Nifty Breaks Out! FMCG Also Hits ATH - Post Market Analysis


NIFTY opened the day at 18,625 with a gap-up of 7 pts. The index outperformed others by hitting a fresh all-time high at 18,816. After breaking the previous ATH, it tested 18,700 and broke out at 3 PM. Nifty closed the day at 18,758, up by 140 points or 0.75%.

BANK NIFTY started the day at 43,122 with a gap-up of 69 pts. The index moved down in the first half and fell below 43k, but recovered all the pts in the second half. Bank Nifty closed the day at 43,231, up by 17 pts or 0.08%.

FIN NIFTY started the day at 19,266 with a gap-up of 35 pts. Today also, 19,200 acted as good support and the index shot up from there. Fin Nifty closed the day at 19,358, up by 127 pts or 0.66%.

All the indices except for Nifty PSU Bank (-1.3%) closed in the green. Nifty Auto (+1.7%), Nifty FMCG (+1%), Nifty Metal (+1.8%), and Nifty Realty (+1.4%) moved more than 1%.

Major Asian Markets closed in the green. European Markets are also trading in the green.

Today’s Moves

Nifty Auto stocks gained today ahead of monthly sales data from tomorrow. M&M (+3.8%), Bajaj Auto (+2.4%), Eicher Motors (+2%), and Tata Motors (1.4%) moved up.

IndusInd Bank (-1%) once again closed as the Nifty 50 Top Loser.

Nifty FMCG also hit an all-time high, led by VBL (+9%), McDowell (+2.7%), HUL (+1.9%), Colpal (+1.8%), GodrejCP (+1.8%), Britannia (+1.8%) and Tata Consumer (+1.6%).

Kirit Parikh committee said that the city gas companies should get priority in gas allocation, IGL (+2.1%) and MGL (+0.60%) closed in the green.

Metal stocks- Jindal Steel (+4.3%), Hindalco (+3.3%), SAIL (+2.5%), JSW Steel (+1.4%), and Tata Steel (+1.4%) moved up today.

Inox Wind (+3.7%) said that the company and its arm Inox Green Energy (+0.50%) have paid debts of Rs 411 crore.

Ashoka Buildcon (+3.7%) secured a project worth Rs 1,668 crore in Kerala.

Ashok Leyland (+0.17%) saw a sharp fall on reports of the Enforcement Directorate investigating the company's role in the alleged sale of BS-III vehicles.

Markets Ahead

The market is showing no signs of weakness.

India's GDP data will be released today. Also, we have Jerome Powell's speech tomorrow.

As we discussed yesterday, I am still expecting Nifty to face resistance in the 18,820-930 zone. Also, the market is nearing the overbought zone, so there might be a profit booking or pullback in the coming days. 

Bank Nifty took an immediate resistance at its all-time high towards the day's end and this level should be watched along with the 42,900-43,000 zone. 

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