Recovery Rally After BNF Fills Opening Gap. Similar Day Candles in Key Indices - Post Market Analysis


NIFTY opened the day at 18,211 with a gap-up of 94 points. In the first half, the index showed some weakness and hit the 18,060 zone support. After the European market opening, the index rallied and recovered 150+ pts. Nifty closed the day at 18,202, up by 85 points or 0.47%.

BANK NIFTY started the day at 41,740 with a gap-up of 482 points. The opening near the all-time high triggered profit booking and the index fell towards 41,300 levels. After filling the gap, and with the help of a strong recovery from the day low towards the opening range, Bank Nifty closed at 41,686, up by 428 points or 1.04%.

Fin Nifty started the day at 18,751 with a gap down of 151 pts. Since tomorrow is a market holiday, it was Fin Nifty expiry today. After the first half fall and afternoon rally, Fin Nifty closed the day at 18,739, up by 139 pts or 0.75%.

All the indices except for Nifty Pharma (-1.4%) closed in the green. Nifty Bank (+1%), Nifty Auto 9+1.3%), Nifty Metal (+1.5%), Nifty PSU Bank (+4.4%), and Nifty Realty (+1%) gained well.

Major Asian Markets closed in the green. European Markets are trading flat to green.

Today’s Moves

Britannia (+8.8%) and SBI (+3.4%) closed as the Nifty 50 Top Gainers after publishing strong Q2 results. 

Divis Lab (-8.8%) closed as the Nifty 50 Top Loser as its Q2 profits fell 18% compared to last year.

Adani Ent (+3.3%) continued its recent post-result rally.

Hind Copper (+4.4%), JSW Steel (+1.1%), JSL (+7%), Jindal Steel (+3.5%), National Aluminum (+3.4%), SAIL (+3.5%), and Tata Steel (+1.8%) also moved up. 

BPCL (+2.%) closed in the green ahead of results today.

KPR Mills (-3.2%) India Cements (+1.1%), Sundaram Clayton(+2.5%), RateGain (+3.2%), Sundaram Finance (%), Ujjivan Small Finance Bank (+5%) and Aditya Birla Capital (+3.5%) posted their Q2 results today.

Rajesh Exports (+2%) moved up after it was selected in the PLI scheme for the production of advanced chemistry cells.

Bank of Baroda (+9.5%), Titan (-1%), and Marico (-6.3%) closed with notable changes after posting Q2 results during the weekend.

Tyre stocks: MRF (+4%), Apollo Tyre (+4.1%), and JK Tyre (+1.6%) closed in the green ahead of CEAT’s (+2.1%) result today.

Markets Ahead

For the last many days, Nifty has been opening based on SGX Nifty, but not following the actual gains of SGX Nifty. This is great because it reduces huge gap formation, gap filling, strong sudden profit booking, etc. 

Nifty is continuing the consolidation above 18k, let's hope that it is preparing for another movement. It has formed an indecision day candle today, but with bullishness.

Bank Nifty has closed 150 pts away from its all-time high. I hope that Nifty breaks its ATH without a gap-up. Another observation is that our market started a recovery rally just after Bank Nifty filled the gap.

Fin Nifty’s day candle is also similar to Nifty and Bank Nifty, indicating a lot of bullishness.

Reliance is breaking the 2600 resistance, HDFC is consolidating above 2500 levels, and HDFC Bank is struggling to break out 1500 resistance. Most importantly, ICICI Bank is continuing the consolidation after its Q2 result announcement. 

Watch Nykaa, Paytm, Policybazaar and Delhivery shares as the lock-in period ends in the coming days.

Tomorrow will be a holiday on account of Guru Nanak Jayanti.

Tata Teleservices has posted losses again. Is this company a burden for Tata Group? Or do you see any future in it? Share your answers in the comments section of the marketfeed app. 

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