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.

Today’s Moves

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. 

Markets Ahead

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.

Post your comment

No comments to display

    Honeykomb by BHIVE,
    19th Main Road,
    HSR Sector 3,
    Karnataka - 560102

    Crafted by Traders 🔥© marketfeed 2023