Today’s Market Summarised

NIFTY surprises and hits fresh highs towards closing time.

Nifty opened the day flat at 17,102 and tried to move down in the first candle. But this was the day-low and the index only moved up from there. The index followed a pattern of moving up and then consolidating.

Near closing time, Nifty moved up to fresh all-time highs and closed the day at 17,234, up 158 points or 0.92%.

Bank Nifty opened the day at 36,630 and tried to move down. The index took support at yesterday’s low and then bounced back up. The index broke a trendline in the daily chart and started moving up in the morning itself. The index slowly moved up till closing time and reached 36,900. Bank Nifty closed the day at 36,831, up 257 points or 0.70%.

Nifty IT(+1.6%), Nifty FMCG(+1.6%) and Nifty Realty(+1.2%) moved up in the day. Nifty Pharma also moved nearly 1%. Most other sectors consolidated in the day.

Asian markets closed mixed in the day. European markets are all trading flat currently.

News Picks

Shree Cements(+6.4%) moved back up from last month’s fall and closed as Nifty’s top-gainer. Other cement stocks Ultra Cements(+2.3%), Ambuja Cements(+1.7%) and more also closed in the green.

Shares of HDFC Life(+5.6%) moved up and hit record highs ahead of a board meeting on Friday scheduled to consider a fundraising plan. SBI Life(+1.8%) also featured in the top-gainers tab of Nifty 50.

Nifty IT stocks mostly all closed in the green. TCS(+3.2%) hit fresh 52-week highs. Other IT stocks including Mindtree(+3.9%), LTI(+2%) and Mphasis(+1.9%) closed in the green.

Shares of Vodafone Idea(+17.2%) shot up after promoter Kumar Mangalam Birla met with India’s telecom minister.

Exide Industries(+4.7%) moved up once again with the company’s plans to start Lithium-Ion batteries. The stock is up more than 10% up in the last 2 days.

Delta Corp(+10.5%) moved up sharply with the Goa Government approving the entertainment city projects. The project includes Casino, Waterpark, Resort and Multiplex.

Happiest Minds(+4.9%) jumped up near the closing time.

Reliance(+1.2%) crossed Rs 2,300 for the first time since last October.

FMCG stocks featured in the top-gainers section of Nifty 50, with Hindustan Unilever(+2.4%), Britannia(+1.7%) and Nestle(+2%) gaining.

Auto stocks including M&M(-2.2%), Bajaj-Auto(-0.99%), Tata Motors(-0.7%) and HeroMoto Corp(-0.38%) closed in the top-losers section of Nifty 50. Escorts(-2.7%) also fell in the day.

Markets Ahead

Nifty re-affirmed its strength by moving up again today. The index even with yesterday’s fall, jumped back up. TCS continuing its rally, and Reliance touching 11-month highs pushed the index up strongly.

Bank Nifty opened with a gap-up and managed to take support near th3 36,500 zone. Even though it could not break yesterday’s high, the index still has some power in it to move more.

Bank Nifty has bounced back above the 3-month channel with today’s move. We were waiting yesterday to see if this will happen.

Along with HDFC Bank, Kotak Bank will also have to be watched for a breakout. The stocks have been underperforming heavily when compared to peer ICICI Bank which hit a fresh 52-week high today.

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