Today’s Market Summarised

An eventful monthly expiry with the bulls being overpowered by the bears today. The 3 days of fall in Nifty has been the longest in the last 3-months of the bull rally.

Nifty opened flat at 17,727 and consolidated for a long time moving between 80 points. After the European market opened Nifty fell suddenly, and kept on moving down till the end of the day. Afternoon, the index kept falling in a channel. Nifty closed the day at 17,618, down 93 points or 0.53%.

Bank Nifty opened the day at 37,761 and suddenly fell nearly 200 points. From here, it bounced back near 37,800 and consolidated there till noon. The index tried to break 37,800, but 37,900 acted as a strong resistance. Then Bank Nifty fell more than 500 points from the day high and fell below the 37,500 support. With a fall near closing time, Bank Nifty closed the day at 37,425, down 318 points or 0.84%.

Only Nifty Realty(+1.4%) and Nifty PSU Bank(+0.8%) closed just in the green. All other indices closed with consolidation.

Asian markets closed mixed in the day. European markets are also mixed in the day.

News Picks

Bajaj Twins continued to consistently close in the green when Nifty closes in the red. Bajaj Finance and Bajaj Finserv moved 2% up and closed as Nifty 50’s top-gainers.

Power stocks closed mixed in the day. PowerGrid(-2.6%) closed as Nifty’s top-loser in the day. REC Limited(-2.7%), Torrent Power(-2.2%) also closed in the red. Meanwhile, Tata Power(+4.7%), IGL(+2.7%) and Guj Gas(+1.9%) closed in the green. 

China’s thermal coal inventory is nearing record lows due to the power crisis.

Bharti Airtel(-0.84%) and Indus Towers(-2.9%) fell after UBS downgraded the stocks. Meanwhile, Vodafone Idea(+5.7%) closed in the green.

Alcohol stocks UBL(+0.9%) and McDowell-N(+3.1%) closed with gains in the day, continuing their breakouts.

Banks also closed mixed in the day with Midcaps Federal Bank(+3.6%), RBL Bank(+1.4%), PNB(+1.1%) and AU Bank(+0.46%) closing in the green. Large Cap banks Axis Bank(-2%), SBI(-1.5%) and Kotak Bank(-1.2%) closed in the red.

Indian Overseas Bank(+11.2%) opened with a gap-up after RBI lifted curbs and put it out of the Prompt Corrective Action framework. 

JMC Projects(+12.3%) wins its biggest order worth Rs 1879 crores and share prices jumped towards the end.

Markets Ahead

A truly volatile monthly expiry for Nifty in the day. After breaking the crucial support of 17,750 on Tuesday, the index has been weak and on its downward spiral. Still, the support at Tuesday’s low was respected today.

Bank Nifty closed with a red candle taking support at yesterday’s low. There is continued resistance at the 38,200 level and largecaps are showing signs of exhaustion after their rallies. Axis Bank and ICICI Bank saw good selling pressure in the day.

You can watch gas stocks in the upcoming days. Gas prices have been expected to increase by 60-70% from tomorrow, and we saw slight movements in many stocks today. This momentum could continue. 

Adani stocks are also continuing to trade in important consolidation zones, after trying and failing to breakout in the morning. See if you can catch some good moves in the coming day.

How did the Thursday trades go for you? Also, how have your September month trades gone? Mine started off slow but ended at a high! Let us know in the comments section of the marketfeed app!