Today’s Market Summarised

Today was a boring day for me in Nifty 50. After opening at 13,013, the index made a day-high in the first 5 minute candle and started falling. The index took support near 12,960 range, as expected. It tried to rally back up, but took resistance at the day high from the opening level. The index then fell sharply and consolidated to close at 12,968.95, down 18 points, or 0.14%.

Bank Nifty opened the day with a very volatile first candle at 29,623. The index of major banks in the country consolidated within a trading range of about 400 points, the smallest in the last 9 days. Bank Nifty recovered from the day low in the last 30 minutes to close at 29,609.05, up just 59.30 points or 0.20%.

Nifty Realty was the best performing sector of the day, while Nifty IT stocks went down the most. Auto and PSU Banks continued to perform.

Major Asian markets closed in the red today. All European markets are currently trading with gains.

News Picks

Tata Motors was the top gainer in Nifty 50 stocks today. The race of the stock continues. Will it hit fresh highs and highs going ahead?

Mid-cap financial stocks closed the day with big gains. Cholamandalam Finance gained over 7%, while Manappuram Finance, Muthoot Finance and Shriram Transport Finance gained over the day.

FMCG stocks including Britannia, and Nestle observed huge volatility in the last few minutes of the day. To give perspective, Britannia fell over 3.3% in the last 5 minutes. Observe the volumes too!

Two-wheeler stocks gained over the day, with Hero MotoCo featuring among the top gainers. Are they set for a big breakout?

Realty stocks gained today with one of my favourites, Godrej Properties, going up almost 5%. Indiabulls Real Estate went up more than 6% over the day.

Media index went up with the rally in SunTV today. Share prices of the company are in a good breakout zone, and can be watched.

Markets Ahead

Markets are set for a long weekend, with Monday being a holiday for Indian financial markets. Next days’ markets are surely hard to predict, as a lot of things can change in the weekend.

Interestingly, AstraZeneca admitted an error in the trial reports of their Covid-19 vaccine, co-developed with Oxford. This may pump in some negativity into the stock, with other potential vaccine candidates set to benefit.

A lot of stocks are currently at major breakout points in their daily charts. You can keep watching for such stocks, keep opening 10’s if not 100’s of charts to identify potential opportunities.

Surging inflows from foreign institutional investors have driven our markets higher even with the economy probably in its first technical recession since at least 1996. Hope you appreciated our efforts in yesterday’s Stock Market Show decode RBI Governor’s speech.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.