Start of the Bigger Fall? NIFTY Ends Thursday in Red - Post Market Analysis
Weekly expiry ends slightly in the red with a late-day recovery.
NIFTY opened the day at 16,018 with a gap-up, but the resistance trendline of the week did not let it move up. Once 16,000 was broken, the fall was more clear and the index hit a day low at 15,857. With the help of last-hour recovery, NIFTY closed the day at 15,938, down by 28 points or 0.18%.
BANK NIFTY started the day at 34,817 and tried to move up. But the intersection of 35,000 level and down trendline (1-hour candle) acted as a strong resistance and fell 460 pts towards the day low. Bank Nifty ended the day at 34,651, down by 176 points or 0.51%.
Nifty IT (-1.5%), Nifty PSU Bank (-2.2%) moved down while Nifty Pharma (+0.78%) closed in the green.
Major Asian markets closed mixed today. European markets are all trading 1% down currently.
Pharma stocks had a good day again. SunPharma (+2.3%) and Dr Reddy (+1.6%) moved up.
Reliance (+0.82%) and ONGC (+2.1%) closed in the green as reports of the government removing the windfall taxes surfaced again.
Maruti (+1.5%) gained after they released a teaser on Grand Vitara ahead of its global debut. The model is expected to be cheaper than its rivals.
Most of the Bank Nifty stocks including AU Bank (-2.9%), Axis Bank (-1.7%), and SBIN (-1.4%) fell while Kotak Bank (+1.6%) closed in the green.
Tata Metaliks (+0.46%) opened heavily down as Q1 profit fell 98.7%(QoQ). However, the stock closed in the green with last-minute buying.
Torrent Power (+1.6%)closed in the green after getting order worth Rs 2,600 crore from SECI (Solar Energy Corporation Of India).
Hindustan Zinc (+4.4%) did well after the company approved an interim dividend of Rs 21 per share.
Even though the U.S. market closed in the red yesterday, our markets opened with a gap-up today. And even though the levels of 16k in NIFTY were broken, Bank Nifty remained bearish and pulled the index down.
And just like that, for the weekly expiry, we saw a flat closing. During the day, the indices kept moving lower but recovered slightly in the last hour.
June’s U.S. inflation data came in at a 41-year high yesterday, and now the futures data show their markets fall sharply tonight.
So expecting a further fall now that markets are below important support zones.
How did your expiry day go? Let us know in the comments down below.