Consolidation Continues! - Post-Market Analysis


NIFTY started the day at 18,113 with a gap-down of 33 points. It was another pure consolidation day with Nifty moving within a tight range of 40 pts for most of the day. The 18,100 level acted as an intraday resistance multiple times. The index closed at 18,089, down by 57 pts or 0.32%.

BANK NIFTY started the day at 43,154 with a gap-down of 197 points. The index was trying to move up after the gap-down opening, with 43,110 as a support and 43,320 as a resistance. The index closed at 43,312, down by 39 pts or 0.09%

All indices except NIFTY FMCG (+0.78%), NIFTY Media (+0.28%), and NIFTY Realty (+0.28%) closed in red today. NIFTY IT (-1%) fell the most.

Major Asian markets closed mixed. European markets are currently trading in the green.

Today’s Moves

HUL (+1.4%) was NIFTY50’s top gainer after positive commentary from the FMCG company’s top management.

Asian Paints (+1.04%) moved up after crude oil prices hit a 5-week low overnight. (Crude oil is a key raw material for manufacturing paints)

Engineers India (+14.9%) surged today on the back of strong trading volumes. 

RVNL (+9.9%) continued its rally. The company was granted the 'Navratna' status by the Department of Public Enterprises earlier this week. The stock is up 26% in 3 days.

Adani Ent (-4.2%) was NIFTY50’s top loser. Adani Group stocks are in the headlines after Shah Dhandharia & Co (mentioned in Hindenburg Research’s report) resigned as the statutory auditor of Adani Total Gas.

Manappuram Finance (-12%) crashed after ED searches premises linked to the company and its promoter VP Nandakumar’s residence on money laundering charges.

Markets Ahead

Our Indian market is showing no major weakness now, but it is facing hurdles because of the banking sector crisis in the US market. 

The US Federal Reserve’s decision on interest rate hike will be out today at 11:30 PM. If everything is within expectations, we would have a consolidation expiry tomorrow.

You can watch two levels in Bank Nifty tomorrow- 42,940 and 43,550. We can expect a panic selling in Bank Nifty to 42,500 levels if 42,880 is broken.

If you check the volumes in major banks, it is very evident that big players were trying to keep Bank Nifty above 43k.

All eyes on US markets! If the US market closes with a good loss today and we open in the green tomorrow, then we can expect a clear fall during the first half.

What levels are you watching out for expiry tomorrow? Let us know in the comments section of the marketfeed app!

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