Today’s Market Summarised

Markets end the week with a green day, with Nifty breaking a 4-day losing streak.

Nifty opened the day at 15,711 and moved down. The index even broke yesterday’s lows and kept moving down. Support was found near 15,635 and then the reversal was strong. After taking resistance at 15,700 multiple times, the index broke out after 3 PM. Nifty closed the day at 15,722, up 42 points or 0.27%.

Bank Nifty opened at 34789 and moved mostly sideways. Even though it tried to move up towards 1 PM, yesterday’s high was taken as a resistance. Bank Nifty closed slightly higher at 34,809, up 126 points or 0.36%.

Nifty Metal(-1.49%) fell the most in the day. All other sectoral indices showed net consolidation.

Asian markets closed mixed in the day. European markets are all trading slightly in the green.

News Picks

Divi’s Lab(+1.89%) closed as Nifty 50’s top-gainer, breaking out and creating fresh all-time highs.

ICICI Bank gained 1.5% and pushed Bank Nifty up by 110 points out of its total 125 point gain today.

Metal stocks moved down with Tata Steel(-2.37%) and JSW Steel(-1.36%) featuring in the top-losers list. Other Nifty Metal stocks including SAIL(-2.05%) and JindalSteel(-1.6%) also fell.

Adani Ports(+1.04%) moved up after reporting a 83% YoY rise in cargo volumes to 25.54MT in June. Also, brokerage firm Nomura upgrade their targets for the stock.

Other Adani stocks had a bad day with Adani Ent, Trans, Green and ATGL closing nearly 5% down.

Tata stocks other than Tata Steel generally performed well in the day. Tata Chem(+6.18%), NELCO(+5.75%), Trent(4.8%), Tata Elxsi(+4.38%), Tata Invest(+2%), and Indian Hotels(+1.20%) closed with most gains.

Along with Tata Chem, other chemical companies Vinati Organics(+8.82%), IOLCP(+6.61%), Pi Industries(+3.84%), Deepak Nitrite(2.4%), and Aarti Industries(+2.21%) closed with gains.

Route Mobile(+19%) hit fresh all-time highs after acquisition of email technology biz from Sarv Webs.

Indoco(+13.4%), JBChePharm(+10.2%) and HFCL(+9%) also hit fresh 52-week highs. Happiest Minds also closed 4.7% up.

With the mutual funds industry growing, CAMS(+3.18%) and BSE(+7%) also a lot of buying in the day.

Markets Ahead

Reliance and ICICI Bank supported and lead the market to a green close after 4 days of fall.

Nifty Pharma gained 3.27% this week while Nifty Metal fell 1.8% followed by Nifty Bank falling 1.57%.

Interestingly, in a week where Nifty closed 0.87% in the red, Nifty Smallcap 100 has gained more than 2%. 

A foreign brokerage like Nomura showing confidence in Adani Ports is a good sign for the stock. If you do remember, June was a really bad month for the stocks of the company.

Based on the current sentiment, expecting markets to move back up next week. Even Chinese President Xi Jinping’s aggressive speech did not affect our markets while their markets fell more than 2%.

With the 15,630-15,670 zone as support for Nifty, we can expect to see strong trading sessions in the first week of the third quarter.

Can keep an eye on IT stocks ahead of their Q2 results announcements soon. Will be keeping an eye out if Nifty can sustain above the 15,750-15,800 ‘lock-zone’ next week.

How did the week go for you? Let us know in the comments section of marketfeed app!

Catch you all on The Stock Market Show tonight!