Today’s Market Summarised

Nifty recovers after morning fall and sees afternoon consolidation.

Nifty opened the day flat at 16,646 and then fell nearly 100 points till 16,565. After 9:30 AM, Nifty started to move back strongly, breaking major resistance levels. It consolidated around 16,680 zone for a long while and after 2 o’clock marked a fresh all-time high at 16,722. Nifty closed the day at 16,705, 68 points or 0.41% up. 

Bank Nifty opened the day at 35,581 and moved down to 35,350 levels. Yesterday’s low acted as a good support for Bank Nifty and it reversed from there to jump back up. The index had a pure afternoon consolidation, moving between just 130 points. Bank Nifty closed flat at 35,627, just 10 points up. 

After so many days, all the major indices closed in the green, led by Nifty Metal(+1.6%) and Nifty Pharma(+1.3%)

Asian markets mostly closed mixed in the day. European markets are all trading flat currently.

News Picks

Ultratech Cements(+3.5%) closed as Nifty’s top-gainer as cement stocks moved up. Other stocks including, Ambuja Cements(+2.9%), Ramco Cements(+1.8%), Shree Cements(+1.2%), India Cements(+2.7%), JK Lakshmi(+1.5%), Orient Cements(+3.5%) also gained in the day.

Including UltraTech, fellow Aditya Birla companies Hindalco(+3.2%) and Grasim(+1.3%) also closed as Nifty’s top-gainers. Idea(+1.6%) also gained.

Metal stocks bounced back today along with the rest of the market. National Aluminium(+7.8%), Hindalco(+3.2%), SAIL(+2.6%) and NMDC(+2.6%) closed with gains in a day where all Nifty Metal stocks closed in the green.

Chemical companies including Sudarshan Chem(+20%-UC), Alkyl Amine(+7.1%), NOCIL(+6.8%), Navin Fluorine(+6.3%), SKF India(+6.3%) and Pi Industries(+1.7%) gained in the day.

L&T(+2.6%) moved up after Motilal Oswal marked a buy rating with a  target of 1950.

Healthcare stocks Apollo Hospital(+1.3%), Fortis(+6.1%), Metropolis(+1.4%) moved up in the day.

HAL(+7.1%) moved up continuing its bullishness. Can look at the chart to plan a trade.

AU Small Finance Bank fell sharply in the last one hour and closed 5% down.

Markets Ahead

Markets have closed with sharp good gains for the week with Metals showing the best gains.

Nifty IT continued its bullishness from last week surprisingly and moved up nearly 3%. What is more interesting is the comeback of the broader market indices like Nifty Midcap and Nifty Smallcap. Smallcap index has broken a 3-week losing streak and closed in green.

Markets have closed the last Friday of the month with bullishness, with Nifty closing at all-time highs. This was made possible by sharp buying in HDFC from the day-low. TCS was also up in the day.

The auto sector continues to be weak, and this might be a good time to add fundamentally strong stocks like Maruti to your portfolio. Expecting a move from M&M also soon.

How did this week go for you? Were you able to catch some good moves in the market? Let us know in the comments of the marketfeed app!