Nifty Stuck in Tight Range. What Will be the Trigger? - Post-Market Analysis


NIFTY opened the day at 18,115, with a gap-up of 7 points. The index tried to move after the opening but found strong rejection from the previous day’s resistance level near 18,150. From there, the index fell 120+ pts to the day low. Nifty closed the day at 18,027, down by 80 points or 0.44%.

BANK NIFTY started the day at 42,516 with a gap-up of 187 pts. After the morning bullishness, the index moved down some points but managed to trade around 42,500. Bank Nifty closed the day at 42,506, up by 177 pts or 0.44%.

FIN NIFTY started the day at 18,799 with a gap-down of 60 pts. The index was trading with good upside strength in the morning but failed to hold the gains. Fin Nifty closed the day at 18,772 up by 32 pts or 0.17%.

Most of the sectoral indices closed in the red. Nifty FMCG (-0.96%), Nifty Media (-1.3%), Nifty Metal (-0.90%), Nifty Pharma (-0.73%), and Nifty Realty (-0.72%) moved down the most.

Major Asian Markets closed with gains. European markets are trading in green.

Today’s Moves

Coal India (+1.3%) closed as the Nifty 50 Top Gainer.

Other energy-related companies- Power Grid (+1.1%), Adani Green (+1%), Kalpa Power (+3.4%), and Tata Power (+0.90%) also gained.

HUL (-3.8%) and Asian Paints (-2.7%) closed as the Nifty 50 Top Losers after posting Q3 results yesterday.

Reliance (-1.1%) closed in the red ahead of quarterly results.

HDFC Bank (+1%) and HDFC (+0.90%) gained again.

Havells (-4.3%), LTTS (-4.9%), AU Bank (-0.79%) CanFin Homes(-1.7%), PVR (-4%), and Hind Zinc (-6.5%) posted their Q3 results yesterday.

BHEL (+1%) won orders worth Rs 300 crore.

Coforge (+3.4%) and ATUL (-4.1%) posted their Q3 results today.

HDFC Life (-2.4%) reported a Q3 standalone net profit of Rs 315 crore vs Rs 270 crore last year vs Rs 326 crore last quarter.

Markets Ahead

Nifty is currently stuck in a tight range. Nifty would trade in the 17,750-18250 zone in the absence of any major triggers.

HDFC and HDFC are showing some strength and are good for the market. 

Global markets are giving mixed cues and huge job-cutting is happening in major global companies. We should pay attention to this because it might affect our IT sector.

Reliance will publish its results today. ICICI Bank and Kotak Bank Q3 results will be out tomorrow. Axis Bank will post its Q3 results this Monday.

U.S. GDP data will be out next Thursday after our market hours and that day will be a trading holiday for us on account of Republic Day.

What big event do you see in the coming weeks that will affect our market? Share your answers in the comments section of the marketfeed app.

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