Today’s Market Summarised

Nifty opened the day with a slight gap-up and was confused for the first few minutes. Just after, it started moving up in the calmest way possible. Green candles were made, and so were red candles. But at the end of the day, the market was powered by bulls. Nifty closed today near the day’s high at 13,601, up 134 points or 1%.

Bank Nifty opened the day at a gap-down and started moving up just like every other sector. After opening at 29,524, the index made higher highs to close near the day high at 29,883, up 257 points or 0.87%.

Nifty Realty, Nifty Media were the top-performing sectors of the day. IT sector was firing throughout the day.

Asian markets all closed in green today. European markets are also in proper uptrend, as of now.

News Picks

Just like yesterday, every sectoral index closed in green. Today was a proper bullish market.

Shares of Wipro moved more than 5.8% today to become Nifty’s top-gainer. Wipro and Metro AG have entered into a strategic digital and IT partnership deal. The deal is valued at ~Rs 5,100 crore ($700 million) for the first 5 years. This was covered in our pre-market report.

Infosys gained more than 2.8% after the deal with Daimler AG(parent company of Mercedes Benz) was announced.

Telecom companies Bharti Airtel and Vodafone Idea went up after telecom body COAI wrote a letter to TRAI regarding tariff hike decision. Also, according to Ericsson’s analysis which was shared on The Stock Market Show yesterday, telecom companies would not have to spend extra on acquiring 5G spectrum.

FMCG stocks including Hindustan Unilever and ITC went up after late-stage positivity in the FMCG sector. They were among the top pullers of NIFTY today.

Shares of Tata Motors went up more than 2% after company started divestment efforts with sale of Brighton Jaguar Land Rover Business fetched Rs 150 crore.

Markets Ahead

Today was a proper trending day in the market. It was one of those days in which you maybe you would not even have noticed how trending the market was. Any shorting opportunity was to be exited soon, or the market swallowed positions.

Last week’s top gainers were among the top losers today, including Divislab, HDFC and Titan.

With Trump blocking the US stimulus temporarily, I am very interested to see how the Dow Jones and other American markets open tonight.

Good technical and fundamental picks identified in Monday’s crash, including IT stocks and many others, would already have achieved good profits now. Personally, smiling with my positions in the FMCG sector looking green, after today’s rally!

13,500, 13,550 and even 13,600 were respected in the market today like we discussed. The open interest moving down from 14,000 to 13,700 is very interesting to see. 13,650 is also seeing a lot of open contracts. Does this mean we might see a tough resistance at 13,700 tomorrow?

Reliance moving up will probably solve all these problems, jumping above all the resistances. But investors are currently not confident on the stock with the UK lockdown feared to affect partner British Petroleum(BP)’s funding.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.