Today’s Market Summarised
Nifty opened the day at 11,841 with another huge gap-up and went up slowly over the day. The index faced resistance at 11,900, as expected, and reversed to come down till 11,790 in just 45 minutes! Nifty closed the day at 11,834, up 95.75 points or 0.82% but surprisingly under the opening range.
Bank Nifty opened the day at 23,083 and went up very similarly to Nifty. After 1.45pm, the index came down sharply from 23,450 and touched a support near 23,050. After gradually recovering, the index of banks closed at 23,191, up 226 points or nearly 1%.
Nifty IT was clearly the best performing sector of the day. With good news from the houses of India’s top IT companies, hoping you got many easy trades from this sector. Nifty Pharma saw late stage buying to become the next best performing sector of the day.
European markets opened in green and saw a sell-off in a similar time as Nifty. Now, they are back to trading in green. Asian markets closed mixed for the day.
Shares of TCS closed at Rs 2,818.45, up 3.02% after the IT company saw amazing quarterly results beating all expectations.
Wipro shares jumped up 7.34% to Rs 359.90 to become today’s top gainer. This came after the news of the company’s board considering a buyback, very similar to that of TCS.
The CEO of Kansai Nerolac has come on record to say that sentiments are positive for them as September auto sales rise, and since automobile paint contributes 20-25% to overall revenue of the company.
Tata Consumer Products featured in the Top Losers list, closing at Rs 489, down 3.18%. If you have been tuning into The Stock Market Show, you may have noticed that this was indeed an easy catch.
Automobile stocks continued to move up, as discussed by us yesterday. Can watch for a reversal now.
Nifty has formed a red candle in its 1 day chart, after a continuous uptrend. Is this the reversal point for the index. Or will the benchmark index keep moving up to 12,000 levels if global sentiments are positive?
A US stimulus will charge up the stock markets, and RBI’s monetary policy is also set to be announced tomorrow, so keep a watch of that
As we talked in yesterday’s article, Nifty Bank gave good movement above 23,000. Hope index traders made profits!
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.