Today’s Market Summarised
Nifty slides down for the 4th day in a row.
Nifty opened the day at 15,755 and moved down. Moving down, 15,700 was the level around which Nifty consolidated for a long. After 1:30 PM, the index became a bit weak and made fresh day-lows. Nifty closed the day at 15,680, down 42 points or 0.26%.
Bank Nifty opened at 34,832 and moved sideways for the most time. and struggled to keep above the 35k mark. The index fell nearly 300 points in the last 2 hours with general weakness. 34,650 was taken as a support and Bank Nifty closed at 34,684, down 88 points or 0.25%.
Nifty Auto(+0.82%) and Nifty Pharma(0.93%) was the only indices to close with good profits. All other sectors closed with consolidation.
Most Asian markets closed in the red today. European markets are all trading in the green.
Dr Reddy(+2.5%) closed as Nifty’s top-gainer in the day with Pharma stocks doing well. This was even when the company was denied approval for Sputnik Light vaccine trials in India. 5,500 was also a good breakout level. SunPharma gained 1.3% in the day.
Auto stocks performed well in the day with auto sales data coming out. As expected, all the data was positive and Bajaj-Auto(+1.71%), TataMotors(+1.4%), Maruti(0.9%) and HeroMotoCo(+0.7%) closed in the top-gainers of Nifty 50.
Bajaj Finserv(-2.4%) slid considerably and closed as Nifty’s top loser. ShreeCem also closed 1.6% down. Both stocks were in Nifty 50’s top loser yesterday.
Idea opened 10% down and closed 9% in the red. The company had reported loss for another quarter yesterday, unable to recover from the AGR dues issue.
Naukri (+8%) gained in the day giving a breakout after many weeks of consolidation. Zomato has bought a stake in Grofers for more than $120 million.
Happiest Minds(+13.2%) also broke out, continuing the bullishness from yesterday. It hit a fresh all-time high.
An expiry once again ruled by option writers. Nifty continuing fall for the 4th day in the row. 35,800 and 15,700 strikes in Bank Nifty and Nifty were having good short straddle buildup and the indices respected it.
Midcap stocks index closed in the red, with smallcaps gaining with power from Happiest Minds. Hope you are all holding the stock in your portfolio.
15,650 is the nearby support zone for Nifty, with 15,500 also the next important support. Bank Nifty also has support at 34,450 next and strong resistance at 35,000.
Auto sales data was also positive, with this being seen in the stock prices as well. Expecting a slow up move in the stock after lost month’s weakness.
Hope you had a great expiry in the market!
Catch you all on The Stock Market Show tonight!