| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,857.05 | -281.22 | -0.33% |
| Nifty 50 | 25,928.20 | -104.00 | -0.40% |
| Nifty Bank | 58,994.20 | -279.60 | -0.47% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| TCS | 3,182.90 | 47.20 | +1.51% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Max Healthcare | 1,093.50 | -24.00 | -2.15% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 37767.80 | 226.50 | +0.60% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 8339.40 | -175.50 | -2.06% |
The Nifty index experienced a strong resurgence of bullish momentum, resulting in a sharp recovery from its previous lower levels.
At present, the index is positioned in close proximity to a critical resistance zone at 19640, which aligns with its 20-day moving average (20DMA). A conclusive break above the 19700 level, especially on a closing basis, would not only signify a reversal of the recent downtrend but also potentially open the path for further upward movement, with an eye towards the 20000 mark.
The Bank Nifty index remains caught in a struggle between the bulls and bears, particularly in anticipation of the upcoming RBI policy.
A clear and decisive market move is expected only after the policy announcement, as this event could potentially influence the market sentiment significantly. There is a support level evident at 44500, while a resistance level stands at 45150. Breaking above or below either of these levels could trigger sustained trending moves in the index.
Markets staged a smart recovery in the late trading session after 2 days of weakness, as strength in European indices and sharp gains in metals, oil & gas and auto stock aided sentiment. Markets were highly volatile as investors shunned local equities after Moody's warned of downgrading six major US banks, while weak Chinese exports data also dampened sentiment.
Technically, after an early morning sell off the index took support near 19470 and recovered sharply. A promising reversal formation and a higher bottom formation on intraday charts is suggesting further uptrend from the current levels. For traders, 19550 would be the trend decider level, above which the index could move up till 19700-19735. On the flip side, below 19550, uptrend would be vulnerable and below the same the market could slip till 19470-19440.
Markets traded volatile but finally gained nearly half a percent. After the weak start, Nifty inched gradually lower and oscillated in the narrow range in the middle however a sharp recovery in the final hours completely changed the tone. Eventually, it settled closer to the day’s high at 19632 levels; up by 0.32%.
Among the sectoral indices, metal, auto and pharma posted decent gains while realty remained under pressure. The broader indices continued to inch higher and gained nearly half a percent each.
Bulls are trying hard to reclaim some strength but it would be tough without the participation from the banking majors. Besides, resilience on the global front, especially in the US, would play a critical role ahead. Meanwhile, traders should continue with stock-specific trading approach and focus on sectors that are attracting buying interest.
The Nifty opened on a flat note and has witnessed an extremely volatile day of trade today. It sold off during the first half of the session and an equally strong pullback during the second half which helped the Nifty to close with gains of ~60 points. On the daily charts, we can observe that Nifty is in the process of retracing the entire fall it witnessed from 19992 – 19296. Currently, it is trading around the 19600 – 19650 zone where resistance parameters in the form of the 20-day moving average (19657) are placed.
On the upside crucial Fibonacci retracement levels are placed at 19648 – 19729 where we can expect the selling pressure to emerge. The current rally is a counter-trend pullback that is likely to fizzle out at Fibonacci retracement levels. The momentum setup on the daily and hourly time frame charts are providing divergent signals which can lead to a consolidation in the short term. Overall, the trend is still negative, and we expect the Nifty to target levels of 19100 from a short-term perspective.
Bank Nifty witnessed a volatile day of trade today. The key hourly moving averages placed in the range 45000 – 45100 acted as a resistance and faced selling pressure. It did witness a pullback however it closed in the negative. The daily momentum indicator has a negative crossover which is a sell signal. Thus, this pullback should be used as a selling opportunity. On the downside, we expect 44000 from a short-term perspective.
Indian bourses have witnessed a complete reversal in today's trade as Nifty50 started the day on a tepid note and banking counters put pressure on the Index to trade further lower. In the 2nd half of the trading session, the turnaround was seen across the board which supported the Index to recover all its losses to end the day at 19,632.55 with gains of 61.70 points.
Index recovery was mainly led by Metal, Auto, and select heavyweights; while on the flip, Realty was the major laggard. Nifty50 has made a strong bullish candle which indicates a continuation of an up-move but the event of the MPC meeting can add volatility to the markets.
The domestic market started adopting a defensive stance as investors awaited crucial inflation data for both India and the US. The deflationary trend in China and downgrade of the US mid- and small-sized banks affected the market sentiment. However, a late recovery in the domestic market was supported by a positive uptick in the European market and hope of an optimistic RBI policy not impacting domestic economic growth.
Indian rupee ended flat at 82.83 per dollar versus previous close of 82.84.
Benchmark indices ended higher in the volatile session on August 9 with Nifty above 19,600.
At close, the Sensex was up 149.31 points or 0.23 percent at 65,995.81, and the Nifty was up 61.70 points or 0.32 percent at 19,632.50. About 1963 shares advanced, 1521 shares declined, and 142 shares unchanged.
Top gainers on the Nifty included Dr Reddy's Laboratories, Hindalco Industries, JSW Steel, Tata Motors and M&M, while losers included Divis Labs, Apollo Hospitals, Maruti Suzuki, ICICI Bank and Bajaj Finance.
Among sectors, metal index gained 2.3 percent and oil & gas index up 1 percent. The FMCG, capital goods, healthcare indices up 0.5 percent each. However, realty index shed 1.3 percent and bank index down 0.2 percent.
BSE midcap index rose 0.4 percent and smallcap index gained 0.5 percent.
Profit up 39.9% at Rs 354.4 crore versus Rs 253.4 crore, YoY.
-Hold rating, target at Rs 625 per share
-Reported in-line rev, EBITDA margin dipped QoQ mainly on mix change & higher costs
-Company continues to focus on optimising mix & improving asset utilisation
-Think positives are largely priced in
-Tariff hike in PSU procedures package a key near-term catalyst
Net profit down 3% at Rs 13 crore against Rs 13.4 crore and revenue up 66.2% at Rs 266.3 crore versus Rs 160.2 crore, YoY.
After a partial decline in the previous session, Crude oil has continued its bullish momentum and is trading above 6850 level by European session. On the weekly chart, price has formed Rounding bottom formation and neckline resistance is placed at 6875 level.
If price breaks this level, we may expect further upside momentum in Crude oil in the upcoming session towards 7000 – 7250 levels. Major support would be at 200-EMA level on the Daily chart placed at 6355.
