Nifty is Back Above 16k! Good Recovery in the Second Half - Post Market Analysis
Nifty is Back Above 16k! Good Recovery in the Second Half.
NIFTY opened the day at 16,010 and started moving down. The 15,935 level acted as good support, resulting in the formation of a double bottom pattern. From the day low, it recovered 130+ points and broke the resistance at 16k. NIFTY closed the day at 16,049, up by 110 points or 0.69%.
BANK NIFTY started the day at 34,734 and then took support at 34,480 after the initial downtrend. Bank Nifty ended the day flat at 34,682, up by 31 points or 0.09%.
Nifty Auto (+2%), and Nifty FMCG (+1.4%) moved up, while others closed mixed.
Major Asian markets except for China and Hong Kong closed in the green today. European markets are all trading in the green
Tata Consumer (+3.27%) closed as Nifty 50 Top Gainer after it entered the honey and preserves segment via the Himalayan brand.
Titan (+2.9%) moved up on expectations of good Q1 results from the retail sector.
Steel stocks- JSW Steel (-1.3%), Jindal Steel (-4.3%), SAIL (-1%), and Tata Steel (-2.6%) remained weak with the uncertainty in relook into windfall taxes.
HCL Tech (-2.2%) and Wipro (-1.8%) hit fresh 52-week lows today.
All the Auto stocks except Bharat Forge (-2.5%) gained. Ashok Leyland (+2.2%), Eicher Motors (+2.6%), MRF (+2.7%), M&M (+2.6%), Maruti (+2.4%), TVS Motors (+4.2%), and Tata Motors (+2.8%) gained the most.
Tata Elxsi (+3.3%) gained after posting Q1 results yesterday.
Tata Steel Long Products fell 4% as it reported a net loss of Rs 3321 crores in Q1.
Federal Bank (+1.5%) reported better than estimated Q1 standalone net profit at Rs 600 crores.
Media reports said that Govt is hopeful of issuing an Expression of Interest (EoI) for IDBI Bank (+5.2%) divestment by August.
HFCL (+5.3%) shot up as brokers expect strong growth in the telecom sector.
Nifty gave up a 3-week gaining streak but definitely showed a good ending. Nifty is back above 16k! All thanks to 15,900 levels, which are acting as good support.
Try checking today’s chart and see the beautiful double bottom formed at 15,935. Bank Nifty also formed a similar pattern near 34,480 levels.
Even though Bank Nifty became slightly weak, it lost just 1.2% in the last 5 days. But Nifty IT fell over 6% this week, breaking a 3-week gaining streak.
Bank Nifty heavyweight HDFC Bank is expected to post its Q1 FY23 results tomorrow.
What are your expectations of HDFC Bank results? Will it be a boost? Let us know in the comments down below.