Indices End the Week in Red. Reliance Falls 2% - Post-Market Analysis


NIFTY started the day flat at 17,096.  The index took multiple supports from 17k and tried to stay above that. But after 2 PM, it broke the support and moved down. NIFTY closed at 16,945, down by 131 points or 0.77%. 

BANK NIFTY started the day at 39,555 with a gap-down of 91 points. The index took good support from 39,500 and tried to move up. But it failed at 39,750 resistance and hit a day low below 39,300. BANK NIFTY closed at 39,395, down by 221 pts or 0.56%.

All major indices closed in the red today. NIFTY Media (-2.3%), NIFTY Realty (-2.3%), NIFTY Metal (-2.2%) and NIFTY PSU Bank (-2.1%) fell sharply!

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

Today’s Moves

Cipla (+0.94%) was NIFTY50’s top gainer. Other pharma stocks like Aurobindo Pharma (+2.9%), Granules (+0.59%), and Dr Reddy’s Labs (+0.39%) also moved up.

Shares of HDFC AMC, UTI AMC, and Nippon Life India Asset Management closed 1.6-4.8% in the red. The Central govt has proposed to withdraw the benefit of long-term capital gain tax for debt mutual funds.

While Adani Ent (-2.9%) and Adani Ports (-2.6%) fell sharply, Adani Green (+4.7%) and Adani Trans (+3.7%) gained.

Bajaj Finserv (-3.8%) was NIFTY50’s top loser. Its subsidiary, Bajaj Finance (-3.1%), also fell heavily. 

Devyani International (-2.5%) hit a new 52-week low after falling in 12 of the last 13 trading sessions.

Campus Activewear (-8.5%) crashed the shares worth Rs 861 crore exchanged hands via a block deal.

Markets Ahead

Our market has been following this sell-on-rise style for many days. We can expect this pattern to continue till it reaches the 16,750-800 range, and this region could be the decider. On the upper side, we need to continue watching the resistance at the 17,075 level, 17,130-150 zone and 17,210.

Bank Nifty is showing good weakness. I do not expect it to break 40,000 resistance immediately. I will be watching the 38,940 and 38,500 levels in Bank Nifty.

Reliance is down 4% from its recent swing high! I do expect good support from 2170 levels.

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