RBI Hikes Rates as Expected. Market to Consolidate Tmrw? - Post Market Analysis


NIFTY opened the day at 17,750 with a gap-up of 28 points. The index made a good strong green candle before RBI’s Monetary Policy meeting. Just after the announcement of the interest rate hike, NIFTY suddenly fell. After taking support from 17,800, it gained nearly 100 pts. Nifty closed the day at 17,871, up 150 points or 0.8%.

BANK NIFTY started the day at 41,530 with a gap-up of 51 pts. The index also fell after RBI’s announcement, but it couldn’t recover from the fall and consolidated just above 41,500. Bank Nifty closed the day at 41,537, up by 46 pts or 0.11%.

All indices closed in the green today! Nifty Metal (+3.7%), Nifty IT (+1.5%), and Nifty Pharma (+1.3%) showed sharp gains.

Major Asian Markets closed in the red. European markets are trading with slight gains.

Today’s Moves

Adani group stocks Adani Ent (+20%) and Adani Ports (+8.3%) rose sharply today as well. Adani Transmission, Adani Power, and Adani Wilmar hit their 5% upper circuits.

HDFC Life (+5.3%) gained after launching a new ad campaign.

New-age startups Paytm (+15%), Zomato (+10%), Policybazaar (+6.7%), and Nykaa (+5.18%) saw strong gains. 

Bharti Airtel (-1.4%) declined after it posted its Q3 results yesterday.

State-run Coal India (-1.9%) turned ex-dividend today. The company had declared an interim dividend of ₹5.25 per share.

L&T (-1.6%) fell today. The company’s non-executive chairman A.M. Naik said he will step down from his role.

Markets Ahead

The market showed some upside momentum by creating higher lows after the RBI meeting. But it couldn’t make proper higher highs. So watch the 17,800-780 zone on the downside. If this support zone is broken, we can mark 17,650 as the next support.

Nifty has strong resistances at 17,920 and 18,000. I am expecting the market to consolidate tomorrow and move up on Friday.

Bank Nifty candles are not consistent, you can check this using 15-minute candles. 

RBI's interest rate decision came out as expected. The central bank has hiked the repo rate by 25 bps to 6.5%.

What levels are you watching out for the expiry tomorrow? Let us know in the comments section of the marketfeed app!

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