Today’s Market Summarised

Nifty gives another breakout tracking global positivity.

Nifty opened at 17,675 with a more than 130-point gap-up. This was just the beginning and the market kept moving up and up from here. After breaking 17,740, the index kept going up and hit an all-time high of 17,844. Nifty closed the day at 17,822, up 276 points or 1.57%.

Bank Nifty opened the day at 37,272 and moved up like Nifty. It turned bullish after crossing 37,500 but could not break out above the 37,800 mark. With consolidation near the end, Bank Nifty closed the day at 37,771, up 827 points or 2.24%.

The high volatile rally in Nifty Realty(+8.6%) continued today. Nifty Bank(+2.2%) and Fin Nifty(+2.2%) moved well in the day. Nifty Metal(+1.6%) also moved up.

Asian markets closed well in the day. European markets are also trading well in the green today.

News Picks

After the Fed Open Market Committee meeting yesterday, markets in the U.S. moved up well. Asian and Indian markets tracked this to close in the green.

Bajaj Finance(+1.3%) and Bajaj Finserv(+5%) continued their rally to fresh all-time highs. We had discussed exactly two months ago how these stocks have to be added to your portfolio.

Tata Motors(+3.6%) closed among the top-gainers of Nifty 50 after increasing commercial vehicle prices and unveiling the release date of Micro-SUV called Punch. The Tata Motors DVR(+7.4%) shares are now at a 52-week high with heavy buying.

With global aluminium prices doing better than iron and steel, Hindalco(+4.3%) continued its breakout. Analysts also recommended higher target prices for the stock. Also today, L&T(+3.4%) announced the completion of Hindalco’s refinery expansion, taking alumina production capacity from 1.5 MTPA to 2 MTPA.

Nifty Realty index moved heavily with power from DLF(+8.8%), Godrej Properties(+12.7%), Oberoi Realty(+12.8%), Sobha(+7.9%) and more. All stocks in the index gained between 3-12% today. DLF reclaimed Rs 1 lakh crore market cap after 2008.

Telecom data for July is out. Jio added 65 lakh mobile users in July. Bharti Airtel added net 19 lakh mobile users in July. Vodafone Idea(+1.4%) lost net 14 lakh mobile users in July. Shares of Reliance(+2.4%) hit fresh all-time high while Idea and Airtel closed slightly in the green.

JBM Auto(+12.2%) bagged a huge order to supply 500 CNG and electric buses.

LIC Housing Finance(+2.3%) has extended its lowest home loan rate of 6.66% for home loans up to Rs 2 crore.

United Spirits moves 7% up with the stock seeing a multi-year breakout. Keep watching the stock.

ZEEL closed 5% in the red after being more than 7% up in the morning.

Markets Ahead

After yesterday’s bullish close in the U.S. markets, Nifty no longer found a reason to remain weak. A fresh all-time high was created, just 150 points away from the mark of 18,000. We can all agree that the 1,800 points gain in the last 35 trading days have been nothing short of crazy.

With the largecaps continuing their move, midcaps are also slowly seeing its strength come back. Realty and Media have been shooting up this last month with power in major stocks like DLF and ZEEL.

With the rally in Reliance, we can expect its subsidiaries to also see investor interest soon.

Keep entering positions but do remember to keep intelligent stop-losses now that the market is at an all-time high. The Evergrande issue seems to have found a temporary solution. Read all about the situation here.

The Realty index showing such moves even when a Global Property Developer went to bankruptcy is very interesting. This shows that there is probably high interest of institutions continuing in these stocks. Keep watching them.

Yesterday, we discussed here that will be eagerly watching support and resistance levels and got a clean breakout at the 37,500 level for Bank Nifty. Were you able to catch the move? Let us know in the comments of the marketfeed app!