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Bank Nifty Holding Down Nifty! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,770 with a gap-up of 77 points (well above the important resistance zone). After initial consolidation, the index moved up to 19,830 levels but faced rejection. It then fell back to the opening levels and consolidated. Nifty closed at 19,783, up by 89 points or 0.45%.

BANK NIFTY (BNF) started the day at 43,790 with a gap-up of 207 points. The index mostly consolidated during the first half, but gave a sharp fall to 53,585 levels after 1 PM. Then, BNF bounced back and later consolidated. BNF closed at 43,689, up by 104 points or 0.24%.

All indices except Nifty PSU Bank (-0.35%), Nifty IT (-0.18%), and Nifty FMCG (-0.16%) closed in the green. Nifty Metal (+1.2%) moved up the most.

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

Today’s Moves

SBI Life Insurance (+2.7%) was NIFTY50’s top gainer. 

RattanIndia Ent (+17.1%) hit a 52-week high after the company’s subsidiary, Neobrands, launched its casual fashion brand.

Coal India (-3.9%) was NIFTY50’s top loser. The drop came after the stock traded ex-dividend.

KPIT Tech (-7.28%) fell sharply after Kotak Institutional Equities downgraded the stock to “Sell”, with a target price of ₹940.

Shares of ONGC (-3.36%) turned ex-dividend today.

Markets Ahead

Bank Nifty is currently holding key resistance levels and is unable to cross them. Meanwhile, Nifty was trying to move up, but Bank Nifty was holding it down. We could expect a directional move soon, depending on whether there is a breakout or breakdown from the current levels.

Nifty: The crucial support level to watch is around 19,750. A breach of this level could lead the index to fall to around 19,700 levels (potentially filling the gap). On the other hand, a breakout from the resistance at 19,800 might push the index upward to 19,860 levels.

Bank Nifty: The major resistance is located near 43,700, coinciding with the highest Open Interest (OI) in weekly contracts. A breakout from that level could potentially trigger a short-covering rally, pushing the index to 44,000 and 44,200. Meanwhile, a breakdown from 43,650 may lead the index down to 43,500 and 43,000 eventually.

Considering tomorrow’s weekly expiry for Bank Nifty and the recent consolidation, we could expect a directional move in BNF. So keep a close watch on breakout and breakdown levels and make trading decisions accordingly!

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Daily Market Feed Post Market Analysis

Volatile Expiry as RBI Keeps Repo Rate Unchanged at 6.5%! – Post-Market Analysis

Post-Market Analysis for August 10, 2023:

NIFTY started the day at 19,605 with a gap-down of 27 points. The index initially consolidated till 10 AM. Soon after RBI made its monetary policy announcements, the markets fell sharply from 19,620 zones to 19,500 levels, took support, and then gave a sharp recovery of 100 points to 19,600 zones. Then, it again fell to the day’s low of 19,500 and eventually consolidated near 19,550. Nifty closed at 19,543, down by 89 points or 0.46% 

Nifty chart Aug 10 - post-market analysis

BANK NIFTY (BNF) started the day at 44,797 with a gap-down of 83 points. Initially, the index moved up to 45,000 levels. After 10 AM, it fell sharply by nearly 500 points in 20 mins to 44,500 zones and took support there. Then, Bank Nifty tried to make a recovery but did not have enough strength, and it mostly consolidated for the rest of the day to close at 44,541, down by 338 points or 0.76%. 

Bank Nifty chart Aug 10 - post-market analysis

All indices except Nifty Media (+6.6%) and Nifty Metal (+0.68%) closed in the red. Nifty FMCG (-0.91%) fell the most.

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

Today’s Moves

Adani Enterprises (+1.8%) was NIFTY50’s top gainer. 

ZEEL (+16.5%) surged and hit a 52-week high of ₹290.70 after the National Company Law Tribunal (NCLT) approved its proposed merger with Sony India.

Jubilant Pharma (+11.3%) rallied on the back of strong volumes.

Asian Paints (-2.79%) was NIFTY50’s top loser. One of the company’s employees was booked for stealing confidential info, causing ₹6 crore loss to the firm.

RattanIndia Enterprises (-7.85%) fell sharply after the company posted its Q1 results today.

Markets Ahead

Nifty and Bank Nifty were extremely volatile on expiry day, and there’s still selling pressure that can be seen in both indices.

Nifty: The important round level support now in Nifty would be 19,500 and the major resistance to look out for is 19,600 levels. A breakout from 19,600 can give us targets of 19,690 and 19,720 (gap-filling levels) and a breakdown from 19,500 could give us targets of 19,420 and 19,390.

Bank Nifty: The index is currently at the support zone of 44,400-500. The immediate resistance will be 44,700 levels. A breakdown of the support levels can give us targets of 44,280 and 44,000. A breakout can give us targets of 45,000 and 45,150 levels.

Meanwhile, the Reserve Bank of India (RBI) has retained the key policy repo rate at 6.5%. It has also maintained the gross domestic product (GDP) growth projection for FY24 at 6.5%. 

According to an Economic Times report, the RBI’s decision to enforce an additional Cash Reserve Ratio (CRR) of 10% of Net Demand and Time Liabilities (NDTL) on banks severely impacted market sentiment today.

Now, all eyes will be on US inflation figures. This data holds significant importance for the global market as it seeks insights into the potential direction of the US Fed’s policy.

How was expiry day trading? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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Market News Top 10 News

WPI Inflation Eases to 12.41% in August – Top Indian Market Updates

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

WPI inflation eases to 12.41% in August

India’s wholesale inflation eased to 12.41% in August 2022, compared to 13.93% in July. The Wholesale Price Inflation (WPI) continues to remain in double digits for the 17th consecutive month (since April 2021). The food articles segment witnessed a spike of 12.37% in August, compared to 10.77% in July. The fuel & power segment eased to 33.67% last month from 43.75% in July.

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Tata Power to develop 4 MWp solar project at Pune plant

Tata Power has entered into a Power Purchase Agreement (PPA) with Tata Motors to establish a 4 megawatt-peak (MWp) on-site solar project at the automaker’s Pune plant. The installation is expected to generate 5.8 million units of electricity, potentially mitigating over 10 lakh tonnes of carbon emission. 

In other news, Tata Power Solar Systems has secured an order worth ₹596 crore from NHDC to set up a 123 MWp floating solar project in Madhya Pradesh.

Read more here.

Bharti Airtel partners with IBM to deploy edge cloud services

Bharti Airtel has partnered with IBM to deploy the telco’s edge computing platform ahead of its 5G network rollout in key cities. The platform will enable enterprises across multiple industries (including manufacturing and automotive) to accelerate innovative solutions. Bharti Airtel’s edge cloud computing platform in India includes 120 network data centers across 20 cities under its data center arm Nxtra Digital.

Read more here.

Coromandel’s venture capital arm invests in drone startup Dhaksha

Dare Ventures, the venture capital arm of Coromandel International Ltd, has invested an undisclosed amount in Chennai-based drone startup Dhaksha Unmanned Systems Pvt. Ltd. The startup plans to use the funding for talent acquisition, research & development, and increase production. It has the capacity to manufacture 250-300 drones a month and aims to scale up to 1,000 a month within a year.

Read more here.

CCI dismisses CUTS plea against PVR-INOX merger

The Competition Commission of India (CCI) has dismissed a plea filed by Consumer Unity & Trust Society (CUTS) challenging the PVR-INOX merger. A complaint was filed by CUTS stating that the proposed deal will have anti-competitive effects on the industry. They also demanded a detailed probe into the proposal. The CCI said the apprehension of the likelihood of the anti-competitive practices cannot be subjected to inquiry.

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Mindspace REIT announces ‘MindspaceforAthletes’ sports fellowship

Mindspace REIT announced the launch of ‘MindspaceforAthletes’, an initiative that assists sportspersons and strengthens sports culture in India. In its inaugural phase, the entity will support athletes from the Somnath Ghosh Table Tennis Academy in Telangana. This fellowship provides for coaching, training infrastructure, physio, diet & nutrition, and travel expenses.

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RattanIndia launches its first anti-drone ‘Defender’

RattanIndia Enterprises Ltd has launched its first anti-drone product ‘Defender’. The product was developed by the company’s step-down subsidiary Throttle Aerospace Systems. Defender will be a 70% indigenous product with a 30% import component of brushless DC (BLDC) motors and batteries. The anti-drones will be manufactured at Throttle Aerospace’s facility in Bengaluru.

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KPI Green Energy signs PPAs with six companies to supply green power

KPI Green Energy Ltd has signed power purchase agreements (PPAs) to supply a total of 15.88 MW of wind-solar hybrid power from its projects to six companies. The company will supply power from the upcoming wind-solar hybrid power project (comprising 16.10 MW wind capacity and 10 MW solar capacity) at Bhungar site in Bhavnagar district, Gujarat. The project was established under the Gujarat Hybrid Power Policy of 2018.

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HFCL secures advance purchase orders worth ₹448 crore from BSNL, RailTel

HFCL has received advance purchase orders aggregating to ₹447.81 crore from Bharat Sanchar Nigam Ltd (BSNL) and RailTel Corporation of India Ltd. The order from BSNL includes the supply, installation, and commissioning of a Control User Plane Separation Broadband Network Gateway (CUPS BNG). Meanwhile, the order from RailTel comprises the supply, installation, and commissioning of an IP-based Video Surveillance System (VSS) at 180 railway stations.

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Harsha Engineers IPO subscribed 2.87 times on first day

Harsha Engineers’ IPO was subscribed 2.87 times on the first day of bidding. The portion reserved for retail investors was subscribed 3.22 times. Non-institutional investors (NIIs) have subscribed 5.83 times against their reserved portion.

Harsha Engineers International is the largest manufacturer of precision bearing cages in terms of revenue in the organised sector in India. The company has fixed ₹314-330 per share as the price band for the ₹755 crore IPO.

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Market News Top 10 News

CCI Imposes Rs 200 crore Penalty on Maruti Suzuki – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

CCI imposes Rs 200 crore penalty on Maruti Suzuki over dealer discount policy

The Competition Commission of India (CCI) has imposed a penalty of Rs 200 crore on Maruti Suzuki India Ltd for indulging in anti-competitive practices by restricting discounts offered by its dealers. It was revealed that the automaker had employed mystery shopping agencies to ensure no additional discount was offered to customers by its dealerships. 

In 2019, CCI launched an investigation into the allegations that Maruti Suzuki forced its dealers to limit their discounts. An order based on the investigation was released today (August 23), in which the CCI directed Maruti Suzuki to ‘cease and desist’ from indulging in such practices and asked the company to deposit the fine within 60 days.

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Infosys CEO meets FM Sitharaman amid persistent tech issues with IT portal 

Union Finance Minister Nirmala Sitharaman met with Infosys CEO Salil Parekh to discuss the critical issue of persistent glitches in the new Income Tax (IT) portal. Since June 8, taxpayers using the e-portal have faced technical glitches, errors, and challenges in accessing it or several functions within the website. According to reports, the FM has demanded that the issues faced by taxpayers on the current functionalities of the IT portal should be resolved by Infosys within September 15, 2021. 

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Jio adds 54 lakh subscribers in June; Vodafone Idea loses 43 lakh subscribers

Reliance Jio Infocomm and Bharti Airtel added 54.6 lakh and 38.12 lakh wireless subscribers, respectively, in June 2021. Jio’s total subscriber base rose to 43.6 crore during the same month. Bharti Airtel’s overall mobile user base stood at 35.2 crore at the end of June. Meanwhile, Vodafone Idea (Vi) lost 42.8 lakh subscribers in June, and its user base shrunk to 27.3 crore. The data was released by the Telecom Regulatory Authority of India (TRAI).

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HDFC Bank partners with Paytm to offer digital banking services

HDFC Bank has entered into a strategic partnership with Paytm to expand its suite of digital banking services offered to individuals and merchants. The companies will build payment gateway and point-of-sale (PoS) solutions for merchants. Paytm and HDFC Bank will also launch a co-branded PoS product in the retail segment, which Paytm will have the option to offer to its own customer base. They will also look to offer credit products such as Paytm’s Buy Now-Pay Later solution Paytm Postpaid, Eazy EMI, and Flexi Pay.

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HCL Tech signs contract with Munich Re for digital workplace services in 40 countries

HCL Technologies Ltd has signed a contract with Germany-based insurer Munich Re to create a next-generation digital workplace for its workforce. The IT major will modernize and standardize workplace services for more than 16,000 employees across 40 countries. HCL Tech will adopt a “glocal” strategy to support Munich Re’s global workforce in multiple languages from near-shore locations.

Read more here. 

SSWL signs MoU with Western Hemisphere for $105 million deal

Steel Strips Wheels Ltd (SSWL) has signed a Memorandum of Understanding (MoU) with Western Hemisphere for an order worth nearly $105 million (~Rs 778 crore). The order includes the supply of steel and aluminium wheels for a minimum period of three years. The supplies of steel wheels will begin from SSWL’s Chennai and Dappar plants by September 2021. Supplies of aluminium wheels from its Mehsana plant will commence from the end of December 2021.

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Indian Hotels to raise Rs 3,000 crore via rights issue to meet financing needs

The Board of Directors of Indian Hotels Company Ltd (IHCL) has approved a proposal to raise Rs 3,000 crore through a rights issue. The objective of the issue is to meet the company’s financing needs for capital expenditure, growth plans, and debt repayment. IHCL’s board has also approved the formation of a Committee of Directors to decide the terms and conditions of the rights issue, including details of the issue price, record date, etc. Mumbai-based IHCL is the parent company of Taj Hotels.

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Eicher Motors reappoints Siddhartha Lal as Managing Director

Amidst a tussle over remuneration, the Board of Directors of Eicher Motors Ltd has decided to re-appoint Siddhartha Lal as Managing Director (MD) with effect from May 1, 2021. As per reports, Lal’s reappointment as MD was voted down earlier by the shareholders over a 10% hike in his salary proposed amid the Covid-19 pandemic— when the revenue and profit growth of the company has been slow. Eicher Motors’ board will now go back to shareholders for approval through a postal ballot.

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RattanIndia Enterprises forms subsidiary for drone business in India

RattanIndia Enterprises will incorporate a wholly-owned subsidiary to kickstart its Unmanned Aerial Vehicle (UAV) drone business operations in India. The company had recently announced a strategic investment in the US-based urban drone logistics platform Matternet. Drone systems have a wide variety of commercial and industrial applications in healthcare and e-commerce logistics, infrastructure monitoring, agriculture, weather monitoring, surveying, etc.

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Centre announces Rs 6 lakh crore National Monetisation Plan

The Central government has announced a Rs 6 lakh crore National Monetisation Plan (NMP) for monetising infrastructure assets across key sectors. The plan would cover a wide range of sectors, including road and railway assets, airports, power transmission lines, and gas pipelines. FM Nirmala Sitharaman stated that the assets would not be sold to the private sector but will only be given to them for their better utilisation. 

NMP is in line with Prime Minister Narendra Modi’s strategic divestment policy, under which the state will retain its presence in only a few identified sectors and the rest will be privatized. 

Read more here.