Today’s Market Summarised

NIFTY opened the day at 17,950, and tried to move up. But 17,980 levels were strong enough to kick Nifty down. Then it was hours of pure downtrend, with Nifty falling near 19,750 support. Nifty tried to bounce back strongly from multiple support levels below 17,800, but all were failed attempts at the day end. NIFTY closed the day at 17,829, down 59 points or 0.33%.

BANK NIFTY opened the day at 40,006 and consolidated for nearly 2 hours. Then it started to move down, but took support around 39,380 and bounced back. But unfortunately 40k acted as a super resistance and the index again fell near 39,300. BANK NIFTY closed the day at 39,402, down by 536 points or 1.3%.

NIFTY REALTY(+1.9%) didn’t give much care to the bearishness in Nifty. NIFTY Auto and Nifty Media closed 1% down. Nifty Metal(+0.9%) closed in the green while Nifty IT closed with zero changes.

Asian markets closed mixed today. European markets are trading mostly in the green currently.

News Picks

SBI(+1.1%) posted a Q2 standalone net profit of Rs 7,626 crore, the highest ever for the Bank, up 67% over last year. During the same quarter of last year the bank reported a profit of Rs 4,574 crores.

LT(+4%) moved up with expectations of higher order inflows during the October-March period (H2FY22).

 Major Realty stocks also closed in green including Sobha(+9.8%), GodrejProp(+3.3%) and Oberoi Realty(+6.3%) moved up. Realty related stocks such as Ultra Cements(+2.2%), Asian Paints(+2.1%) also moved up.

IOC(+1.3%) closed in the green after announcing the plans to enter the EV sector by setting up 10,000 EV charging stations in the next three years.

Tata’s retail stock Trent(+5.2%) moved up after it reported a consolidated net profit of Rs 79.99 crore for the second quarter, yesterday.

Indian primary steel mills are expected to raise prices of flat steel for Nov’ 21, with the Metal index closing in green. Metal stocks Hindalco(+2.1%), JSW Steel(+1.1%), Tata Steel(+0.9%), closed in the green.

Vodafone Idea(-1.5%) has partnered with Nokia India for 5G trials but fell along with other telecom stocks including Bharti Airtel.

Markets Ahead

Market was in a mood for heavy consolidation in the first half of the day following IT and BANK stocks.

But just around noon, selling was seen all around the market. Even Bank Nifty broke the consolidation and fell below the 40k mark.

Just after noon, SBI results almost gave a V-shaped recovery in Bank Nifty but it could not break the 40,000 mark. And just like it went up, the index feel even sharply to day-low.

There were 2 things that were certain to cause volatility today. The SBI results and the weekly expiry and both indeed causing huge moves.

There is a Muhurat Trading session tomorrow evening and we’ll be writing an in-depth article on it. But otherwise, today was the last full trading day in the week.

Hope a majority of you could turn the week net profitable. Meet you all on The Stock Market Show at 7 PM on YouTube!