Bank Nifty at Record High! HDFCs Take Nifty to 52-Week High - Post Market Analysis


NIFTY opened the day at 18,272 with a huge gap-up of 244 pts. It easily maintained the gains and moved up throughout the day in an uptrend channel. Nifty closed the day at 18,349, up by 321 points or 1.78%.

BANK NIFTY started the day at an all-time high of 42,163 with a gap-up of 559 points. The index was volatile today with multiple sudden selling and buying. It broke 42k support at one point, but strong buying came in and took the index to an ATH of 42,345. Bank Nifty closed at 42,137, up by 533 points or 1.28%.

Fin Nifty started the day at 18,853 with a gap up of 249 pts. The index consolidated after the opening and shot up, but found resistance at its 52-week high. Fin Nifty closed the day at 19,007, up by 403 pts or 2.1%.

Nifty Bank (+1.2%), Nifty Finserv (+2.1%), Nifty IT (+3.8%), Nifty Metal (+2%) and Nifty Realty (+1.6%). Other closed mixed.

Major Asian Markets closed with good gains. Hong Kong shot up 7.7%. European Markets are also trading flat to green.

Today’s Moves

HDFC (+5.8%) and HDFC Bank (+5.6%) shot up today on reports about HDFC Bank’s inclusion into MSCI Index. If it happens, it will lead due a huge inflow of cash, especially with their merger news.

Eicher Motors (-4.9%) closed as the Nifty 50 Top Loser as the Q2 results missed estimates.

Tracking the sudden jump in NASDAQ, Nifty IT stocks - Coforge (+6%), HCL Tech (+3.6%), Infy (+4.5%), TCS (+3.4%), TechM (+3.6%) and Wipro (+2.7%) gained today.

Hindalco (+3.5%) posted a Q2 standalone net profit of Rs 548 crore vs Rs 1610 last year. But the numbers were better than the estimate of Rs 510 crore.

JSW Steel (+2.5%) reported a 25% YoY growth in crude steel production during Oct'22.

New-age stocks like Zomato (+13.8%), Nykaa (+10.4%) and Policy Bazaar (+6.7%) saw good buying. 

Mahindra & Mahindra (-0.86%) posted a Q2 standalone net profit of Rs 2340 crore vs Rs 1687 crore last year, better than estimates with a growth of 27%.

FACT (+4.6%), Alembic Pharma (+3.6%), Exide Industries (-3%), HAL (+1.9%), IDFC (+0.38%), and Adani Power (-3%) posted their Q2 results today.

Markets Ahead

A great day for the market

Nifty hit a fresh 52-week high today and closed near the level.

Bank Nifty is the hero today, hitting record highs. But it witnessed volatility above 42,000.

Fin Nifty is also trading near its 52-week high. Watch this level above 19,100 for Tuesday’s expiry. 

Nifty IT has broken its recent swing high, but it needs to break the channel consolidation. If the breakout in NASDAQ sustains, Nifty IT would move up with strength.

Moody’s cuts India’s 2022 GDP growth forecast to 7% from 7.7%.

Reliance has broken 2600 resistance. HDFC Bank and HDFC have closed with strong bullish candles today.

Zomato has posted good results this quarter, narrowing down its losses. Did you contribute to their revenue as a saviour? Share your answers in the comments section of the marketfeed app. 

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