Nifty, Bank Nifty Closes Above Resistance Again. Momentum Coming into IT Stocks - Post Market Analysis. 


NIFTY opened the day at 17,566 and consolidated throughout the day. The index moved after the opening and took support near 17,450. With 17,480 level acting as good support, NIFTY closed the day flat at 17,534, up by 9 points. 

BANK NIFTY started the day at 38,298 and fell into an amazing consolidation mode in a 200 points range. The 38150-200 zone acted as a good support region and Bank Nifty ended the day at 38,287, up by 50 points or 0.13%.

Only Nifty IT (-0.89%), Nifty Metal (+1.6%) and Nifty Realty (-0.87%) closed with notable changes. All the others closed mixed. 

Major Asian markets closed in the red. European markets are trading flat in the green.

Today’s Moves

Hindalco (+4.4%) posted a 60% YoY growth of Q1 standalone net profit at Rs 1450 crore and closed as Nifty 50 Top Gainer.

Bajaj Finance (-2.6%) witnessed a decent profit booking after the recent rally. 

UPL (+2.1%) has been performing very well for nearly 2 months and it happened today also. 

Coal India (+2%) moved up ahead of Q1 results today.

JSW Energy’s (+3%) arm JSW Neo announced the acquisition of 1,753 MW of renewable energy generation capacity from Mytrah Energy for Rs 10,530 crore.

Cummins India (+1.9%) reported a Q1 consolidated net profit of Rs 198 crore vs Rs 247 crore last year.

Max Healthcare (-2.5%), NHPC (-3.2%) and IPCA Laboratories (-2.1%) closed in the red after announcing their Q1 earnings today.

Tata Chemicals (+12.2%), Bharti Airtel (+1.5%), and MRF (-4.8%) closed with notable changes after posting Q1 results on Monday.

Markets Ahead

Indian market opened today after the holiday and saw profit booking in the beginning. But we have been seeing this style some days.

Both Nifty and Bank Nifty consolidated today and closed flat above resistances. If this recipe continues for a few more days, it could bring a midterm momentum on any side. 

Nifty IT stocks should be on our watchlist with 29k and 28,500 as support.

We have weekly expiry tomorrow and the ground is not clear. So, let's wait for US CPI data today.

China said that it has completed tasks in military drills near Taiwan- a great relief.

Tata Steel, Motors, Chem, Elxsi, Communication, Power, Consumer Products, Teleservices, Coffee, and TCS… They are everywhere! Where should they strengthen their presence next? Is there any Tata Group company that is launching an IPO soon? 

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