Tag: psu bank

Categories
Daily Market Feed Post Market Analysis

Nifty Falls Sharply Amid Israel-Palestine Conflict! – Post-Market Analysis

NIFTY started the day at 19,539 with a gap-down of 114 points. The index fell to 19,480 initially and gave a sharp recovery of nearly 110 points. However, Nifty couldn’t sustain the up-move and fell gradually to near the day’s low again. Nifty closed at 19,512, down by 141 points or 0.72%.

Nifty chart October 9 - post-market analysis

BANK NIFTY (BNF) started the day at 44,057 with a gap-down of 302 points. After opening, the index fell another 315 points to the support zones of 43,800 levels. Then, BNF moved up sharply till the opening levels, couldn’t sustain the up-move, and eventually fell to give a negative closing at 43,886, down by 474 points or 1.07%.

Bank Nifty chart October 9 - post-market analysis

All indices closed in red. Nifty PSU Bank (-3.09%) and Nifty Metal (-1.4%) fell the most.

Major Asian markets closed mixed. France’s CAC40 and Germany’s DAX are currently trading in the red, while the UK’s FTSE100 is trading in the green.

Today’s Moves

Dr Reddy’s Labs (+1.29%) was NIFTY50’s top gainer.

Oil India (+5.24%) rallied to an 8-year high of ₹318.4 as crude oil prices soared amid the Israel-Hamas war.

TCS (+0.47%) hit a 52-week high of ₹3,679 after the IT major said it plans to consider a share buyback on Oct 11.

Adani Ports (-4.89%) was NIFTY50’s top loser. The company, which runs Haifa Port in Israel, said it is ‘fully alert’ regarding the situation at the port and taking measures to ensure the safety of its employees. 

PSU banking stocks Bank of Maharashtra (-6.6%), UCO Bank  (-6.5%), IOB (-6.31%), Central Bank (-6.3%), PSB (5.8%) and others fell sharply today.

Markets Ahead

The Indian market is under selling pressure due to global negativity. Nifty has taken rejection from the 38% Fibonacci levels, and BNF at its 23% Fib level. India Vix shot up by 10%, which indicates that volatility and bearishness would continue.

Nifty: The important support to watch out for is today’s low of 19,480. A breakdown from there could take the index down to 19,445 and 19,400. The immediate resistance for Nifty is near 19,540, and a breakout may give us targets of 19,580 and 19,640 levels.

Bank Nifty: The important support for BNF is near the 43,800 zone. A breakdown from there could give us a target of 43,550 levels. The immediate resistance to watch is near 44,000 levels. A breakout from here may take the markets up to 44,200 and 44,300 levels.

A rise in Vix indicates bearishness. So look for breakdowns in case of directional trades!

The Israel-Hamas war has led to heightened geopolitical risks. Oil prices have increased due to fears of disruption in the West Asia region. Market analysts expect bond yields to go up and stock markets to fall if the war continues.

Please tune in to The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Post Market Analysis

Extreme Volatility! Negative Closing for Nifty – Post-Market Analysis

NIFTY started the day flat at 19,744. The index was highly volatile in a 140-point range throughout the day. After opening, the index tried moving up, but faced rejection at the 19,800 level. It then gave a sharp fall of 130 points, recovered back up to the same day’s high, and again fell to the day’s low at 19,650 levels. Nifty closed at 19,742, down by 68 points or 0.34%.

Nifty chart Sept 22 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,707 with a gap-up of 83 points. It initially tried moving up, but took rejection at the 45,000 round levels. Then, the index fell sharply by nearly 400 points to 44,600 levels. It again gave a rebound to the day’s high, but eventually fell again. BNF closed at 44,612, down by 11 points or 0.03%.

Bank Nifty chart Sept 22 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (+3.51%) and Nifty Auto (+0.21%) closed flat-to-red. Nifty Pharma (-1.5%) fell the most.

Major Asian markets closed mixed. Germany’s DAX and France’s CAC40 are currently trading in the red, while UK’s FTSE100 is trading in the green.

Today’s Moves

IndusInd Bank (+2.95%) was NIFTY50’s top gainer.

Maruti Suzuki (+2.4%) moved up after brokerages Citi and Morgan Stanley maintained their bullish stance on the stock.

HUDCO (+18.84%) hit a 5-year high of ₹85.8 on the back of a positive outlook. The stock has surged nearly 95% since April 2023.

All 12 stocks in NIFTY PSU Bank closed in the green, with Central Bank of India (9%), Union Bank (5.4%) and Canara Bank (4.6%) emerging as top gainers.

Dr Reddy’s Labs (-2.67%) was NIFTY50’s top loser. 

Shares of Wipro (-2.4%) fell following the resignation of Jatin Pravinchandra Dalal as Chief Financial Officer of the company.

Glenmark Pharma (-3.01%) declined up to 6% after the firm received board approval to sell a 75% stake in subsidiary Glenmark Life Sciences to Nirma.

Markets Ahead

Markets are extremely volatile and every uptick is getting sold with a lot of strength. As discussed in yesterday’s post-market report, a sell-on-rise market was expected, and we are seeing it in action.

Nifty: The immediate resistance to watch out for is near 19,720 levels. For a proper uptrend, the index has to cross the resistance at 19,800. The major support is near 19,650. And if this level is breached, we can expect Nifty to hit 19,630 and 19,560.

Bank Nifty: The index is near its round-level support zone of 44,500. A breakdown from this level could give us targets of 44,300 and 44,000. The immediate resistance to look out will be 45,000. Wait for BNF to cross 45,000 if you’re looking for buying opportunities.

On a weekly time frame, the indices are looking weak. But they have taken support from trendlines. So, if those trend lines are breached, we can expect bearishness in the coming months!

PSU bank stocks outperformed today as India’s inclusion in JP Morgan’s Government Bond Index led to a decline in bond yields. 

How did this week go? Are you in net profit or loss? Let us know in the comments section!

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

Categories
Daily Market Feed Post Market Analysis

Nifty Falls Below 20,000! HDFC Bank Down 4% – Post-Market Analysis

NIFTY started the day at 19,980 with a gap-down of 152 points. It initially tried to move up, but 20,050 levels acted as good resistance. The index fell throughout the day to 19,880 levels. Nifty closed at 19,901, down by 231 points or 1.15%.

Nifty chart Sept 20 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 45,493 with a huge gap-down of 486 points. After opening, the index recovered nearly 300 points to 45,750 levels. But selling pressure kicked in, and the index fell nearly 470 points from the day’s high. BNF closed at 45,384, down by 595 points or 1.29%.

Bank Nifty chart Sept 20 - post-market analysis | marketfeed

All indices closed in red. Nifty Metal (-1.63%) and Nifty Finserv (-1.49%) fell the most.

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

Today’s Moves

PowerGrid (+2.27%) was NIFTY50’s top gainer. The stock hit an all-time high of ₹205.95 today.

Blue Star (+13.4%) surged to hit a record high of ₹946.8 after the company launched a qualified institutional placement (QIP) issue to raise ₹1,000 crore.

SJVN (+6.65%) moved up after the company and Power Finance Corp signed an agreement worth ₹1.18 lakh crore for renewable energy and thermal power projects.

HDFC Bank (-4.01%) was NIFTY50’s top loser. The bank has warned that its merger with HDFC would hit key financial metrics, including margins and bad loan ratios. Several brokerage firms have reduced target prices on the stock.

Heavyweight stock Reliance (–2.23%) fell sharply today. Around 1.9 crore shares (0.3% equity) of RIL changed hands in a block deal.

Public sector banks UCO Bank (-5.7%), IOB (-5.5%), Central Bank (-5.4%), and others closed deep in red.

Markets Ahead

After the huge rally, major indices have come under selling pressure. The Special Session of the Parliament happening this week could also add volatility to the markets.

Markets can be volatile to sideways in the coming days. So traders need to be cautious!

Nifty: The index closed below 20,000. So that level can act as a strong resistance. But the immediate resistance is near 19,950 levels. A breakout on the upside could make the index volatile and sideways. Meanwhile, the important support is near 19,800 levels. A breakdown below today’s low can give us targets of 19,800 and 19,730 as the second target.

Bank Nifty: The index is now currently taking support from 45,300 levels. A breakdown from here can take the index down to 45,150 and 45,000 eventually. On the other hand, a breakout from 45,460 can take the index to the 45,750 levels (with volatility).

Being Bank Nifty expiry, the option premiums and implied volatility (IV) didn’t cool down on the call option (CE) side till even the second half of the day. So option sellers might have been in some confusion there. But spikes on the put option (PE) side were also manageable. So it was a good day for both option buyers and sellers.

The US Federal Reserve will make its interest rate announcement today (11:30 PM IST), with prevailing expectations pointing towards a decision to maintain the current interest rates without any changes.

Nifty’s expiry tomorrow can be tricky. So watch out for the levels mentioned above and manage your risk. 

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

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

Categories
Daily Market Feed Post Market Analysis

BNF Indicates Consolidation This Week. PSU Banks Shine! – Post Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 20,155 with a gap-down of 36 points. After falling to 20,120 levels in the first candle, the index moved up gradually to 20,195 (the day’s high). Post 12 PM, it fell nearly 80 points (making lower lows) to hit 20,115. Nifty closed at 20,133, down by 59 points or 0.29%.

Nifty chart Sept 18 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 46,100 with a gap-down of 130 points. After trading in a 110-point range initially, the index broke out of the consolidation, and rose to 46,250 levels. Then, similar to Nifty, Bank Nifty fell sharply by 345 points over the remaining part of the day! BNF closed at 45,979, down by 251 points or 0.54%.

Bank Nifty chart Sept 18 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (+3.39%), Nifty Auto (+0.84%), and Nifty FMCG (+0.58%) closed in the red. Nifty Realty (-1.37%) fell the most.

Major Asian markets closed mixed. European markets are currently trading up to 1% in the red.

Today’s Moves

PowerGrid (+3.09%) was NIFTY50’s top gainer.

Indian Overseas Bank (IOB) hit a 20% upper circuit amid a strong rally in PSU bank stocks. UCO Bank (+15.1%) and Central Bank (+9.8%) also closed well in the green.

BEL (+3.1%) went up nearly 7% intraday after the company received multiple orders worth ₹3,000 crore on Friday.

Hindalco (-2.43%) was NIFTY50’s top loser amidst selling pressure in metal stocks.

Vodafone Idea (-6.8%) fell sharply after the telecom company denied reports that US-based Verizon, Amazon, and Starlink are in a race to acquire it.

J B Chemicals (-49.79%) shares have turned ex-split. The company had announced a stock split in the ratio 1:2.

Markets Ahead

Nifty and Bank Nifty have closed without major changes, and our market is witnessing small profit booking. In the upcoming days, we can expect decent selling after every intraday rise. To catch this move, you can use simple trendlines.

The major support to look out for in Nifty will be the 20,100-130 zone. However, Bank Nifty is struggling to trade above 46,000 as the region is close to its all-time high (ATH).

Bank Nifty may not show bullishness at least for this week. Here are the reasons: 

  • ICICI Bank is facing resistance near the ₹1,000 mark. If the stock breaks this level, it will be a strong double-bottom breakout and could be a big move after a small retracement.
  • HDFC Bank failed to break the resistance at ₹1,650. Will be watching how the stock behaves near the ₹1,620 support region.
  • Bank Nifty might trade in a 1000-points range of 45,480-46,330 for a few more days. Even an ATH breakout would be a trap, because Pivot levels are indicating a strong resistance near the 46,680 region.

Reliance is testing its major trendline support, but proper horizontal-level support is only available near ₹2,400.

The markets will remain closed tomorrow (Sept 19) on account of Ganesh Chaturthi.

How did FIN NIFTY expiry go? Let us know in the comments section of the marketfeed app.

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

Categories
Daily Market Feed Post Market Analysis

Bearishness Continues. What to Expect on Weekly Expiry? – Post-Market Analysis

NIFTY started the day at 19,655 with a gap-down of 78 points (below the important support zone of 19,700). It was a straight fall of 250 points from the day’s high to the low of 19,424 levels! In between, the index tried to consolidate near 19,500 zones, but couldn’t sustain it. Post 2:30 PM, the index recovered over 100 points from 19,420 levels. Nifty closed at 19,526, down by 207 points or 1.05%. 

Nifty chart weekly expiry - Aug 2

BANK NIFTY (BNF) started the day at 45,234 with a gap-down of 357 points (near the support zones of 45,300). The index fell below important supports to 44,700 levels. After falling more than 650 points, BNF retraced a bit and closed at 44,995, down by 596 points or 1.31%. 

Bank Nifty chart weekly expiry - Aug 2

All indices closed in red today. Nifty PSU Bank (-2.6%) and Nifty Metal (-2%) fell the most. 

Major Asian markets closed up to 2.4% in the red. European markets are currently trading in the red.

Today’s Moves

Divi’s Labs (+1.4%) was NIFTY50’s top gainer on the back of strong volumes.

Indiabulls Housing Finance rose 5.37% today. Last week, the company’s board approved raising up to ₹35,000 crore via the issue of debt securities. It has also approved a final dividend of ₹1.25 per share for FY23.

Hero MotoCorp (-3.5%) was NIFTY50’s top loser. The two-wheeler manufacturer’s total sales declined by 12% YoY to 3.91 lakh units in July.

PSU banking stocks Canara Bank (-3.9%), Bank of Baroda (-3.1%), PSB (-3.1%), SBIN (-2.19%), IOB (-2.9%), and others moved down with strength today.

Redington India (-10.37%) fell sharply amid weak Q1 FY24 results.

Markets Ahead

Markets are clearly bearish now. Being a weekly expiry tomorrow, markets can be volatile and might continue the downtrend. 

Nifty: Now, the important support level to watch out for is today’s low of 19,400. The important resistance to watch out for is the 19,570 zone. A breakout on the upside will create some volatility, and the index might move sideways. But if there’s a breakdown and the market falls below 19,400, we can expect a target of 19,300.

Bank Nifty: The index is between the support zone of 44,500 and 45,300 resistance. In this zone, BNF can act sideways and become volatile. If there’s a breakdown from 44,500 round levels, we can expect a target of 44,150. A breakout on the upside can give us a target of 45,750.

Both indices might be volatile within a range for tomorrow’s expiry. So watch out for the levels mentioned above, and plan your trades accordingly!

Meanwhile, global stock markets have fallen after Fitch Ratings downgraded the US sovereign credit from AAA to AA+, citing “a steady deterioration in standards of governance” and the US government’s growing debt burden.

FIIs net sold for ₹1,877.84 crore in the Indian markets, while DIIs net sold for ₹2.23 crore.

What levels are you watching out for weekly 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!