Calm Expiry! Nifty Metal Falls - Post-Market Analysis
NIFTY opened the day at 17,885 with a gap-up of 13 points. The index tried to move up multiple times, but breakouts didn’t sustain. Nifty closed the day at 17,893, up 21 points or 0.12%.
BANK NIFTY started the day at 41,634 with a gap-up of 96 pts. The index formed a double bottom pattern, taking support from 41,300, but faced resistance from the 41,600 zone. Bank Nifty closed the day at 41,553, up by 16 pts or 0.04%.
Nifty Metal (-1.5%), Nifty Auto (-0.52%), and Nifty Pharma (-0.44%) fell the most today. Nifty IT (+0.7%) and Nifty Media (+0.6%) closed in green.
Major Asian Markets closed in green. European markets are trading with major gains.
Trent (+8.5%) surged after the company reported a significant growth in profit and revenue numbers in Q3.
Engine manufacturer Cummins India (+7%) hit a 52-week high after its Q3 numbers beat Street estimates.
New-age startups Paytm (+4.4%), Policybazaar (+6%), and Nykaa (+3.7%) continued their strong upward momentum.
Adani Ent (-11%) fell even as the Adani Group said it would prepay a $500 million bridge loan due in March 2023. Other group firms like Ambuja Cement (-7%), Adani Total Gas (-5%), Adani Green Energy (-5%), and Adani Trans (-5%) also fell heavily today.
Piramal Pharma (-9.7%) fell sharply after it reported poor Q3 results.
Two major Nifty levels were established this week- 17,830 (support) and 17,890 (resistance).
As we all know, the 17,780-800 region will be the key on the downside.
For the last many days, Bank Nifty is trying to break the 41,600 resistance. Even if it is broken, there is a high chance that the index would face immediate resistance from 41,750 also.
Reliance should be on everyone's watchlist in the coming days. It is consolidating around yesterday’s resistance level and is going through a good uncertainty now!
How did this week’s expiry trading go? Let us know in the comments section of the marketfeed app.