Today’s Market Summarised

NIFTY continued to move up, unfazed by the continued bearishness of market giants Reliance and HDFC Bank. The index opened at 13,269 and moved up after taking support near 13,240. NIFTY shot past the 13,300-mark but came back down and consolidated. It tested the level again multiple times in the day, and finally closed at 13,355, up 97 points, or 0.73%.

Bank Nifty opened the day flat just above 30,000 level and definitely struggled. Multiple times over the morning, the index of banks struggled to stay above this level. But with recovery from major banks, Bank Nifty went back up to close at 30,211, up 159.15 points, or 0.53%.

Nifty Pharma was the best performing sector of the day with FMCG following suit. Nifty Realty was the worst performing sector of the day.

Global markets are not looking too happy. European markets are trading flat to red, same with Asian markets.

News Picks

ONGC and GAIL shares gained again by 2.5-3% each, continuing their unbelievable rally. You can check out this article by marketfeed to see why these stocks are still moving up.

HDFC Bank shares closed in red, even with Bank Nifty remaining bullish. This was following Mood’s remark saying that the frequent outages also risk hurting the bank’s brand perception among a growing and increasingly digital-savvy customer base, and increase the chances of clients switching to other banks.

Shares of Adani Ports closed up 3.92% at an all-time high. Hopefully you all made some money in the stocks crazy bull run.

Marico shares ended over 1% in green, while Dabur shares closed in red. This is following the scandal regarding honey products of the companies. We are preparing a full-length article on the topic.

Markets Ahead

Nifty is going ahead as if it has no bounds. Still I am not too confident that the index will not fall, at least for this week’s expiry. Surely vaccine hopes would have played a role in the general positivity in the market. FIIs are also surely pumping in money, so is all well in the market? Reliance continues to be bearish, even with slight movements to the upper side. HDFC Bank is also remarked to be in a bad position after the Moody’s remark.

With highest call option interest at 13,500, one could also say that the big players of the markets would not want NIFTY to cross this level. So on a funny note, or maybe not so, let us see if more bad news comes out for the big players, Reliance and HDFC Bank.

Do watch out for stocks which are being reclassified as midcaps and largecaps. Money is likely to flow in and out of these stocks as big portfolios are rearranged. You can check out the list here.

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