Today’s Market Summarised

Indian markets end flat on the last day of the bullish week flat.

NIFTY opened the day at 18,197 with a gap-down and fell. A sudden fall of 80 points was seen in the first 3 minutes, but support was found and the index shot back up. NIFTY showed some last hour volatility but failed to close in green. NIFTY ended the day at 18,255, down 2 points or 0.01%.

BANK NIFTY opened the day at 38,304 and was volatile. Eventually, it fell and took perfect support at the level of 38,000. A strong recovery of more than 400 points was seen with strength from private banks. Bank Nifty ended the day at 38,370, down 99 points or 0.26%.

NIFTY REALTY (+1.1%) gave a good move while all other indices consolidated.

Asian markets closed mostly in the red today. European markets are also currently trading in the red.

News Picks

Two Tata stocks led the top-gainers list of NIFTY 50 – Tata Consumer (+4.4%) and TCS(+1.8%).

RBL Bank (+5.4%) recovered sharply once again after its heavy fall in December. AU Bank (-3.5%) saw profit booking.

Strategic public-sector companies moved up including BEL (+5%), HAL (+3.4%), BDL (+6.2%) and Concor (+3.3%). IRCTC (+4%) also moved up.

Mindtree (-4.1%) fell after its Q3 results announcement.

Oil marketing companies saw buying interest with BPCL (+1%) and IOC (+1.7%) closing among the top-gainers of NIFTY. ONGC (-1.7%) saw profit booking for the second day from a technical resistance level.

Aurobindo Pharma (-3.1%) opened with a gap-down after receiving a warning letter from USFDA for its Hyderabad unit. Granules (+4.4% ) hit a 5-month high.

Markets Ahead

India’s December Wholesales Price came out at 13.56% YoY vs 14.23% in November. It was around the estimated level. Wholesale Fuel and Power Inflation came in at a huge rate of 32.3%.

NIFTY managed to stay above 18,200 support levels in the 1-day charts. It has made 8 green candles in the daily charts including today. But looks like there is a loss in momentum with the index closing flat for 2 days in a row.

Market participants and speculators are feeling the pressure before Budget 2022, which is to be presented on February 1. Bears want a sharp fall and bulls want a fresh all-time high. 

The ideal strategy for retail participants in the next two weeks is to be patient and safe. Bank Nifty will find bullishness above the level of 39,000. So keep an eye out for this!

See you on The Stock Market Show at 7 PM!