NIFTY Ends in Red for 7th Consecutive Day - Post-Market Analysis


NIFTY opened the day at 17,591 with a gap-up of 80 points. This is the seventh consecutive day for the index to close in red, which is very rare! Nifty took support from a crucial support zone of 17400, consolidated at the end, and finally closed the day at 17,465, down by 45 points or 0.26%. 

BANK NIFTY started the day at 40,259 with a gap-up of 257 pts. Though Nifty was moving down from the beginning of the day, Banknifty was consolidating with negative bias and moving down in a channel to close at 39,909, down by 92 points or 0.23%.

All indices except NIFTY Pharma (+0.23%) closed in red. NIFTY Metal (-3%), NIFTY PSU Bank (-0.88%), NIFTY Auto (-0.87%) fell the most today.

Major Asian markets closed mixed. European markets are currently trading in green.

Today’s Moves

Divis Labs (+1.46%), Adani Ports (+1.28%), Asian Paints (1.2%), and Coal India (+1%) were today’s top gainers.

SpiceJet (+12.9%) posted a 161% YoY jump in net profit to ₹110 crore in Q3.

Olectra Greentech (+19.3%) announced a partnership with Reliance Industries to develop hydrogen buses.

Mahindra CIE (+15.75%) reported a 153% YoY increase in net profit to ₹195 crore yesterday.

Shares of Adani Enterprises, Adani Green, Adani Power, Adani Trans ended 5% lower. It’s been exactly a month since short-seller Hindenburg Research released a report that contained allegations of fraud against the Adani Group.

Metal stocks Hindalco (-4.8%), JSW Steel (-2.3%), Tata Steel (-1.26%), Vedanta (-2.5%) fell heavily today.

Markets Ahead

This is the seventh consecutive day for NIFTY and Bank Nifty to close in the red. Even in the weekly time frame, both indices have formed huge red candles.

Both indices are at very crucial support zones— 17,400 for Nifty and around 40,000 for Bank Nifty.

I’m looking at the lows of 17,350-400 in Nifty and 39400-500 in Bank Nifty, which were the lows from budget day. 

If the indices break those levels and continue to the fall, we can sell more bearishness in the coming weeks.

Globally markets are strong but there is no significant recovery in our markets due to Adani stocks still falling.

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