Today’s Market Summarised

  • Nifty had a flat opening today, starting the day at 11,256. Multiple green candles were formed in quick succession and the index sped ahead. After consolidating around noon, the green opening of European markets gave Nifty the confidence to break its post-Covid high. The index formed a strong bullish candle while breaking this resistance, tested 11,400 and closed the day at 11,385, up 138 points or 1.23%.

  • Bank Nifty caught up to last Friday’s level with an amazing performance today. The index opened flat at 21,709 and consolidated in green till noon. Again, check the charts and you can see how beautifully the index moved after 1:30pm, when European markets gave green signals. Closed at 22,170.60, up 470 points or 2.16%.

  • All major sectoral indices closed in green today, except Nifty Pharma.

  • Asian markets were mixed. European markets are trading in green at the time of Indian market close.

News Picks

  • Reliance shares picked up pace today, closing at ₹ 2,120, up 1.38%. RIL has the most weightage in Nifty out of all 50 companies, and slight movements can affect the entire market. Reports are coming out that Mukesh Ambani is on a shopping spree, but unlike us, he is buying entire companies. Companies in his radar are Zivame, Urban Ladder, Netmeds and Milkbasket. With these acquisitions, Reliance Industries is hoping to strengthen its retail footprint, and to outpace rival Amazon.

  • Yes Bank shares closed in the 5% upper circuit at ₹15.05. The bank had earlier expanded its employee stock option plan to attract and retain its executives and ensure they avoid poaching.

  • Indiabulls Real Estate jumped to  ₹73.45/share, up 7.38%. This comes after news of the company and Embassy Group merging real estate assets came out. Every company involved in the real estate business performed well today, including DLF, which closed at ₹156.45 and up by 6.32%.

  • Grasim Industries of Aditya Birla Group jumped 6.50% to ₹666, making it Nifty’s top performing stock for the day. Graphs will show that ₹650 had been an important level for the stock, and the stock broke that level hence providing more upside. Don’t forget the importance of Technical Analysis!

  • Ashok Leyland flew up 9.97% to ₹68.95/share today. With this, shares of the company have gained more than 30% in the last five trading sessions.

Markets Ahead 

Nifty has successfully closed above 11,350 level today breaking previous highs, much to the cheer of investors. Banks and Finance companies have outperformed the general market as we hoped and expected. 11,400 was tested today by the index today, but rejected. Further upside can be witnessed if Nifty breaks this level. Keep an eye out for open interest levels, as it can support or resist the market’s movement. Hoping everyone’s portfolio closed in green today!