Huge Institutional Buying! Adani Game Happening? - Post-Market Analysis


NIFTY opened the day at 17,421 with a gap-down of 29 points. The index fell after the opening and consolidated around 17,350. After the second fall, it took support from the 17,300 zones. NIFTY closed the day at 17,321, down by 129 points or 0.74%. 

BANK NIFTY started the day at 40,604 with a gap-down of 93 pts. The index showed weakness and moved down 450+ pts from the opening high. The index closed at 40,389, down by 308 pts or 0.76%.

All sectoral except NIFTY Realty (+2.06%) closed in the red. NIFTY IT (-1.2%), NIFTY Auto (-0.8%) & NIFTY Finserv (-0.8%) fell the most today.

Major Asian markets closed in the red. European markets are currently trading in the red.

Today’s Moves

RVNL (+12.2%) surged after a joint venture of Russia-based Transmashholding (TMH)  and RVNL secured orders for 200 Vande Bharat trains.

Adani Group stocks extended gains after the Supreme Court (SC) formed an expert panel for the Adani-Hindenburg case. Shares of Adani Enterprises, Adani Ports, Adani Transmission & Adani Green closed 2.7-5% higher

Yes Bank (-4.3%) moved down as SBI plans to lower its stake in the bank.

IT stocks LTIMindtree, Coforge, Infosys, Tech Mahindra, and TCS closed more than 1% in the red.

Markets Ahead

It's time to look into technicals closely. Consider this, Nifty breaks 17,250 in a smaller time frame candle and recovers above 17,250. If this low made is broken after some time, you should be prepared for more falls.

Where can we expect support then? In the 17,000-17,040 zone and 16,950 level.

On the upper side, you can watch 17,350, 17,435, 17,450, 17490, and 17,620.

Three levels can be watched as supports in Bank Nifty- 40,080, 39,800, and 39430.

If Bank Nifty takes support from 40,250 and bounces back, then 40,800 can be watched.

Did you check today’s FII/DII Data? Both institutions are net buyers; surprisingly, FIIs net bought for Rs 12,770 crore.

Supreme Court ordered the formation of a committee to investigate the recent crash in Adani stocks after the Hindenburg report. Gautham Adani made positive statements about this.

Today Adani Trans, Adani Green, and Adani Ports saw huge block trades worth 2.5-4% equity. This would be the reason for the high numbers. 

European Central Bank's President Lagarde said that a 50 bps rate hike this month is still on the table as inflation is still too high.

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