HDFC to Lead The Market! Consolidation Before Next Breakout? - Post Market Analysis
NIFTY opened the day flat at 18,398 with a gap-down of 5 pts. The index traded made rangebound movements in a 90-pts zone. Nifty closed the day at flat 18,409, up by 6 points or 0.03%.
BANK NIFTY started the day flat at 42,371 and tried to move up. But after testing multiple times, it failed to break the 42,550 and 42,600 levels. Bank Nifty closed the day at 42,535, up by 162 points or 0.38%.
Fin Nifty started the day at 19,054 with a gap down of 29 pts. After the opening, the index took support from 19k and rallied nearly 175 pts. Fin Nifty closed the day at 19,148, up by 64 pts or 0.34%.
Nifty Media (-1.4%), Nifty Metal (-1.9%) and Nifty Realty (-1%) fell more than 1% today. Others closed mixed without major changes.
Major Asian Markets closed flat to red. European Markets are also trading flat to red.
Kotak Bank (+2.8%) closed as the Nifty 50 Top Gainer after the bank said that the son of Uday Kotak won't be the next CEO and the board will appoint new CEO in six months.
Apollo Hospital (-2.8%) once again failed near the 4620 level and closed as the Nifty 50 Top Loser (-2.8%).
Adani Group stocks saw huge selling volume around 2 PM and Adani Ports (-2.1%), Adani Ent (-2.5%), Adani Power (-3.3%), Adani Wilmar (-2.2%) and Adani Green (3.9%) moved down.
HDFC Bank (+0.86%) and HDFC (0.81%) showed strength once again.
HAL (+6.2%) gained today after securing orders for 9 helicopters from the Indian Coast Guard.
Hudco (+13.5%) moved up after posting a 7% growth in Q2 net profit at Rs. 396.31 crores compared to last year.
Mazagon Dock Ship (+3.4%) raised revenue guidance from 19-20% to 25-30% for FY23.
Metropolis (-7.7%) closed in the red on reporting raids by the Income Tax department.
HDFC Bank and HDFC take charge of the market.
Nifty has closed above 18,400 for two consecutive days and is expected to trade within the 18,500-280 range for the weekly expiry tomorrow.
As we discussed yesterday 42,550 zone is a major zone and this region can be watched tomorrow also.
Bank Nifty is continuously hitting fresh all-time highs every day. But due to the lack of support from banks other than HDFC Bank, it is struggling to make a breakout.
Since HDFC is building good volumes Fin Nifty would have more control in the coming days.
HDFC is having strong buying volumes in daily candles. HDFC Bank might see a retracement before the next breakout. ICIC Bank is continuing the movements with a range. Kotak bank is trying to break the 1963 resistance.
UK October YoY CPI came out at 11.1% vs 10.1% previous. The estimate was at 11%.
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