Markets move ahead and close the week in green.
NIFTY opened with a gap-up at 16,300 and mostly moved sideways. Around noon, the index took support near yesterday’s high and then went on to close higher. NIFTY closed the day at 16,352, up by 182 points or 1.13%.
BANK NIFTY started the day at 35,335 with a gap-up. It then kept on moving up throughout the day in a bullish channel. In the process, the index hit its highest level in 3 weeks. BANK NIFTY ended the day at 35,613, up by 518 points or 1.48%.
NIFTY IT recovered in the day along with the Media index. NIFTY Auto, NIFTY BANK, Finserv, and FMCG gained more than 1% each.
Asian markets mostly closed in the green today. European markets are currently trading in the green.
TechM(+4.14%), Wipro(+3%) and Infosys(+2.63%) closed in the top-gainers of NIFTY 50 as IT stocks bounced back. This was mostly influenced by the U.S. tech index NASDAQ gaining back yesterday.
HDFC Life(+3.47%) hit its highest level since early February and moved up. Other Finance stocks also did well with IndusInd Bank(+3.10%), and Bajaj Finance(+3.02%) closing in the green.
GAIL and ONGC closed more than 5% in the red ahead of their Q4 results. The stock hit a 4-month low.
PEL fell 11.6% even after posting turnaround profits for the quarter. The stock hit a 52-week low because its financial services lending business reported an internal loss of Rs 321 crore.
NIFTY has now gained for the second week in a row despite bearish fears. And this move was majorly led by HDFC stocks.
HDFC Bank, HDFC and HDFC Life moved more than 5% each this week, along with Kotak Bank.
One interesting or worrying thing here is that the NIFTY Smallcap and Midcap indices have fallen again this week, even while most of the market recovered. These stocks are usually the last to move after a crash.
Bank Nifty has filled many gaps and looks bullish right now. If global situations permit, the index may move up further to about 36,800 in the upcoming week after which it will need further strength to breakout.
NIFTY however is stuck near the price-action based resistance level of 16,400. If we see a gap-up above this zone for Monday, we may see more bullishness. Intraday, the level of 16,500 will need to be crossed.
How did the week go for you? Let us know in the comments of the marketfeed app!
See you all at The Stock Market Show tonight at 7 PM.