NIFTY opened the day at 18,074 with a gap-up of 21 pts. The index was trending during the first half and consolidated near the day high or around 18,170 for rest of the day. Nifty closed the day at 18,165, up by 112 points or 0.62%.

BANK NIFTY started the day at 42,271 with a gap-up of 36 pts. The index moved 1% from the day low to the day high and consolidated just below 42,500 for a longer period. Bank Nifty closed the day at 42,458, up by 222 pts or 0.53%.

FIN NIFTY started the day at 18,617 with a gap-up of 12 pts. The index showed good strength in the morning, but it couldn’t break the 18,780 resistance. Fin Nifty closed the day at 18,753, up by 149 pts or 0.80%.

Nifty Metal (+1.6%), Nifty PSU Bank (-1.2%) and Nifty Finserv (+0.80%) closed with notable changes.

Major Asian Markets are closed mixed. The Bank of Japan maintained an ultra-easy monetary policy with a short-term interest rate of minus 0.1%. European markets are trading flat.

Today’s Moves

Hindalco (+3%) and Tata Steel (+2.6%) closed as the Nifty 50 Top Gainers today. SAIL (+4%), Hind ZInc (+3.9%), and Jindal Steel (+2.6%) also gained well.

Tata Motors (-1.6%) lowered Nexon EV prices by up to Rs 85,000 and closed as the Nifty 50 Top Loser. They also increased the max range of Nexon series vehicles. 

Sometimes, lowering the prices is good for the company in the long run because it may increase the number of customers. However, they'll have to manage input costs.

HDFC Bank (+1.7%) and HDFC (+1.7%) gained very well.

IndusInd Bank (-0.60%) Q3 results came out just after the market hours. The standalone net profit was reported at Rs 1959 crore vs Rs 1161 crore last year, a growth of 68%. The estimate was Rs 1900 crore.

Delta Corp (-3.7%) opened 7% down after posting Q3 results yesterday and recovered some pts later.

Tata Investment (-4%), Tata Metaliks (+2.8%), ICICI Pru (+0.53%), and ICICI Lombard (-3.9%) also posted Q3 results yesterday.

Siemens (+4%) and RVNL (+5%-UC) closed with gains after securing multiple projects.

Eid Parry (+1.8%) commenced operations at the new 120 KLPD distillery at the sugar unit in Andhra Pradesh.

Jubilant Food (+1.6%) launched the first restaurant of the US fried chicken brand, Popeyes in Chennai

Markets Ahead

Hope you all remember the discussions we had last Thursday about an upside pullback and it is happening beautifully now. We shared the same analysis in TSMS also.

Nifty has broken out of the recent resistance trendline and an hourly candle close above 18,210 will give more upside momentum. Bulls will be back in power if there is a daily candle close above 18,320.

Nifty’s 18,140-260 zones hold the responsibility to decide the market direction in the coming weeks.

A strong close above the 42,600-700 zone might trigger some movements in Bank Nifty. 

Nifty Finserv has formed a double bottom pattern in 15-mins candle chart. Watch out for a 1-hour candle close above 18,810.

Considering the above-said factors, we should expect volatility tomorrow. 

I do not expect a huge breakout above Nifty’s 18,430 or a breakdown below 17,750 before Union budget announcements.

The Bank of Japan maintained an ultra-easy monetary policy with a short-term interest rate of minus 0.1%. 

Why is BoJ keeping very low-interest rates? How are they fighting inflation? Also, don't forget to share your index positions. Share your thoughts in the comment section below