Tag: Reliance share

Today’s Market Summarised

Indian markets closed in the red with heavy selling in Pharma stocks and struggling global markets.

Nifty opened the day with a small gap-up at 15,860 and consolidated. Just before noon, there was weakness after Nifty fell below 15,850. Just after European markets opened, Nifty crashed and fell to 15,700 level. A retracement was seen but weakness continued. Nifty closed the day at 15,746, down 78 points or 0.49%.

Bank Nifty opened at 35,035 and found it difficult to cross 35,200. The index was volatile and fell nearly 500 points from high to day-low along with Nifty. Once 35,000 was broken and the index fell even more and remained weak. Bank Nifty closed the day at 34,797, down 152 points or 0.44%.

Nifty Pharma crashed 4.33%. Most sectoral indices closed slightly in the red. Nifty Metal managed to closed 1.46% up.

Asian markets mostly mixed, but the sell-off in Chinese and Hong Kong markets continued. European markets are all trading in the red right now.

News Picks

Metal stocks closed in the green with Hindalco(+4.3%), Tata Steel(+2.5%) and JSW Steel(+0.8%) closing in Nifty 50’s top gainers list. China is planning to impose tariffs on steel exports from the country; this could increase demand for India’s steel.

Other Nifty Metal stocks – APL Apollo(+8.7%), National Aluminium(+4.3%) and Jindal Steel(+3.9%) closed with gains.

SBI Life(+2.6%) once again gained near closing time and ended among the top-gainers, continuing bullishness after results. Even when Bank Nifty closed in the red, SBI closed 1.6% up.

Dr Reddy’s fell sharply along with many other Pharma stocks. The company reported Q1 consolidated net profit at Rs 570 crores, down 5% YoY. Also received complaints regarding under the table dealings with healthcare professionals. The stock closed 10.4% down.

Cipla(-3.9%), Divislab(-2.6%) and SunPharma(-2.1%) also moved down from Nifty 50. Other pharma stocks including Lupin(-5.1%), AuroPharma(-4.9%), Biocon(-2.5%), Sparc and Glenmark(-6%) closed in the red.

Alembic Pharma(-11.2%) slips to a 52-week low after weak earnings and company withdrawing their growth guidance.

USFDA to inspect Auro Pharma‘s Unit 1, API(Active Pharmaceutical Ingredient) plant. The stock closed 4.9% down. 

INOX LEISURE says it has no discussions with Amazon regarding any deal. News titled ‘AMAZON INDIA IS SHOPPING: INOX, OTHERS ON WISHLIST’ has been surfacing on the internet and Inox said the news is not true. The stock was more than 13% up in the morning and after the news it moved down to close 5.7% up.

Global sugar prices hit fresh 52-week high yesterday. Sugar stocks – Balrampur Chini(+2.9%), Renuka(+5%-UC), Triveni(+5%), EIDPARRY(+2.2%) and Dwarikesh(+4.1%) closed in the green. 

Coffee stocks CCL(+16.3%) and Tata Coffee(+9.2%) moved up in the day.

Equitas(+6.3%) and Equitas Small Finance Bank(+4.7%) gained after the board approved a reverse merger with Equitas Small Finance Bank. Shareholders will receive 226 shares of Equitas SFB for every 100 shares of Equitas Holdings.

Happiest Minds closed 5.6% up ahead of results.

Pfizer hit a fresh all-time high and closed 5.8% up. Hope everyone had the stock in their portfolio since we started talking about it many months back.

APL Apollo(+8.7%) shot up after reports that the board will consider a bonus issue on August 6.

ABB INDIA will sell its Mechanical Power Transmission Division (DODGE) to RBC Bearings company for Rs 21,580 crores. Note that the entire ABB is worth just Rs 36,000 crores, so maybe worth it is looking into?

Ramco Cements(-5.5%) fell after reporting Q1 standalone net profit at Rs 170 crores, down 40% from last quarter. 

Manappuram jumped up to fresh all-time highs after last week’s breakout and closed 7.8% up. 

Zomato touched a fresh all-time high and then moved 11% down from that level. Closed 7% down for the day.

Markets Ahead

The sell-off in our markets was triggered by Dr Reddy’s results and European markets opening in the red. This selling may have triggered some panic and taken Nifty down till 15,700 levels.

There is weakness in the market right now with Nifty unable to sustain above the 15,900 mark. Bank Nifty also is struggling to move above 35,200.

Once again the earnings reports are causing volatility in Nifty, which can be expected till the month-end. Keep an eye out for IndusInd Bank’s results tomorrow. 

The heavy call writing at 15,800 along with global markets in the red indicates temporary weakness for Nifty. Let us see if the market can hold above the 15,630 and 15,500 support zones.

Steel stocks continuing to outperform the market and are showing bullish signals. Hoping you all have already added few stocks to your swing watchlists!

Hope you had a great day in the market. Did you catch the Dr Reddy fall? Or did you get trapped in it? Let us know in the comments of the marketfeed app!

Today’s Market Summarised

Nifty opens the week with heavy consolidation.

Nifty opened flat at 15,850 and was volatile. It tried to move up but could not cross Friday’s high and started falling. After some more consolidation, the market again started falling. Nifty closed the day at 15,824, down 31 points or 0.20%.

Bank Nifty opened at 34,880 with a gap-down and was very volatile. But with power from ICICI Bank, the index started moving up and even crossed Friday’s highs. This was not sustained and the index moved back down. Even though it tried to stay above 35,000 level, Bank Nifty closed below it at 34,949, down 85 points or 0.24%.

Most sectoral indices closed with consolidation. Nifty Realty moved down 0.96%, while Pharma gained 0.63%.

Asian markets mostly closed in the red. European markets are all trading slightly in the red right now.

News Picks

SBI Life(+2.49%) shot up near market close after reporting Q1 earnings. Q1 consolidated net profit came at Rs 223 crores against Rs 391 crores last year(-42%). It closed as Nifty 50’s top-gainer.

Bajaj Finserv continued gaining momentum, closing 2.45% up.

Jindal Steel opened nearly 10% up and after the profit booking closed 1.5% up in the green. Yesterday, the company got a revised bid from Worldone for its thermal power subsidiary for Rs 7,400 crores. The deal will help reduce debt.

Generally, metal stocks remained strong. Hindalco(+2.1%) and Tata Steel(+1.2%) closed in the top gainer’s list of Nifty 50, while SAIL(+2.4%) and Vedanta(+1.6%) also moved up. JSW Steel however closed as the top-loser, down by 1.8%.

Vedanta moved up 1.6% after reporting net profit at Rs 4220 crores vs Rs 1033 crores last year vs Rs 6432 crores last quarter.    

Pharma majors Sun Pharma(+1.3%) and Cassiopea SpA signed license and supply agreements for Winlevi cream in the US and Canada. WINLEVI is used on the skin to treat acne.

Navin Fluorine reported Q1 net profit at Rs 55.9 crores, down 25% from last quarter. The stock closed 5.9% down.

M&M Financial fell after reporting a net loss of Rs 1,573 crores vs profit of Rs 432 crores last year. The stock closed 5% down.  

MahindCIE closed 9% up along with BSE(+8%), ICIL(+9.3%), Alkyl Amine(+9.5%) and CapliPoint(+19.2%).

Kotak Bank reported a Q1 standalone net profit of Rs 1640 crores vs Rs 1244 crores last year. The stock closed 1% up.

Alembic Pharma moved down 3.8% after reporting a 45% YoY fall in net profit to Rs 164 crores for Q1.

Apollo Hospital(+4.6%) and LalPathLab(+2.6%) shot up to fresh all-time highs.

Markets Ahead

Nifty opened the day with volatility from Reliance and ICICI Bank after their results were published over the weekend. Even though it was taken well by analysts, markets punished Reliance and the stock pulled down Nifty down by 23 points.

In the usual case, when Nifty consolidates we see that the midcap and smallcap indices rally. That is how we know that there is still some bullishness in the market. Today both of them consolidated.

The earnings reports are splitting up investors, as financial stocks fail to impress. The market is also feeling that the results are not living up to the current valuations of the companies.

Nifty will continue to consolidate unless it can close above the all-time high level strongly. On the lower side, a close below 15,500 would indicate weakness for the short-term.

Watching steel stocks gain back momentum is interesting, keep an eye out for the sector. Oil stocks, especially large-caps like ONGC have lost steam as crude oil prices cool down.

Hope you had a great start to the week! How did it go for you? Let us know in the comments of the marketfeed app!

Today’s Market Summarised

Nifty showed net consolidated in the day, with Bank Nifty moving outperforming.

Nifty opened at 15,857 with a gap-up and crashed down 110 points to the day-low. The index moved back and found resistance at 15,850 and even touched 15,900. The last 30 minutes saw a fall, and Nifty closed the day at 15,856, up 32 points or 0.20%.

Bank Nifty looked much stronger in the day after opening flat at 34,750. In the morning fall, 34,400 was taken as support and the index moved back up. Towards the end, the index broke yesterday’s high and crossed the 35,000 resistance even when Nifty fell. Bank Nifty closed the day at 35,034, up 357 points or 1.03%.

Nifty Realty and Bank Nifty moved sharply in the day. Nifty Media moved down while all other indices consolidated.

Asian markets closed mixed in the day. European markets are all trading in the green right now.

News Picks

ICICI Bank(+3.1%) rallied up and closed as Nifty 50’s top-gainer. The bank is about to publish its results tomorrow. SBI(+1.6%) and Axis Bank(+1.1%) also closed in the list.

Similarly, ITC(+2.6%) gained ahead of its Q1 results tomorrow.

Mphasis closed 5.54% up after publishing good results yesterday. 

Wipro(+2.5%) moved up after launching FieldX, a lifecycle automation solution for manufacturing organisations.

Zomato listed at Rs 119/share vs the issue price of Rs 76/share. The stock closed at 125.3, up 66% from the IPO price. Zomato hits a 1 lakh crore market cap.

Supreme Court refuses reassessment of telecom dues. IDEA(-9%) and Tata Teleservices(-5% Lower Circuit) moved down. Bharti Airtel closed flat. IndusTower fell 4.8%.

Tata Motors(-2.3%) closed as the top loser in Nifty 50, continuing its weakness.

Mahindra Holidays is considering a bonus issue. The stock closed 4.7% up. Interestingly, other Mahindra stocks including MAHINDCIE(+1%), Mahindra Lifespace(+7.7%), Mahindra Logistics(+2%) also gained.

India Govt proposes to sell 89 lakh shares of NMDC. The stock closed 1% down.

India Information Minister says, currently no plans to change FDI limits for News Papers, News Channels, FM Radio. Media stocks closed in the red with DB Corp(-3.9%), Network18(-1.6%), TV18 Broadcast(-2.7%) sharply falling.

Federal Bank reported Q1 net profit of Rs 367 crores against Rs 478 crores last quarter. The stock closed 1.4% up along with Bank Nifty’s rally.

Jubilant Foodworks continued rally after results and moved up 4%. The stock has moved up more than 15% this week.

JSW Energy(+1.8%) moved up sharply in the day. It has gained more than 50% this month.

Stocks that rallied last week including BSE(-6.4%), CDSL(-5%-LC) and Happiest Minds(-4.8%) closed in the red.

Schaeffler India(+13%) shot up after analysts bullish view on the stock, hitting fresh highs.

Markets Ahead

Nifty closed in the red this week even after yesterday’s rally. Realty, IT and FMCG have closed in the green.

ITC moving up was interesting, the most in 2-months for the stock. It contributed more than 11 points for Nifty out of the 30 points in the index. ICICI Bank gave 32 points for Nifty, while Reliance pulled the market down by 12 points.

Interesting, 9 of the 11 Nifty 50 companies that announced results till today have fallen short of estimates. Reliance’s results is to be out today.

Since Bank Nifty has closed above 35,000 and Nifty above 15,850, it will be a good start for next week. Reliance is expected to show a big gap-up/gap-down opening on Monday after the results are published. This along with ICICI Bank results will make a big impact on Monday’s market!

Hope you had a great week in the market even with the volatility. Let us know in the comments of the marketfeed app!

Today’s Market Summarised

Nifty rebounding after global markets turned green yesterday and day-before.

Nifty opened at 15,746 with a good gap-up and continued to move up. The index moved up another 80 points and found resistance at 15,810-’825. In fact, just at 1:30 PM, the index started falling. And just before the market closed, there was a big reversal and Nifty shot up to close the day at a high. 

Nifty closed at 15,824, up 192 points or 1.23% for the day.

Bank Nifty looked weaker but still closed in the green. After opening at 34,780, the index found resistance at the 35,000 zone and fell down. When Nifty closed at the day-high, Bank Nifty closed much lower from its high. Even with the last-minute rally, Bank Nifty at 34,677, up 262 points or 0.76%.

All sectoral indices closed in the green. Nifty Metal(+3%), Nifty Realty(+1.75%), Nifty IT(+1.80%). Nifty Auto, Nifty FMCG and Nifty Pharma consolidated.

All Asian markets closed in the green. European markets are also all trading in the green right now.

News Picks

TechM(+5.65%) rallied the most in the day from Nifty 50, with Wipro(+2.8%), Cyient(+5.5%), CoForge(+2.6%), OFSS(+2.3%) and Infy (+2.5%) moved up in the day.

Metal stocks rallied up after the Indian Cabinet approved Rs 6,322 crores of Production Linked Incentive scheme for Speciality Steel. JSW Steel(+5%), Tata Steel(+3.2%) and Hindalco(+2.7%) in Nifty 50 top gainers. Jindal Steel(+3.75%), SAIL(+2.6%), Vedanta(+2.6%) and NMDC(+2.3%) also closed in the green.

Tata Steel Long Products(+4%) and Jindal’s subsidiaries JSL(+18.75%) and JSLHisar(+15.1%) shot up.

Hindustan Zinc(-1.7%)  fell after reporting a 20% QoQ fall in net profit to Rs 1,980 crores. 

Larsen and Toubro(+3.2%) continued moving up and closed in the top gainer’s list. Other L&T companies including LTI(+1.1%) and LTTS(+3.6%) closed in the green.

Bajaj Finance(+4.2%) and Bajaj Finserv(+3.7%) moved up in the day after markets accepted the profits numbers from the Q1 results.

All Adani stocks shot up near the end and closed in the green. There was no apparent reason for the rally. Adani Ent(+3.7%) and Adani Ports(+2.8%) moved up well and Adani Power, Adani Green, ATGL, and Adani Trans closed in the 5% Upper Circuit.

Jubilant Foodworks(+11.9%), Havells(+4.3%) & ICICI Prudential(+5%) moved up after posting Q1 earnings last day.

As crude oil prices bounced back up globally, ONGC(+2.5%), OIL(+3.8%), BPCL(+1.5%) and IOC(+1%) closed in the green.

Gold-lenders Manappuram(+7.4%) and Muthoot(+5%) shot up in the day. Two weeks ago we had talked about how these stocks are in a good breakout zone.

Defence stocks HAL(+3.8%) and BDL(+5.7%) jumped up. Malaysian Air Force has sent out a global request for low-cost light fighter aircraft.

Retail textile stocks AB Fashion(+5.4%) and Trent(+6.8%) closed in the green. Arvind Fashions sells ‘Unlimited’ to V-Mart retail in cash. The stock closed in the 20% Upper Circuit. V-Mart gained 4.4% in the day.

IDFC(+11.7%) moved up 12% after RBI clarified it can exit as promoter from IDFC First Bank. IDFC First Bank(+1.8%) also gained.

Telecom stocks closed in the green. Rs 18,000 crores investment in Vodafone-Idea(+2.7%) was approved by the Department of Telecom. Airtel(+3.9%) moved up after increasing the prices of popular plans.

Hindustan Unilever fell the most in the day from Nifty 50. The company reported a net profit of Rs 2,100 crores, up 11% YoY. However, a fall in margin was seen. The stock closed 2.3% down.

Bajaj Auto fell after reporting 31% QoQ fall in net profit to Rs 1,060 crores for the last quarter. The stock closed 1.3% down.

IIFL Securities fell 6.6% after reporting a 11% QoQ fall in net profits for the previous quarter.

Markets Ahead

On Tuesday night after our markets closed, global markets had reversed and shot up. Even yesterday, when our markets were closed for Eid, other markets moved up. So it was almost sure Nifty would move up as well.

And yes, as the weekly expiry, markets were really volatile as you can see in the charts. Nifty’s rally near the end was not sponsored by Bank Nifty which shows that the index is still weak.

HDFC Bank is continuing to be weak after its Q1 results. Overall, Bank Nifty is looking very bearish in the month. Results from other major banks are awaited.

As we know, Bajaj Finance and Finserv moved up after posting good profits. So we can expect a similar move from banking stocks too. 35,000 and 35,800 are the next levels to watch.

Interesting to see Metals and Realty continuing the rally for the month. Can continue to keep an eye out on them.

Now Nifty is flat from Monday but looks like we may see a green end to the week tomorrow. How did your Thursday trades go? Let us know in the comments section of the marketfeed app.

Today’s Market Summarised

Banks and financial stocks continuing bearishness in the day.

Nifty opened at 15,717 with a small gap-down and started falling. After breaking 15,700, there was a fall which saw the index reaching even 15,580 by noon. When the European markets opened, the markets moved back up. Finally, Nifty closed the day at 15,632, down 120 points or 0.76%.

Bank Nifty looked much weaker in the day after opening at 34,850 with a gap-down. The index fell more than 500 points intraday before trying to move back up. Still, Bank Nifty remained weak and closed the day at 34,415, down 664 points or 1.9%.

All sectoral indices except Nifty FMCG(+0.3%) closed in the red. Nifty Media, Nifty Realty and Nifty Bank closed in deep reds.

All Asian markets closed in the red. European markets are all trading in the green right now.

News Picks

Asian Paints results boosted all paint stocks in the day. Asian Paints reported consolidated net profit at Rs 570 crores, up 161% compared to last year. The stock closed 5.9% up. Other paints including Berger Paints(+3.5%), Kansai Nerolac(+2.9%)  moved up.

Cement stocks were boosted in the day, with ACC posting a 99% YoY increase in net profits to Rs 534 crores. ACC(+7.2%), Ambuja Cem(+4.6%) and UltraTech(+1.5%) closed in the green.

Airline stocks Indigo(-5.2%) and SpiceJet(-2.3%) closed in the red with global fears of reducing travel. Canada has also suspended flights from India until August 21st.

Metal stocks closed in the red and were highly bearish. Hindalco(-3.5%), Tata Steel(-2.6%), JSW Steel(-2.35%), National Aluminium(-4.2%), Jindal Steel(-3.3%), Vedanta(-3.3%), SAIL(-3%) and more closed in deep reds.

All stocks from Bank Nifty closed in the red. AUBank(-3.8%), IndusInd Bank(-3.3%) and IDFC First(-2.6%) closed in the most red. Other large banks including ICICI Bank(-2.1%), HDFC Bank(-1.8%) and SBIN(-1.6%) also moved down.

Wonderla(+4.7%) closed in the green after announcing it will open Hyderabad Amusement Park from August 5.

Recently listed Shyam Metalics reported net profit at Rs 458 crores, up 470% from last quarter. Revenue also jumped 170% QoQ to Rs 2465 crores. The stock closed 2.8% up. 

ZenTec got an export order worth Rs 125 crores. The stock closed 5.8% up.

Sugar manufacturer DCM Shriram fell sharply after reporting more than double net profit of Rs 757 crore. The stock closed 8.5% down. 

Just near market close, Bajaj Finance reported Q1 consolidated net profit at Rs 1,000 crores, down 25% against last quarter. The stock closed 1.2% down but we can see a better reaction tomorrow.

JSW Energy said it is investing Rs 3000 crore in Tamil Nadu. The stock closed 2.5% up.

Markets Ahead

Nifty continued its technical weakness as HDFC Bank once again opened with a big gap-down and moved down. It pulled down the index by 36 points along with HDFC. 

It was interesting to see how Nifty started moving up just ahead of the European markets opening at 12:30 PM. But as those global indices also saw selling, Nifty and Bank Nifty came down back near day-lows.

Tomorrow is a market holiday with Bakrid celebrations, but do not forget that other global markets are open. So their movement tonight and tomorrow night may influence Nifty strongly on Thursday. Don’t forget that Thursday will also be volatile due to the weekly options expiry.

Earnings reports are in focus, with the market so far not appreciating the profit numbers from large-cap companies. We will be able to see a clear mood of the market by month end as many Nifty 50 companies report their Q1 results.

We have a day-off from the market tomorrow, so let’s all spend some time with our friends and family as Eid is celebrated around the world. Let’s see how the global markets perform tonight and tomorrow!

Today’s Market Summarised

Financials take Nifty down in the day, with weakness in the global markets. 

Nifty opened 1% down at 15,755 and moved back up till 15,836. After a long consolidation above 15,800 Nifty started falling and went down till 15,707. Taking support there, Nifty moved 50 points up and closed near the open at 15,752, 1% or 171 points down.

Bank Nifty followed a similar pattern like Nifty. After opening at 35,125, Bank NIfty moved back up till 35,347. There wasn’t enough strength to move further and started falling, even breached the 35,000 support. 34,900 acted as a good support and Bank Nifty managed to close above 35k at 35,079, down by 672 points or 1.88%.

Nifty Finserv also contributed to the fall, down by 1.9%. Nifty Auto and Metal closed more than 1% down. 

Asian markets closed in the red. European markets are also trading in deep red, most of them down by 2%.

News Picks

NTPC(+1.9%) closed as Nifty’s top gainer after news that the Government plans to collect Rs 70,000 crore from asset monetization of PowerGrid, NTPC, REC over 5 years. PowerGrid and REC closed flat. 

Out of the 8 top gainers 6 are from FMCG and Pharma. Stocks from these sectors managed to close flat despite Nifty’s fall.

Financial stocks filled up the top losers list. HDFC Bank closed 3.3% down after posting below estimated profits on Saturday. Other banks – IndusInd Bank(-2.7%), Axis Bank(-2%), IDFC First Bank(-2.6%), RBL Bank(-2.5%) and Federal Bank(-2.1%) also moved down.

HDFC Life also fell 2.7% after reporting 33% decrease in Q1 profits at Rs 302 crores against Rs 451 crores last year.  HDFC also closed in the red, down by 2.1%.

Adani stocks moved down after the Minister of State for Finance said SEBI has started investigating some Adani companies. Adani Ports(-2%), Adani ENT(-1%), ATGL(-4.6%), Adani Trans(-4.7%), Adani Power(-3.3%) and Adani Green(-2.9%) moved down.

Meanwhile, Rating Agencies Crisil(+12.7%), Care Ratings(+2.7%) and ICRA(+7%) moved sharply up.

Shyam Metalics moved 4% up after Edelweiss set a higher target for the stock.

Angel Broking moved 15% to day high and then closed 7.5% up.

Clean Science listed at Rs 1,700/share vs issue price of Rs 900/share. GR Infra listed at Rs 1,712/share vs issue price of Rs 837/share.

CDSL(+6%), MCX(+3.5%), BSE(+11.4%) moved up in the day continuing their bullishness.

Chhattisgarh Environment Board allowed Godawari Power to operate its iron ore plant with increased capacity. The stock closed 5% up in the Upper Circuit.

Rossari Biotech moved up 7.4% after reporting the takeover of Tristar Intermediaries.

DeltaCorp fell 1.5% down after Goa Govt extended the restrictions till July 26.

Finance minister said 23% of the adult population completed the first dose, 5.6% are fully vaccinated.

Markets Ahead

Nifty opened the day with a gap-down then moved up. But this was clearly fake positivity as the index came crashing down again after European markets opened.

The general bearishness in the world market is once again courtesy of Covid-19 and inflation fears.

The HDFC Twins, HDFC and HDFC Bank were the top-draggers for Nifty contributing 77 points out of the 171 point fall today.

The bullishness in Bank Nifty on last Thursday now looks like a false breakout. HDFC Bank reporting high rate of bad loans in the quarter is causing concern for other smaller banks. The common thought in the market is if HDFC Bank has significantly higher bad loans, how will other banks perform in the quarter.

This week has results from a lot of key Nifty 50 stocks including Bajaj Finance, Bajaj Finserv, ICICI Bank and many others. This will be a deciding factor for the market, just like HDFC Bank today.

Bank Nifty managing to close above 35,000 shows that there is no  absolute weakness in the market yet. Nifty should move up back above 15,960 to show some bullishness as we discussed in the Week Ahead article.

Nifty Midcap and SmallCap were also weak in the day, so we will have to see how the international markets perform tonight. The immediate support at Nifty is at 15,690 with resistances at 15,850 and 15,900.

Hoping that support will be taken and the market moves back upwards.

Today’s Market Summarised

Nifty hit a fresh all-time high at 15,962 and ended the week with some power.

Nifty opened the day at 15,948 and hit a fresh all-time high at 15,962. After some consolidation Nifty fell down, reaching 15,900 levels. Then it tried to move up and again fell down till 15,882. After 2 pm Nifty regained some strength and managed to close above 15,900. Nifty closed flat at 15,923, down by just 0.8 points.

Bank Nifty was in a bearish mood after opening at 35,952. It broke the support of 35,800 strongly and moved down to 35,700 levels. 35,700 was taken as support twice and similar to Nifty, Bank Nifty also showed some momentum after 2 pm. It went up near 35,800, then fell down and closed at 35,751, down by 155 points or 0.43%.          

Nifty IT(-1%) made some corrections today after the post result rally we witnessed this week. Nifty Metal, Pharma and Realty closed 1% up in the green.

Asian markets closed with small bearishness. European markets are all trading mixed.

News Picks

Divislab(+3.2%) continued its rally to fresh all-time highs and closed as Nifty 50’s top-gainer. Other Pharma stocks including Syngene(8.76%), Glenmark(+4.76%), Auropharma(+2%), Lupin(+1.55%) and Biocon(+1.5%) also gained. 

IT stocks mostly closed in the red after yesterday’s rally. HCLTech(-3.3%) and Infy(-1.6%) featured in the top-losers of Nifty 50. OFSS(-1.8%) and LTI(-2.9%) also fell.

Broking firms JM Financial(+3.7%) and Motilal Oswal(+10%) moved well in the day along with Angel Broking(+20%) and ICICI Securities(+5.7%).

Construction Engineering company JMC Projects won orders worth Rs 1624 crores. The stock closed 3.3% up.

CDSL(+3.3%), BSE(+3.5%),CRISIL(+2%) and CAMS(+2.3%) continue their rally.

Happiest Minds shot up in the morning and after the profit booking, the stock closed just 1% up.

The parent company of PayTM – One97 Communications filed for an IPO of up to Rs 16,600 crores.

Idea(+8%) and Bharti Airtel(+3%) gained well as Supreme Court will be considering AGR dues petition on Monday. Reliance also moved 1.4% up.

The acceleration in unlocking of economy, increase in rail infrastructure spending and more private trains running keep pushing IRCTC(+6.9%) up and up. The stock has moved more than 50% since mid-April.

Our favourite Metal stocks along with Realty continued to show strength. JindalSteel(+2.2%), NationalAlum(+5.1%), Tata Steel(+1.7%) NMDC(+3.5%) and APL Apollo(+3.5%) closed with gains.

DLF(+2.5%), GodrejProperties(+1.5%), Prestige(+3.5%) and Pheonix(+1.8%) helped the Nifty Realty index close more than 1% up.

HDFC AMC reported a 14% profit rise to Rs 345 crores during the quarter ended June compared to Rs 302 crores last year. The stock closed flat.

Power Grid(+1.5%) fixed July 30 as the record date to consider bonus issue in ratio 1:3.

Angel Broking(+20%UC) and Cyient(+12%) gained well after posting Q1 results yesterday.

Tata Elxsi closed 4% down after reporting a QoQ fall in net profits yesterday.

Markets Ahead

Nifty continued to show strength with the index closing above the 15,900 zone. Bank Nifty however could not sustain its stand above 35,800 and closed more than 150 points down. It did not even test the 36k mark today.

Reliance supported the market today, contributing more than 20 points to Nifty in a flat day. This was balanced by Infy’s fall pulling down nearly 20 points in the day.

This week, Nifty Realty has gained 8.58% when Nifty has closed 1.5% up. Nifty Small 100 was boosted up 4.2% with power from CDSL, Happiest Minds, IEX and more. Metal, IT, Bank and Pharma indices moved 2-2.5% each upwards in the week of Nifty’s all-time high.

Confidence in stocks related to economic re-opening is giving hope for further up movement in other largecaps. ICICI Bank’s results next week will be looked on by market participants with high interest.

With realty stocks moving up for two weeks, expecting some consolidation in the index. Metals look all set to rally once again and our eyes are on them for next week.

Nifty has its eyes set for 16,000 but Bank Nifty has a major wall remaining at 36,000. Let’s see if next week will be favourable. How did your week go? Is your portfolio in green as Nifty scales new all-time highs? Let us know in the comments of the marketfeed app!

Today’s Market Summarised

Nifty touching a fresh all-time high and Bank Nifty breaking out!

Nifty opened the day at 15,878 and moved up. 15,900 was taken as resistance and then was broken with strength in the morning. All-time high at 15,915 was also broken and then consolidation was seen. Nifty closed the day at 15,924, up 70 points or 0.44%.

Bank Nifty opened at 35,766 and was volatile. The very important zone at 35,800 was broken after 10:45 AM and the index shot up. But from here, strict consolidation was seen with Bank Nifty almost touching 36,000 and not falling below 35,800. Bank Nifty closed at 35,907, up 240 points or 0.67%.

Nifty Realty(+4.20%) and Nifty IT(+1.29%) moved up with strength. Most other sectors closed flat.

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

News Picks

Continuing the bullishness from yesterday, IT stocks once again shot up. HCLTech(+5%), TechM(+3.1%) and Wipro(+2.5%) closed as top-gainers in Nifty 50.

Engineering company LTTS(+18.9%) gained well after posting Q1 earnings yesterday. Parent company L&T(+4.1%) and LTI(+4.8%) also moved.

Larsen and Toubro once again moved up sharply and hit a fresh 52-week high. We had talked about how it is in an important zone yesterday. 

Nifty Metal closed with gains with Hindalco(+2.5%) and Tata Steel(+0.9%) closing in the green. Other Nifty Metal stocks including APL Apollo(+4.8%), HindZinc(+3.5%) and SAIL(+1.3%) also closed in the green.

SAIL(+1.33%) moved up after Rakesh Jhunjhunwala’s name appeared in the June shareholding list of SAIL.

ONGC(-3.2%) fell in the day with crude oil prices around the world falling. OIL(-2.7%) also fell.

Midcap IT company Happiest Minds touched the 1500 mark and closed 12.8% up.

Banks closed in the green, boosted by HDFC Bank(+1.44%) and also AUBank(+4.7%). AU Bank was also moving up after the breakout we discussed last week. 

There are reports saying that Reliance is planning to buy JustDial for Rs 5,900-6,600 crores. Just Dial closed 2.5% up. Reliance said that it cannot comment on the deal yet.

RBL Bank(-1.74%) joins with VISA to provide Credit Cards after its partner MasterCard was banned by the Government of India. The stock closed in the red.

Realty stocks jumped in the day once again. IBREALEST(+6.6%), Sobha(+19.1%), Prestige Estate(+6%), Godrej Properties(+3.5%), Sunteck(+3.4%), DLF(+3.5%) and Oberoi Realty(+4%) were the notable gainers.

Kolte Patil(+4.3%) develops a platform with Planet Smart City to develop 15,000 housing units.

Sources say Pfizer, Johnson and Johnson are yet to apply for a license of Covid-19 Vaccines in India. Pfizer closed 1.8% down.

IT management company BLS International(+3.8%) tied up with Flipkart to provide last-mile services.

India may consider a PLI scheme for the Wind Energy Sector. Inox Wind(+9.4%) and Suzlon(+3.8%) closed in the green.

JSW Energy(+9%) gained in the day continuing rally from yesterday after announcing fundraising plans yesterday.

Markets Ahead

Bank Nifty moving up to 35,800 and crossing that level gave it so much power. The target we discussed yesterday for the index was 36,000 if 35,800 was crossed. 35,985 was the day-high for today

IT stocks supported the market with Infy and Wipro alone contributing nearly 40 points to Nifty. When this happened Reliance and HDFC Bank saw selling so as to keep Nifty flat.

Reliance failed to cross 2,100 and HDFC Bank shot up after opening above the 1,500 level.

Volatility existed but the breakout at 35,800 was clean. Nifty did make a fresh high as Bank Nifty crossed this level.

Nifty has reaffirmed its bullishness by closing above 15,900. The rally looks like it will continue to 16,100 and above next week or by the end of July. The support at 15,650 will continue to be a very strong level along with 15,820.

Bank Nifty has an important resistance at 36,000 level too. Last time this was easily crossed with power from the Nirmala Sitaraman candle during the Budget week. Let’s see if the power is continued!

Expecting the realty rally also to continue, as we kept watch for it last week.

How did your expiry go? Were you able to catch the breakout of Bank Nifty? Let us know in the comments section of the marketfeed app.

Today’s Market Summarised

Once again selling near the higher ranges of the market.

Nifty opened the day flat at 15,811 and was very volatile. But just after 10 AM, the rally in Banks and IT got some strength. From the day-low, the index went up more than 110 points. The resistance at an all-time high was not tested, and Nifty fell to close the day at 15,853, up 41 pts or 0.26%.

Bank Nifty opened at 35,590 with a gap-down and moved down. However, it took support and shot back up with strength from private banks. The zone at 35,800 was once again tested and failed to break and heavy selling took the index back down. Bank Nifty closed at 35,668, down 5 points or 0.01%

IT stocks performed the best with Nifty IT(+3.16%) up in the day. Nifty Realty(-0.95%) moved down. All other sectors consolidated.

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

News Picks

IT stocks were highly bullish with the four top gainers in Nifty 50 being Tech stocks. Yesterday, MindTree’s good results brought back some confidence into the industry which was let down by Q2 results from TCS.

Wipro(+7%) was the top-gainer, almost reaching back to its 52-week highs ahead of its results announcement tomorrow.

TechM(+2.7%), HCLTech(+2.2%), Infy(+2%) and TCS(+0.85%) followed. Other IT stocks including Mphasis(+8.4%), MindTree(+8.3%), CoForge(+4.9%), LTI(+4.9%), OFSS(+3.4%) and Happiest Minds(+9.8%) also gained. No stocks from the Nifty IT index closed in red.

Also, Infosys has just published its results now with net profits at Rs 5,195 crores, up just 2% QoQ and below expectations.

LT(+2%) turned bullish with Jefferies setting a target of 1,900 for the stock. It is at a good resistance zone near 52-week highs.

Maruti(-1.3%) fell after it announced a projected Rs 18,000 crore plant for the production of its upcoming SUV lineup. Other auto stocks also generally remained weak even after the SIAM Data showed India’s June Local Car sales rose 118% to 1,21,378 units YoY.

Quess closed 5.7% down after the Income Tax Department conducted a survey at the company’s subsidiary Terrier Security Services.

CEAT(+5.2%) moved up after it got selected to supply tyres for M&M’s new seven-seater Bolero Neo.

JSW Energy is planning to raise up to Rs 5,000 crore via equity shares, bonds and other such securities. The stock closed 3% up.

ITC announced it is entering into the Boutique Lifestyle Hotel Segment with a new brand. The stock closed 1.1% up

The government is set to discuss asset monetization of BEML(+0.6%), MTNL(+4.8%) soon. BEML moved 4.5% from day low to day high.

CAMS(14.7%) continued bullishness from yesterday along with CDSL(+3.9%).

Some textile stocks moved higher as the Government approves an extension for a tax rebate on exports. ICIL(+9.4%), WELSPUNIND(+4.3%) and KPR MILL(+1.2%)  gained. Kitex(+10%) continued the upper circuit rally of this week.

Markets Ahead

India’s June Wholesale Price Index Inflation came out at 12.07%, better than the estimate of 12.18%. Still a very high rate.

Yesterday, FIIs turned net buyers but just for a small amount. Nifty was all set to move up with power from short sellers at 15,800 trying to cover their losses.

But the short sellers did not let go. Bank Nifty at exactly 35,800 once again saw profit booking, for the 5th time in the last 4 months. It is a level that Bank Nifty has not crossed since March 14th.

IT stocks supported the market with Infy and Wipro alone contributing nearly 40 points to Nifty. When this happened Reliance and HDFC Bank saw selling so as to keep Nifty flat.

Reliance continues to find difficulty in crossing 2,100 and HDFC Bank closed just below the 1,500 level. 

With tomorrow being the weekly expiry, there is a chance for volatility. Compared to the month of June, July is giving more quick movements. 

But even though I see some bullishness in the market, not expecting a fresh high for Nifty tomorrow. This could still change if Bank Nifty crosses 35,800 after which the next target would be 36k or if Global Markets also go volatile.

What do you feel? Is the all-time high for Nifty going to be broken tomorrow? Remember that it is just 65 points away from today’s close and 36 points away from today’s high!

Today’s Market Summarised

Nifty testing 15,800 in the day with good bullishness.

Nifty opened the day at 15,796 with a 100-point gap-up and fell. Support was taken around the 15,750 zones, and just after 11 PM, it moved back up. Even with these moves, 15,800 was taken as a consolidation zone. Nifty closed the day at 15,812, up 120 points or 0.76%.

Bank Nifty opened at 35,495 with a gap-up and moved down to consolidate. But just like Nifty, the index found strength just before noon. It broke 35,500 but could not reach the 35,800 mark. Bank Nifty closed at 35,673, up 474 points or 1.35%.

Finance stocks performed the best with Fin Nifty(+1.48%) and Bank Nifty(+1.35%) moving up. Most other sectors consolidated.

Most Asian markets closed in the green. European markets are all trading flat.

News Picks

With Q2 results to be out soon by 24th, ICICI Bank(+2.8%) closed as Nifty’s top gainer. Other financial stocks including HDFC(+2.7%) and Axis Bank(+2.2%) also featured in the gainers’ list.

Adani stocks remained weak after the Annual General Meeting yesterday. Adani Ports(-1.96%) closed as the top-loser in Nifty 50. Adani Green(-1.4%), Power(-1.3%) and Enterprises(-0.2%) also closed in the red, without any confidence from the meeting.

IT stocks remained muted in the day taking rest after the June rally. HCL Tech(-1.1%), TechM(-0.6%), Wipro(-0.19%) and Infy(-0.19%) closed in the red even with the last minute upward move across the sector.

NMDC(+3.7%) moved up near the end after the company’s board approved the demerger of the company and NMDC Steel.

Tyre stocks gained in the day led by Apollo Tyres(+2.6%), MRF(+3.6%), JK Tyres(+3%), and CEAT(+2.2%) closed with gains. Slowly reaching back to their 52-week highs again. Other auto-ancillary stocks including Mothersumi(+2.5%) and Bharat Forge(+1.7%) also moved up. 

The Government is aiming to bring an insurance law amendment in the monsoon session of parliament starting July 19th. SBI Life(+1.86%) hit a fresh 52-week high and featured in Nifty 50 top gainers along with HDFC Life(+1.5%).

Multibagger market-linked stocks including CDSL(+15.7%), BSE(+10.7%), CAMS(+5.1%) and MCX(+7.9%) rallied in the day. IEX also gained(+3.6%). Read all about MCX here.

Some textile-linked stocks including Arvind(+6.2%), AB Fashion(+7.6%), TRENT(+3%), Raymond(+5.1%), Bombay Dyeing(+3.2%), Welspun India(+2.9%) and Pearl Global(+20%) moved up in the day. And Kitex closed at 10% upper circuit, now gaining nearly 70% in the last 4 days. The government is expected to approve the Rebate of State Levies(ROSL) on textiles scheme extension till 2024 along with a boost for textile exporters.

Ramakrishna Forgings bags multi-year order from European OEM(Original Equipment Manufacturer) for Rs 132 crores. The stock closed 1% up. 

Revolt Motors reopens the booking of Electric Bikes. Rattan India stock closed 4% up. Maharashtra Minister Aditya Thackeray will announce EV Policy today. Greaves Cotton(+4%), Tata Motors(+1.1%) also closed in the green.

NTPC REL is preparing to set up India’s first Green Hydrogen Mobility Project in Ladakh. NTPC REL is a 100 percent subsidiary of NTPC(+1.7%).

DuPont plans to acquire a stake in water treatment company Ion Exchange. The stock closed 4.7% up on BSE.

Lupin(+1%) launches Tavaborole Topical Solution in the US, used to treat fungal toenail infections. The stock gained while other pharma stocks looked weak.

Pennar Industries(market cap: Rs 454 crores) bags order worth Rs 571 crores. The stock closed 10.4% up. The company is engaged in the manufacture of hot-rolled and cold-rolled products of steel.

NMDC approves the demerger between the company and NMDC Steel. The stock closed 4.7% up.

Markets Ahead

Yesterday, Nifty closed in the red and we saw FIIs turning net sellers as expected. But if those numbers turn out to be net buying for today, then we can expect some bullish in the coming days of the week. 

Nifty closed above 15,800 today, which is a good sign but Bank Nifty is yet to break its crucial resistance at 35,800. We can also see a lot of call option contracts at the 36,000 level this week, showing that the level will also be important. Private banks including HDFC Bank showed strength closing above 1,500. 1,520 will have to be watched. Reliance is trying and failing to cross 2,100 for the last 2 days, and may give a move tomorrow with the positive telecom data for Jio coming out yesterday.

Did you catch the move today in MCX, IEX, CDSL and CAMS? Let us know in the comments section of the marketfeed app. Definitely, a lot of us have them in our portfolios. We did manage to catch these intraday moves in the Live Feed section of the marketfeed app as well. Click on the names to read our articles on these companies. 

Keep an eye on DMART stock. It has been consolidating near the 52-week high zone for a while now.

Today’s Market Summarised

One more day of volatility in the market.

Nifty opened the day at 15,769 with a gap-up. There was not enough strength to move up, with the index moving sideways in a 40-point zone. Just after 1 PM, the index fell sharply in the afternoon with a 110-point fall. After all the volatility, Nifty managed to gain back some losses and closed at 15,692, up 3 points or 0.02%.

Bank Nifty opened at 35,357 and found good resistance at 35,400 levels. From the day-high, it went down to the day-low in just 20 minutes. The support at 35,000 was not tested and a jump back to 35,200 was seen. Bank Nifty closed at 35,198, down 127 points or 0.36%.

Nifty Realty(+3.61%) performed the best in the day. All other sectors moved without a 1% fall or gain.

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

News Picks

Cement and Realty stocks gained in the day. UltraCemCo(+2.81%), ShreeCem(+1.94%) closed as Nifty’s top gainers.

Other cement stocks JK Lakshmi Cements(+1.1%), Ramco Cements(+1.2%), ACC(+1.7%), Orient Cements(+2.%) also moved.

Realty stocks Godrej Properties(+2.2%), Prestige Estates(+2.6%), DLF(+3.5%), Sunteck,(+5%), Sobha(+5.1%), IBREALEST(+15%), Oberoi Realty(+3.5%) and Ajmera Realty(+6.3%) closed with huge gains.

Federal Bank(+4.5%) closed higher on RBI giving approval for reappointment of MD & CEO Shyam Srinivasan for 3 more years. 

Page Industries(+5.8%) closed as the top gainer in F&O stocks, with many textile-related stocks closing in the green. Other textile stocks including Raymond(+4.9%), Bombay Dyeing(+10.2%), Arvind(+8.4%), Siyaram Silk(+20% – UC) and Welspun India(+7.2%) also gained. Nykaa’s soon to be IPO at a large valuation will stir a rally in textile stocks.

Kitex once again hit 20% Upper Circuit after announcing the decision to leave Kerala. The stock is up more than 50% in the last 3 trading days.

Equitas Small Finance Bank(+7.3%), Ujjivan Small Finance Bank(+1.4%) gained slightly while Equitas Holdings and Ujjivan both closed in the 20% Upper Circuit. This was after RBI allowed small finance banks to apply for reverse mergers. 

With Bank of America saying earlier in the month that gold lenders may see revenue growth, the stocks have been gaining. Manappuram(+3.4%) and Muthoot(+1.5%) gained in the day. Both stocks are at good breakout zones, keep a watch.

SoftBank is looking for a stake in Apollo Hospital‘s Pharmacy arm. The stock is already up more than 11% in the past 1 month. Meanwhile, Aster DM Healthcare gained more than 8% today.

SSWL reported Q1 standalone net profit at Rs 51.2 crores against a loss last year. The stock closed 3.75% up.

JSW Steel board approved raising up to Rs 5,000 crores via rights issue to existing shareholders and up to Rs 7,000 crores via NCDs. The stock closed 1.89% up.

Nepal enters into a Rs 9,677 crore deal with SJVN for a hydropower project. The stock closed 2.3% up.

NMDC has cut the price of Lump Ore by Rs 200 to Rs 7,450 & fines to Rs 6,360/tonne. The stock closed 1.1% down.

SCI opens the virtual data room (VDR) today for the bidders in its privatisation. The stock shot up in the last 15 minutes and closed 4.4% up. 

EaseMyTrip(+4.4%) moved up after expecting a 100% growth this year with recovery for tourism. 

Dairy stocks including Dodla Dairy(+4.7), Hatsun(+8.1%) and Parag Milk(0.85%) gained in the day. This is because Maharashtra’s Gokul and Mother Dairy raised the prices of milk by Rs 2/litre yesterday.

Markets Ahead

Nifty even with the volatility continued net consolidation, giving a movement of just 3 points from Friday’s close.

Realty stocks rallied when Nifty consolidated, just as we discussed yesterday in our week ahead article.

If you look at when our market’s crashed, you can see it was around the same time that European markets started sharply moving down along with Dow Futures too. And even with the first, there was another round of fall.

This was probably FIIs selling in the market due to international pressures and DIIs buying in the lower ranges.

The 15,600-’630 level remains crucial for Nifty and a fall may pull it down further. Markets seem to be on a sell on rise mood, and Nifty will need to close above 15,900 to show some strength.

Bank Nifty will see support at 35,000 and 34,850 if falling. On the upper side, 35,800 will need to be broken.

Interestingly, Nifty smallcap and Midcap closed with gains in the day but this was mostly due to realty stocks. There is no absolute weakness yet in the market.

A projection of worse than usual Monsoon may also weigh in on the economy. To read how monsoon and stock market are related, click here.

Infosys results on Wednesday and Wipro’s on Thursday is being looked at by investors. You can keep an eye out as Infy can move Nifty if it becomes volatile.

How did your week start? Did you see the fall in the market afternoon? Let us know in the comments of the marketfeed app!

Today’s Market Summarised

Another close in red for Nifty, while many sectors rallied.

Nifty opened the day with a gap-down at 15,694 and moved down. By taking support at 15,630, it quickly rallied up in the morning. With this, the index traded in an increasingly consolidating zone and made a weak pattern. Nifty closed the day at 15,689, down 38 points or 0.24%.

Bank Nifty opened at 35,175 and crashed down in the first thirty minutes. It even crossed the 35,000 zone and went down till 34,850. The index of banks also had a very volatile day, with sharp up and down moves. Bank Nifty closed the day at 35,071, down 202 points or 0.57%.

Nifty Metal(+1.99%) and Nifty Realty(+2.38%) performed well in the day, even when Nifty closed in the red. All other indices saw consolidation.

Asian markets closed mixed in the day. European markets are all trading  well in the green, gaining back from yesterday’s losses.

News Picks

Bajaj Finserv(+4.2%) today hit Rs 2 lakh crore in market capitalization for the first time after its stock touched a record high in today’s trade.

Metals stocks once again featured in the top gainer’s list of Nifty 50. Tata Steel(+4.1%), JSW Steel(+1.99%), Hindalco(+1.8%) closed with good gains.

JSW Steel reported Q1 crude steel production volume jump of 65% YoY to 5.07 million tonnes. Tata Steel moved up as CARE upgraded the rating of the company. 

VEDL(+2.65%), National Aluminium(+2.5%), Jindal Steel(+2.1%), SAIL(+1.75%), JSL(+9.7%), JSL Hisar(6.4%) also gained in the day.

TCS(-1.55%) closed in the red after reporting Q1 results below expectations yesterday

Reliance Industries fell for the 4th day to reach over a 1-month low, closing 1% down.

Ashoka Buildcon(+3.5%) received a Letter of Authorization (LoA) for IRCON International project worth Rs 482 crores.

Realty stocks gained sharply in the day, continuing this week’s trend. DLF(+4.3%), Godrej Properties(+1.%), Prestige Estates(+2.5%), Sobha(+1.4%), IBREALEST(+2.5%), Brigade(+3.4%) and Sunteck(+6.8%) moved well. 

Pharma stocks also had a good day in the market. Divislab(+2%) and Cipla(+1%) closed with gains. Granules(+7.2%; is at a breakout zone) and Torrent Pharma(+2%) also moved up.

AU Small Fin Bank once again moved up 4.7% up. On Tuesday, we had talked that the stock had taken good support in the 1-Day chart.

The Government of Singapore bought a 1.74% stake in Max Financial Services last quarter. The stock closed 2.7% up. 

GHCL(+2.9%) received approval from shareholders for demerger for Inorganic Chemicals and Textile Business.

The government is considering selling the entire stake of 45% in IDBI Bank. LIC may also sell the entire stake of 49%. The stock closed 3% up. 

Markets Ahead

Realty had a great week in the market with the index moving up more than 6%. Nifty Metal also gained 2.8% this week. Compare that to Nifty Auto, which fell 2.5% because of the whole Tata Motors crash!

Anyway, even though Nifty closed slightly in the red, midcaps and smallcaps have closed with gains both today as well as this whole week. With this, I feel that we can count this as a consolidating week and not a bearish week. This also gives me confidence that next week will not be bearish.

Interestingly, San Francisco Federal Reserve President Mary Daly said that the Covid Delta variant is a threat to global recovery and India’s Finance Ministry said the economy is showing signs of a comeback from the impact of the Covid-19 2nd wave.

Either way, metals have officially gained back with Tata Steel back at its all-time highs. Expecting such a move from other peer stocks as well.

TCS results turned out to not excite the market. The Q2 updates from ICICI Bank after 2-weeks may give a huge direction to the market. For Nifty, the key support to watch out for will be 15,630, near today’s low. If that level is broken, we can expect a further fall. Otherwise, the resistance level to watch out for is the all-time high 15,915 itself.

Global markets recovering ahead of the weekend is a positive sign. Will the 16,000 level stay unbroken for next week, or do you expect a rally?

Let us know how the week went for you in the comments of the marketfeed app!