NIFTY to Consolidate Tomorrow? - Post-Market Analysis


NIFTY started the day at 17,766 with a gap-up of 59 points and moved down with strength. The index fell to the 17,650 zone, consolidated, and gave a breakdown in the second half of the day till 17650 levels. The index closed at 17,660, down by 46 points or 0.26%.

BANK NIFTY started the day at 42,406 with a gap-up of 144 points. The index went up till 42,500, and following NIFTY, it gave a 400-point fall to 42,100, Bank Nifty closed at 42,262, up by 130 pts or 0.31%.

Nifty Pharma (+1.64%) and Nifty Realty (+1.04%) moved up the most. NIFTY Finserv (-0.3%), NIFTY FMCG (-0.3%), and NIFTY Media (-0.3%) were the indices that closed in red.

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

Today’s Moves

Divi’s Labs (+3.4%) was NIFTY50’s top gainer. 

Lupin (+6.1%), Biocon (+3.6%), Auro Pharma (+3.38%), Glenmark Pharma (+2.9%), Zydus Life (+2.75%) and other pharma stocks surged today.

DLF (+2.05%) hit a fresh 52-week high of Rs 427 after breaking out from a rectangle pattern.

Yes Bank (+8.4%) surged ahead of its quarterly results later this week. Latest shareholding pattern shows that the bank had 50.57 lakh shareholders at the end of Q4!

PowerGrid (-2.6%) was NIFTY50’s top loser. 

Tata Chemicals (-5.9%) fell after the company announced 3-4% price cuts across India for light and dense soda ash.

Avalon Technologies made its debut on the NSE, BSE today. The stock fell up to 11%.

Markets Ahead

It was a sell-on-every-rise day in NIFTY today. 

NIFTY fell sharply after 1 PM after a Bloomberg report claimed that the Indian government has been planning to hike the tax levied on capital gains. However, the Finance Ministry on Tuesday dismissed the claims!

If NIFTY opens flat and starts moving down below 17650 tomorrow, we can expect the index to move further down.

The same goes for Bank Nifty. If the market opens flat and crosses 42,200, we can expect the index can also be bearish tomorrow.

Looking for sell on highs can be profitable in the current market conditions.

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