NIFTY Ends the Weak Flat. Super Imp Tuesday Coming Up! - Post-Market Analysis
NIFTY opened the day at 17,847 with a gap-down of 45 points. The index was completely stuck in the 17,800-870 zone today. Nifty closed the day at 17,856, down 36 points or 0.21%.
BANK NIFTY started the day at 41,452 with a gap-down of 101 pts. After trying to move up during the first hour, the index was in a good intraday downtrend. But it did not give up the 41,500 support region. Bank Nifty closed the day at 41,559, up by 5 pts or 0.01%.
Nifty Metal (-1.8%), Nifty FMCG (-0.4%), and Nifty IT (-0.39%) fell the most today. Nifty Realty (+1.36%) closed well in the green.
Major Asian markets fell today. European markets are also trading in the red.
Tata Motors (+2%) hiked the price of Tiago EV by ₹20,000 after receiving strong bookings.
Auro Pharma (+6.3%) surged even after posting a 19% YoY decline in net profit in Q3.
Shree Cement’s (+3.3%) shares rose after its management made positive comments about its margin growth.
Paytm (-7.8%) crashed after 3.4% equity changed hands via a block deal.
Stocks of Adani Group companies were in focus as index provider MSCI reduced the weightage of four firms in its index after a review. Adani Ent (-3.7%), Adani Power (-4.9%), Adani Trans (-5%), and Adani Green Energy (-5%) fell today as well.
Adani-related news is still affecting our market, let's hope that it would become a non-event soon.
Do check Bank Nifty chart and analyse it. It has an interesting chart pattern now with good consolidation in the 41,500-41,600 zone. Every recovery is easily getting sold off from that region, and for the same reason, we would have a rally of 1300+ pts if the 41,800 zone is clearly broken.
I was expecting a good rally in Reliance today, but it didn’t happen. But the analysis remains the same: looking at the support at the 2321 level.
Nifty ended flat this week with a recovery of 200 pts from the week’s low.
The coming Tuesday is going to be a very important day for market participants. India’s wholesale price inflation data (12 PM) and consumer price inflation rate (5:30 PM) will be out, along with the U.S. inflation rate (7 PM).
On Wednesday, the UK will publish its inflation data at 12:30 PM.
What are your views on next week? Let us know in the comments section of the marketfeed app.