft lessor. The investment from SRAM & MRAM Group is part of a Memorandum of Understanding (MoU) following a debt restructuring agreement between SpiceJet and aircraft lessor Carlyle Aviation Partner, which acquired a stake in SpiceXpress at an expected future valuation of $1.5 billion.

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Hikal receives zero observations from USFDA for Gujarat unit

Hikal announced that its Panoli unit in Gujarat, India, received a favorable inspection outcome from the US Food &  Drug Administration (USFDA) with no observations. This marks the third successful inspection at the facility, enabling Hikal to manufacture advanced intermediates and key starting materials.

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Kalyan Jewellers Q4 Results: Net profit falls 1.6% YoY to Rs 71 crore

Kalyan Jewellers reported a 1.6% YoY decline in net profit to Rs 71 crore for Q4 FY23. However, its consolidated revenue rose 18.4% YoY to Rs 3,381 crore during the same quarter. EBITDA also rose 17.5% YoY to Rs 256.7 crore. The company’s board has recommended a final dividend of Rs 0.5 per equity share.

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UltraTech Cement commissions factory in Rajasthan capable of 0.8 MT annual output

UltraTech Cement has commissioned a 0.8 MTPA brownfield cement factory in Neem Ka Thana, Rajasthan, through its subsidiary UltraTech Nathdwara Cement. With this addition, their grey cement capacity in Rajasthan reaches 17.05 MTPA, and their total grey cement manufacturing capacity in India is now 129.95 MTPA.

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Vedanta appoints Sonal Shrivastava as CFO from June 1

Vedanta Ltd has announced the appointment of Sonal Shrivastava as its chief financial officer (CFO), effective from June 1. Shrivastava previously served as the CFO for Asia Pacific, Middle East, and Africa operations at the Holcim group. In her new role, she will lead Vedanta’s financial strategy, overseeing accounting, tax, treasury, investor relations, financial planning, analytics, and driving digitalization and profitability.

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NTPC to start feasibility study for 130-MW floating solar power plant in Tripura

NTPC Ltd is set to conduct a feasibility study for a 130-MW floating solar power plant on Dumbur Lake in Tripura’s Gomati district. The Tripura Renewable Energy Development Agency (TREDA) signed a Memorandum of Understanding (MoU) with NTPC to conduct the feasibility study. The study will assess the required waterbody area, identify transfer stations, and obtain forest clearance. The study is estimated to cost Rs 450 crore and is expected to be completed in a few months.

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ONGC arm raises $500m in foreign currency loan

ONGC’s overseas subsidiary ONGC Videsh has secured a $500 million foreign currency loan from a consortium of banks including DBS, Bank of Baroda, and State Bank of India. The syndicated loan has a tenure of five years, is denominated in dollars, and is supported by ONGC’s guarantee. The funds raised through the loan will be used to repay $500 million in bonds that recently matured.

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PSP Projects bags order worth over Rs 317 cr

PSP Projects has secured a contract worth Rs 317.13 crore from Gujarat’s Narmada, Water Resources, Water Supply, and Kalpsar Department. The project involves developing the Dharoi Dam region into a sustainable tourist and pilgrimage destination, including infrastructure, roads, and an adventure water sports arena. The company aims to complete the project within 18 months.

Read more here.