HDFC Beats Estimates, SBI on Pre-Result Rally - Post Market Analysis


NIFTY opened the day at 17,968, with a gap-down of 114 points. The index shot up more than 135+ pts within 75 mins, but faced resistance at 18,100 and fell back towards 18k. Nifty closed the day at 18,052, down by 30 points or 0.17%.

BANK NIFTY started the day at 40,873 with a gap-down of 272 points. The index also moved up, but couldn't break yesterday’s high and consolidated around 41,300 levels.  Bank Nifty closed at 41,298, up by 151 points or 0.37%.

Fin Nifty started the day at 18,439 with a gap down of 137 pts. Even though the index shot up, it found resistance above the resistance trendline. Fin Nifty closed the day at 18,582, up by 5 pts o 0.03%.

Once again most of the indices closed mixed. Nifty IT (-1.1%) and Nifty PSU Bank (+2.5%) closed with notable changes.

Major Asian Markets closed in the red. Hong Kong fell by 3%. European Markets are trading in the red.

Today’s Moves

SBIN (+1.9%) hit a fresh all-time high and closed as Nifty 50 Top Gainer ahead of its Q2 results this Saturday.

Tracking the fall in NASDAQ Nifty IT stocks- Coforge (-1.1%), Infy (-1.4%), Mphasis (-2.2%), TCS (-1%), TechM (-2.6%) and Wipro(-1.3%) closed in the red.

HDFC (-0.74%) reported an 18% YoY growth during Q2 at Rs 4,454, better than estimates.

Indigo Paints (+11.9%) UCO Bank (+5.4%), Coromandel (+1.7%), Bank of India (+4.8%), Indian Bank (+2.8%), Adani Wilmar (-2.3%), ATGL (+0.65%), HPCL (-1.7%) and Devyani International (-2%) posted their Q2 results today.

Alembic Pharma (+7.5%) moved up after it got approval for Ketorolac Tromethamine Injection, used for  short-term pain relief

M&M Fin  (+13.5%) gained today despite the 55% fall in its Q2 profits compared to last year. This happened as the profits beat estimates and the brokerage retained a buy rating on the stock.

Markets Ahead

Today Nifty opened below 18k, but a sudden buying came in and took Nifty back above 18,000. For the coming days, I will be looking for support of around 17,800, more than 18k. 

Bank Nifty closed the day without weakness and closed above the major 41,200 level. But it is clear that it has strong resistance in a large 41,300-500 region. 

HDFC has posted good Q2 results and we might see a reaction tomorrow in the stock and Fin Nifty.

Reliance is continuing its resistance testing around the trendline and a close above 2,560 might bring good momentum to the stock.

Investors are expecting good results from SBI and always be prepared for a profit booking.

U.S Fed announced a 75 bps interest rate hike yesterday and also hinted that higher hikes will be announced.

The RBI MPC meeting wasn’t about any rate decisions and it became a non-event. 

India October India PMI services came out at 55.1 vs 54.3 previous.

India October India PMI Composite was reported at 55.5 vs 55.1 previous

A funny crazy question. Imagine that you are meeting Nifty 50 as a real person in your life, just in front of your eyes. What would be your first reaction? (Expecting funny answers only). Share your answers in the comments section of the marketfeed app. 

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