Today’s Market Summarised

The market continues to rebound after Monday’s fall and closes in the green.

NIFTY opened the day at 16,869 with a gap-up and was volatile. It traded in a 100 points zone till 3 PM and then saw a breakout. It crossed yesterday’s high with ease but could not test 17,000. NIFTY closed the day at 16,955, up 184 points or 1.10%.

BANK NIFTY opened the day at 34,865 and saw volatile consolidation. Just like NIFTY, the index gave a breakout towards the end of the day and even crossed the 35,000 mark. Bank Nifty closed the day at 35,029, up by 421 points or 1.22%.

All sectoral indices closed in the green once again. NIFTY Realty(+2.9%), Pharma(+2%), PSU Bank(+1.7%) and Metal(+1.7%) moved up the most. 

Most Asian markets closed in the green today. All European markets are trading flat currently.

News Picks

Hindalco(+4%) closed as the top-gainer of NIFTY 50 with Aluminium prices on MCX touching a 2-month high. National Aluminium(+4.8%) also moved up.

Other Metal stocks including Hind Copper(+2.4%), Tata Steel(+2.1%), SAIL(+1.8%) and Vedanta(+1.5%) gained as international commodity prices moved up.

All stocks from the NIFTY Auto index closed in the green. Gains were led by Tata Motors(+3.7%), Eicher Motors(+2.9%) and Maruti(+1.4%).

Reliance(+2.3%), ICICI Bank(+1.7%), LT(+2.3%) and Bajaj Finance(+2.9%) pushed up the market.

Divi’s Lab(+3.5%) moved up after IIFL said it expects the company to post a strong set of earnings in Q3.

Powergrid(-2.4%) dropped after a dividend of Rs 7/share came into effect. No other stock from NIFTY 50 fell more than 1% today.

Zydus Cadila(+2.5%) moved up after receiving tentative approval from USFDA for pimavanserin tablets, used to treat the symptoms of a certain mental/mood disorder.

UK Government Scientists say the Omicron variant causes milder disease than Delta.

IDFC(+7.9%) moved up after approving the appointment of investment advisor Anil Singhvi as Chairman. IDFC First Bank(+5%) also moved up.

Manappuram(+4.6%) moved up with plans to raise over Rs 500 crores through a bonds issue.

Positive brokerage notes lead to buying in GMR Infra(+7.5%) & Motherson Sumi(+5.6%).

News of promoter RK Damani raising stake in India Cements(+5.7%) takes the stock higher.

All stocks in the Realty index moved up. Brigade(+8.3%), Lodha(+6.6%), Prestige(+5.3%) and Oberoi Realty(+3.6%) moved up the most.

Markets Ahead

NIFTY once again moved up and the breakout near closing time shows some strength in the market. Strong put buildup once again in the market gave it the confidence to move upwards. If you look at the Option Chain for today, we can get a clear picture of this. 

There is heavy support at 16,800 for tomorrow’s weekly expiry. The options data also indicate resistance at 17,000. But if there is a gap-up opening above this zone, we can expect some short covering in the index where it may move up. Otherwise, expect consolidation.

ICICI Bank, Reliance and Infosys are some stocks from NIFTY 50 which look ready for good moves in the coming days. Metal prices are also moving up around the world which puts some hope on the beaten-down metal stocks in our watchlist. 

NIFTY IT is also at a high point and set for a breakout soon. Do you have stocks from the index in your holdings? Let us know what you think in the comments section of the marketfeed app!

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