Today’s Market Summarised
The market moves down on the opening day of the week.
NIFTY opened the day at 17,216 and moved down from the beginning. The index tried to take support at 17,100 and consolidate but started falling again just before noon. After a heavy fall, NIFTY closed the day at 16,912, down by 284 points or 1.65%.
BANK NIFTY opened the day 36,268 and was volatile. After heavy up and down moves, the index decided to move down towards the closing time. After taking support at 35,700, BANK NIFTY closed the day at 35,735, down 461 points or 1.27%.
All sectoral indices closed in the red with more than 1% fall each. NIFTY IT fell the most.
Major Asian markets closed in the red today. All European markets are trading slightly in the green currently.
UPL was the only 1 stock from NIFTY 50 that closed in the green. It was the top-gainer last day.
Coal India opened with a big gap-down due to the Rs 9/share dividend. It closed as the top loser in NIFTY 50.
IndusInd Bank closed in the red, losing its gains from the last 2 days. Bajaj Finserv and Bajaj Finance also both moved down.
HCL Tech, TCS, TechM and Wipro closed among the top-losers of NIFTY 50. Other IT stocks also fell including LTI, Coforge, LTTS and Infy also dipped.
BEML continued to move up and hit fresh all-time after privatisation news.
Vodafone Idea also continued its rally while Airtel and IndusTower fell.
A red day in Indian markets with heavy selling by institutions resuming. What started with a flat opening in the morning saw NIFTY close at its lowest level since August.
What was interesting is that there was no single big contributor to the fall. All stocks across major indices kept on moving down to pull the market further and further down.
During market hours, once Bank Nifty initially bounced back above the 36,000 level, there was heavy Put Option buildup at the 36k strike. The next time it was broken, a heavy fall was seen probably because of all these sellers running for cover. Bank Nifty closed near the day-low of 35,700.
Our intraday bearish level of 16,980 that we discussed on Friday gave a good move when broken. Our positional level of 16,800 still holds even though NIFTY is beaten down heavily today.
Will the weakness continue as dip-buyers run out of money? Can DIIs continue to pump in thousands of crores every day? What do you think? Let us know in the comments section of the marketfeed app.
Meet you all on The Stock Market Show at 7 PM on YouTube!