Today’s Market Summarised

A crazy weekly expiry after the huge gap-down opening!

NIFTY opened the day at 17,775 with nearly a 150 point gap-down. It quickly made a day-high but then started moving down. Afternoon buying took the index back to day-high but it could not sustain there. NIFTY ended the day at 17,745, down 179 points or 1%.

BANK NIFTY opened the day at 37,308 with a gap-down. It kept on moving sideways in a 300 point zone till late afternoon. The index gave a strong breakout above 37,500 but moved back down equally fast. Bank Nifty ended the day at 37,490, down 205 points or 0.55%.

NIFTY IT and NIFTY Realty fell the most today. All other sectoral indices moved less than 1%.

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

News Picks

Markets opened with a gap-down after the U.S. Federal Reserve’s meeting minutes caused panic.

UPL closed as NIFTY 50’s top-gainer after brokerage firm CLSA raised the target on the stock & FY22 earnings estimates.

IndusInd Bank closed in the green after reporting healthy loan and deposit growth for Q3. Meanwhile, other private banks HDFC Bank and Kotak Bank closed among the top-losers of NIFTY.

IRB Infra won its largest-ever order worth Rs 6550 crores and moved up.

IT stocks once again saw profit booking with HCL Tech, TechM, TCS and Infosys closing in the red. 

Bajaj Auto continued to see buying from its 52-week low. Other Auto stocks including TVS Motors, Eicher Motors and Maruti also gained.

Infrastructure stocks saw selling in the day. JSW Steel, UltraTech Cement and Shree Cement led the losers list of NIFTY 50. Almost all stocks in the NIFTY REALTY index closed in the red.

Markets Ahead

A thrilling end to the week. The U.S. Fed signalled yesterday it may have to raise interest rates sooner to fight inflation and this caused a panic selling in markets around the world including ours.

But Bank Nifty showed strength anyway. In the daily chart, it has closed with a green candle even though it could not sustain the late rally. The index continued to show strength in the bearish market today.

The 37,850 mark along with 38k will be important for Bank Nifty. As for NIFTY, once again 18k looks to be the major hurdle in its rally forward. It is a psychological resistance more than a technical resistance, and if broken could indicate a return of Foreign Institutional Investors buying to the Indian market.

FIIs have been net buyers for the last 3 days in our market. Hoping for this trend to continue!

How did the first weekly expiry of 2022 go for you? Let us know in the comments of the marketfeed app!

See you at The Stock Market Show at 7 PM!