RBI Announcements Tomorrow! Nifty Giving up Supports - Post Market Analysis


NIFTY opened the day at 16,993, with a gap-up of 135 points. The index couldn’t withstand 17k resistance and fell, breaking major supports. The fall continued till the 16,788 level and then consolidated above 17,800. Nifty closed the day at 16,818, down by 40 points or 0.24%. 

BANK NIFTY started the day at 38,092 with a gap-up of 333 pts. The 38,300 resistance from yesterday continued today also. The index moved down after the opening and took multiple supports from the 37,550 level. Bank Nifty closed at 37,647 down by 112 points or 0.30%.

Nifty PSU Bank (+1.1%), Nifty Pharma (+1.3%), Nifty FMCG (+0.89%), Nifty Media (+1.2%), and Nifty IT (-0.95%) closed with notablechanges.

Major Asian Markets closed mixed. European Markets are now trading 1% down.

Today’s Moves

With a sudden recovery in crude oil price, domestic oil explorer ONGC (+3.3%) closed as the Nifty 50 Top Gainer. OIL (+3.6%) also moved up.

For the above-said reason, Asian Paints (-5.2%) closed as Nifty 50 Top Loser. Interestingly, this stock was yesterday’s Top Gainer.

Pharma stocks are showing good strength for the last few days, with better business forecasts in US and India.

Cipla (+1.7%), Dr Reddy,(+2.1%), Sun Pharma (+1.4%), Torrent Pharma (+3.4%) and Apollo Hospitals (+2.8%) moved up.

Jindal Steel (+3.5%) said that it had an overseas debt of Rs 14,740 crores and it is now nearly down to zero. Tata Steel (+1.7%) also closed in the green 

Adani Ent (-2.2%) will be included in Nifty 50 from tomorrow

Indian government has postponed the mandatory 6 airbags plan by one year to Oct 1, 2023

SPARC (+14.6%) moved up after the company said that it would give an update on its clinical program and R&D pipeline.

Bajaj Electricals (+4.1%) board approved the merger of Nirlep Appliances with the company.

Markets Ahead

The market shows no recovery indications.  

It looks like our market has no immediate plans to recover, we are losing multiple supports every day.

A gap-up opening gain cannot be considered a recovery, we need moves during market hours. People are booking profits with every up move and it brought Nifty to 17,800 levels. We have immediate support at 16,780 and 16,740 and very crucial support above 16,400.

Bank Nifty is in a much better position. It has good support in the 37,320-480 zone.

I won’t be watching major levels tomorrow due to three reasons.

Germany CPI and US GDP Data will be out today. And also RBI Monetary Policy press conference will be tomorrow at 10 am. 

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