Today’s Market Summarised

The afternoon sell-off takes the market by surprise.

NIFTY opened with a gap-up at 17,237 and was highly volatile. After the initial 15 minutes, the market moved up to near 17,400 zone. When the European markets opened and started falling, NIFTY crashed down nearly 300 points from the day-high. NIFTY closed the day at 17,102, down just 8 points or 0.05%.

BANK NIFTY opened at 38,269 with a gap-up and hit a day-high. The level of 38,400 was not broken through the day and started falling around 1:30 PM. Once the support at 38,000 was broken, the index fell sharply. Bank Nifty closed the day at 37,689, down 292 points or 0.77%.

NIFTY IT(+1.1%) bounced back along with NIFTY Pharma(+1%) today. All other sectors ended with consolidation after the afternoon fall.

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

News Picks

NTPC (+3.8%) closed as the top-gainer of NIFTY 50 after opening with a gap-up, ahead of Q3 results today.

UPL (+2.3%) closed among the gainers with fertiliser stocks seeing buying ahead of Budget 2022. Deepak Nitrite (+4.4%), Tata Chemicals (+3.6%), Deepak Fertilisers(+5%-UC) and others also closed in the green. Chambal Fertilisers (-5%) fell after Q3 results.

Bharti Airtel (+1.2%) moved up after Google invested a total of nearly Rs 7,400 crores including the issuance of 7.11 crore equity shares.

LIC Housing Finance (+10.9%) moved up and recovered the last 3 weeks of fall after a strong set of earnings in Q3.

TVS Motors (-4.3%)  fell sharply after a gap-up after the company announced it is buying a 75% stake in a Swedish e-bike firm for $100 Million(~Rs 740 crores).

Kotak Bank (+0.48%) traded with volatility after announcing Q3 results today. Q3 standalone net profit came at  Rs 2,130 crores, up 15% YoY and in line with estimates.

Markets Ahead

No words for today’s market and the options premiums today. Just a sneak peek into how the next week might look for us. Interestingly, VIX fell slightly.

Levels for NIFTY remain the same for Nifty next week. Resistances at the level of 17,350 is the first to look out for. Support at the zone of 16,900 will be important for the week. 

Even with today’s slight fall, the technicals indicate strength in Bank Nifty. A breakout above 38,800 might see the index testing 40k mark soon.

Did you trade in today’s market or stay away? Any trades planned for the Budget week? Let us know in the comments section of the marketfeed app!

See you on The Stock Market Show at 7PM!