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Nifty Continues Consolidation Near 200-Day EMA. Waiting for Reliance Results! - Post-Market Analysis
Nifty continued its consolidation near the 200-Day EMA, with volatility expected due to upcoming Q4 results from Reliance and ICICI Bank. Bank Nifty also saw movement, taking support from the 41,950-42000 region.
Key takeaways
- Nifty started with a small gap-up at 17,639 and closed flat at 17,624, consolidating near its 200-Day EMA.
- Bank Nifty closed down by 151 points or 0.36% at 42,118, after taking support from the 41,950-42000 region.
- Nifty Realty, Metal, and Auto sectors closed with major losses, while Nifty Media closed in the green.
- ITC hit a new 52-week high and became the 7th largest firm by market cap, surpassing HDFC.
- Volatility is expected on Monday due to Reliance and ICICI Bank's Q4 results, with Nifty's max range for next week considered 17,450-17,850.
NIFTY started the day at 17,639 with a small gap-up of 15 points. After falling till 1 PM, it took support from the 17,550 level and recovered some points. The index closed flat at 17,624.
BANK NIFTY started the day flat at 42,252 with a gap-down of 16 points. The index also moved down, but took support from the 41,950-42000 region and then faced resistance from the 42,175 level. Bank Nifty closed at 42,118, down by 151 pts or 0.36%.
Nifty Realty (-2.1%), Nifty Metal (-1.3%), and Nifty Auto (-1.03%) closed with major losses today. Nifty Media (+1.3%) closed well in green.
Major Asian markets closed in the red. German and French markets are currently trading in the red, while UK’s FTSE100 is in the green.
Today’s Moves
ITC (+1.9%) was NIFTY50’s top gainer. The stock hit a new 52-week high of 409. It also crossed HDFC to become the 7th largest firm by market cap.
HCL Tech (+1.1%) moved up after its Q4 results were in line with street estimates. Other IT stocks TCS (+1.8%) and Wipro (+1.4%) gained.
Nazara Tech (+6.2%) surged after ICICI Prudential MF bought an additional stake in the company.
Vodafone Idea (+6.6%) jumped up by nearly 10% today after Kumar Mangalam Birla rejoined the company's board.
HDFC Life (-3.2%) was NIFTY50’s top loser. The RBI has allowed HDFC Bank to hike its stake in HDFC Life, HDFC ERGO to more than 50%.
Angel One (-1.2%) moved down after the broking firm reported a data breach.
Oberoi Realty (-4.4%) fell despite reporting strong operational updates.
Markets Ahead
The market continued its consolidation mode again as it retraced back close to the 200-Day EMA (exponential moving average). We can expect some panic selling 200-Day EMA is broken. Also, there can be volatility on Monday because of Reliance and ICICI Bank’s Q4 results, which will be out today and tomorrow, respectively.
Nifty’s max range for next week can be considered as 17,450-17,850.
I do not expect the Nifty to break the 17,300-17,950 range in the near term as VIX has fallen below 12.
The US GDP growth rate will be out next Thursday at 6 PM. We do not have any major domestic events next week.
How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.
Eid Mubarak to all! 🌙
Frequently asked questions
What was Nifty's closing position today?
Nifty closed flat at 17,624 today.
Which company became the 7th largest firm by market cap?
ITC became the 7th largest firm by market cap, surpassing HDFC.
What is the expected range for Nifty next week?
Nifty's max range for next week can be considered as 17,450-17,850.
What major economic event is scheduled for next Thursday?
The US GDP growth rate will be released next Thursday at 6 PM.
Written by
Rohit SatheesanRelated reads
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