Peaceful Consolidation; Market Waiting for RBI Announcements - Post Market Analysis


NIFTY opened the day at 18,600 with a gap-down of 100 points. Immediately after the opening fall, the index came back above 17,600 and consolidated around the previous ATH. Nifty closed the day at 18,642, down by 58 points or 0.31%.

BANK NIFTY started the day at 43,093 with a gap-down of 239 pts. The index respected an intraday resistance trendline throughout the day, but never broke 43k. Bank Nifty closed the day at 43,138, down by 194 pts or 0.45%.

FIN NIFTY started the day at 19,174 with a gap-down of 123 pts. On its weekly expiry, the index was in super consolidation. Fin Nifty closed the day at 19,242, down by 55 pts or 0.29%.

Nifty IT (-1.4%), Nifty Media (-1%), Nifty Metal (-0.75%), Nifty Pharma (-0.75%), and Nifty Realty (-0.68%) closed in the red. Nifty PSU Bank (+1.2%) outperformed.

Major Asian Markets closed mixed. Taiwan fell 1.6%. European Markets are trading in the red.

Today’s Moves

Adani Ent (+2.5%) closed as the Nifty 50 Top Gainer.

Oil stocks- BPCL (-2.9%), IOC (-1.6%), Hind Petro (-2.7%), and Chennai Petro (-2.3%) closed in the red today, tracking the fall in crude oil prices.

Supreme Court rejected Tata Steel's (-2.5%) plea seeking clearance from Bhushan Steel's liabilities.

As per media reports, the trade Ministry is planning to cut gold tariffs to control smuggling. Muthoot (-2.3%) and Manappuram (-0.90%) who has gold as assets closed n the red.

Bajaj Consumer (+1.9%) is expected to meet on Dec 9 to consider a proposal for the buyback of equity shares.

IRB Infra (+2.5%) closed in the green as Nov toll collection grew 39% YoY o Rs 366 crore.

Bharti Airtel (-1.2%) launched one pack for travel across 184 countries starting at Rs 649.

IDBI Bank (+8.2%) gained on Govt’s plan to allow foreign funds to own over 51% of the bank.

Gravita (+1.9%) moved up after it started commercial production at the aluminium recycling plant in West Africa.

Markets Ahead

It was a great day of opportunity for traders who sold Fin Nifty options today.

It is very clear that the market is waiting for RBI announcements tomorrow. We are sticking to three levels- 18,600, 42,900, and 19,200. 

HDFC Bank is trying to break the 1612 resistance level. The stock would pick up more momentum if the resistance is clearly broken (use multiple timeframes).

The interest rate hike decision from RBI will be out tomorrow at 10 AM. Check the Signal tab of the marketfeed app for updates from RBI (turn on Signal notifications). 

World Bank increased India's GDP growth forecast from 6.5% previously to 6.9%. Also, it revised the FY24 GDP forecast from 7% to 6.6%.

Are you holding any positions overnight? What's your plan this week considering RBI decisions and election results? Share your answers in the comment section of the marketfeed app.

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