Volatile Monthly Expiry! IT, Banks Drag Nifty Lower- Post Market Analysis


NIFTY opened the day at 17,679 with a gap-up of 74 points. An opening above 17,600 was a good sign, but the long-term resistance line around 17,700 entered as a villain. The index consolidated around the zone for a long time. In the last 90 mins, it saw a heavy fall of 230 points from the day high and took support below 17,500. NIFTY closed the day at 17,522, down by 82 points or 0.47%. 

BANK NIFTY started the day at 39,190 with a gap-up of 151 pts. The index was highly volatile in the first half and hit a day high of 39,471. With a sharp fall of 650 pts from the day's high, the index broke the 39,000 level. Bank Nifty ended the day at 38,950 down by 87 points or 0.22%.

All the indices except Nifty PSU Bank (+2.7%) and Nifty Realty (+1.4%) closed in the red. Nifty Bank (-0.22%) and Nifty IT (-0.87%) dragged the market today.

Major Asian markets closed in the green. European markets are trading flat.

Today’s Moves

Adani Ports (-2.4%) was in a downtrend from the opening itself and closed as Nifty 50 Top Loser. Adani Ent (-2.1%) also moved down.

With Nifty Realty showing strength Shree Cem (+1.7%) closed as Nifty 50 Top Gainer. 

Heavyweights- Reliance (-0.29%), HDFC Bank (-0.54%), Infy 9-1.2%), and HDFC (-0.77%) fell heavily and closed n the red.

Power related stocks- NTPC (-1.1%), PowerGrid (-1.3%) featured in the Top Losers list.

IOC (+1.2%) moved up after the plans to invest Rs 2 lakh crore in green initiatives.

Kolte Patil Developers (+20%-UC) moved up on its plans to invest Rs 1,500 crore in Pune, Mumbai, Bengaluru

NDTV (+5%-UC) ended in the Upper Circuit for the second day after Adani Ent acquired a stake in the company.

Uno Minda (+2.3%) closed in the green after the decision to invest up to Rs 300 crore to expand manufacturing capacity.

According to a government statement, India will see a 570% jump record-breaking in defence exports. BHEL (+7.8%) closed in the green.

Markets Ahead

The daily candle is red after the two green solid candles we had. Bank Nifty has a long upper shadow as well. This will make it much harder for the bulls to close the monthly candle as a Marubozu. Could this be the beginning of another round of fall? 

Let us watch 17,300 as support in the coming days. There will be volatility considering the Jackson Hole Symposium to start today. Jerome Powell will answer the questions regarding inflation and rate hikes tomorrow.

Keep an eye on Reliance. Though the stock closed flat, there were volatile moves. You can watch 2665 that will be a strong resistance. 

IT index is inching closer to 28,500. Breaking the level can be disastrous to IT stocks. Let us see if the global cues support our markets in the coming days.

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