Today’s Market Summarised

Weakness continues in the market after NIFTY failed to hold above the 18,000 mark yesterday.

NIFTY opened the day at 17,944 with a gap-down and took support at 17,900 zone. From here, it tried to move up multiple times and cross the 18k mark. But sellers kept on pulling the market down. With bears getting strong in the last hour of trade, NIFTY closed the day at 17,898, down 100 points or 0.56%.

BANK NIFTY also moved similarly to NIFTY. After opening at 38,125, the index took support at the 38k mark and moved up. However, it could not test the resistance at 38,500 and fell back to the day-lows. By closing time, the index somehow stayed above the 38,000 level. BANK NIFTY close the day at 38,041, down 265 points or 0.61%. 

NIFTY PHARMA(-1.2%) and NIFTY REALTY(-1.6%) gave bearish moves in the day while NIFTY AUTO(+0.7%) tried to move up. All other sectoral indices consolidated.

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

News Picks

SBI Life(+2.9%) closed among the top-gainers of NIFTY 50. The stock is still in a consolidation zone and can be watched for a breakout.

Maruti(+2.7%) and Tata Motors(+2.1%) continued bullishness from yesterday and closed among the gainers.

Asian Paints(+2.4%) is giving a strong breakout after its Q2 results announcement fall and can be watched. Powergrid(+1.8%), ITC(+1.7%) and Tata Power(+2.2%) featured in the list of gainers continuing their bullishness.

Apollo Hospital(+12.5%) gave an explosive breakout, rallying to all-time highs after its Q2 results.

UPL(-3.1%) closed as the top-loser in NIFTY 50 along with Reliance(-2.1%). Reliance is now back to a good support zone.

Indiabulls Real Estate(-1.6%) and Indiabulls Housing(-1.9%) moved down in the day. Promoters sold 2.64% stake of the IBREALEST on the open market in the last 3 weeks.

Godrej Properties(-4.3%) fell the most in the realty index. DLF(-1.3%), Prestige(-2.7%) and Sunteck(-2.9%) also fell from the sector.

Axis Bank(1.9%) and Kotak Bank(-1.4%) fell from the financials index. Interestingly, IndusInd Bank(+1.2%) closed in the top-gainers list.

ITC(+1.7%) moved up after reports it would demerge its infotech company named ITC Infotech.

IRCTC(-1.8%) fell after news that The Government of Singapore sold their stake of 1.36% in the company, from Sept till November.

Markets Ahead

The bearishness in the market continued with NIFTY falling below 17,900 by the market closing. Bank Nifty also moved down with a heavy number of call options being written in the market.

Yesterday, Foreign Investors were once again net sellers yesterday. Data in BANK NIFTY now shows there is consolidation expected around 38,000. More fear in the market is being seen with a lesser number of put options being seen.

Axis Bank is at a key support, after having fallen 18% since its Q2 results at the end of October. 

PM Modi will be having a meeting with PSU Banks tomorrow, focusing on Credit growth. There will be volatility in the index tomorrow. SBIN showed strength even though Bank NIFTY was down. The stock can be watched out for tomorrow too. 

Tomorrow is the weekly expiry, and since the last many days saw a good amount of consolidation, we can maybe see volatility tomorrow. 

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