Nifty Closes Above 18K

At the close, the Nifty 50 was at 18,015.85 up by 0.48%

Nifty 50 index opened lower but managed to gain 0.48% during the trading day and closed in the green. Additionally, it seems that the index closed above the 18,010 level, which is a positive sign for investors as it suggests that the market is bullish and investor sentiment is positive.

Technical analysts often use various technical indicators, including moving averages, to analyze stock price movements and identify potential trends in the market. In this case, chart readers have noted that the Nifty 50 index closed above its 9 and 21 Exponential Moving Averages (EMA), which is considered a bullish signal for the short term.

The Exponential Moving Average is a technical indicator that calculates the average price of a security over a certain period of time, giving more weight to recent prices. The 9 EMA and 21 EMA are commonly used by traders and analysts to analyze short-term price movements.

When the current price of a security is above its 9 EMA and 21 EMA, it suggests that the current trend is bullish, and the security may continue to rise in the short term. However, it is important to note that technical analysis should be used in conjunction with fundamental analysis and other forms of analysis to make well-informed investment decisions.

Buzzing

Indian rupee hit a one-month low on Wednesday, tracking its Asian peers. This can be attributed to several factors, including the strength of the US dollar, which can put downward pressure on other currencies.

The US Federal Reserve’s interest rate hike trajectory may have contributed to the decline in the rupee. The anticipation of further interest rate hikes by the US Federal Reserve can lead to a stronger US dollar, which can make other currencies, including the Indian rupee, relatively weaker.

The availability of oil supply is one of the primary drivers of oil prices, as higher levels of supply can lead to lower prices, while lower levels of supply can lead to higher prices. The industry report pointing to ample supplies in the United States may have contributed to the decline in oil prices.

Oil prices dropped for a second day on Wednesday due to several factors, including an industry report pointing to ample supplies in the United States and concerns over weaker fuel demand and economic outlook.

Buzz

Protection of investors is critical for maintaining a healthy and vibrant securities market. It is essential that regulators like SEBI are able to provide effective oversight and take appropriate measures to ensure that investors are protected from fraud and other malpractices. Investors should also conduct thorough research and consult with a financial advisor before making any investment decisions to minimize their exposure to potential risks in the market.

Supreme Court ruling related to investor protection. It appears that the Supreme Court has directed SEBI to take steps to enhance investor protection, particularly in light of the Adani-Hindenburg saga, where investors reportedly lost lakhs of crores in just a few days.

Adani-Hindenburg saga and investor protection. It appears that the Supreme Court has asked SEBI and the government to produce the existing regulatory framework in place to protect Indian investors. This move by the Supreme Court highlights the importance of regulatory oversight and protection for investors in the securities market. With the recent market volatility and losses suffered by investors in the Adani Group shares, it is essential that regulators like SEBI take appropriate steps to protect investors and prevent fraud and other malpractices.

The request for the existing regulatory framework also suggests that the Supreme Court may be looking to identify any gaps or weaknesses in the current regulatory framework and take appropriate steps to address them.

Bank Nifty: Up by 0.20%

The Bank Nifty, which represents the performance of the banking sector in India, opened in the green and closed with a gain of 0.20 percent at 41,731.05. This is a positive sign for investors in the banking sector, as it indicates that the sector is performing well.

Similarly, the BSE Sensex, which represents the performance of the top 30 companies listed on the Bombay Stock Exchange (BSE), opened in the green and closed with a gain of 0.40 percent, reaching a high of 61,275.09. This is also a positive sign for investors in the Indian stock market, as it suggests that the market as a whole is performing well.

Nifty IT sector saw a surge of 1.13%, while the Nifty Auto sector rose by 0.98%. The banking, financial, media, metal, realty, healthcare, consumer goods, and oil & gas sectors also closed higher.

Bank Nifty

The Nifty Banking sector had some gainers and some losers for the day. The gainers included Bandhan Bank with a 2.63% increase, Kotak Bank with a 0.87% increase, ICICI Bank with a 0.82% increase, IDFC First Bank with a 0.61% increase, and Bank of Baroda with a 0.59% increase. On the other hand, the biggest losers in the sector included IndusInd Bank with a 0.66% decline, Axis Bank with a 0.26% decline, HDFC Bank with a 0.22% decline, and Punjab National Bank with a 0.20% decline. These results suggest that some banking stocks performed better than others for the day.

Advance Decline Ratio

Today, the advance-decline ratio was 1.17, and the market breadth was positive. The volatility index India Vix decreased by 4.40 percent to settle at 12.86 and the FIIs were net buyers today.

DAILY MARKET ACTION
Advancers – 1187
Decliners – 1014
52Wk High –  28
52Wk Low – 149
High Band Hitters – 60
Low Band Hitters – 75
200d SMA – 17323
50d SMA – 18057
20d SMA – 17863

Top Gainers and Losers Stocks

The top gainers were Tech Mahindra (+5.59%), Apollo Hospital (+4.99%), Eicher Motors (+4.42%), Reliance (+2.39%), and Bajaj Finserv (+1.67%).

The top losers were Hindustan Unilever (-1.22%), Sun Pharma (-1.17%), ONGC (-0.77%), LT (-0.71%), and IndusInd Bank (-0.66%).

Top Gainers and Losers Sector

The top gainers sector were Realty (+1.30%), IT (+1.13%), Auto (+0.98%), Metal (+0.47%), and Consumer Durables (+0.45%).

The top losers sectors were FMCG (-0.39%), and Pharma (-0.10%).

The Nifty Midcap 50 was up by 0.71 percent, while the Nifty Small Cap 50 up by 0.37 percent on the day.

The Nifty Midcap 50 index currently closed at 8,688.85, while the Nifty Small Cap 50 index currently closed at 4,259.70.

SECTORS – NOTABLE ACTION
REALTY +1.30%
IT +1.13%
AUTO +0.98%
FMCG -0.39%
PHARMA -0.10%

Stocks Ban List

(SEBI) F&O ban list (IBULHSGFIN open at 108.90 and close at 116.95), (BHEL open at 71.00 and close at 71.75), (PNB open at 50.45 and close at 50.90), and (AMBUJACEM open at 336.50 and close at 344.85), are not currently on the stock exchange.

The Securities and Exchange Board of India (SEBI) has banned IBULHSGFIN, BHEL, PNB and AMBUJACEM from trading in the futures and options (F&O) segment of the stock exchange.

A stock enters the Ban List if its MWPL is above 95%. Implying that, Ban List shows the Futures and Options (FnO ) stocks whose combined open interest in all FnO contracts for a given period crosses 95% of Market-Wide Position Limit.

DELTACORP, ADANIENT, IDEA and INDIACEM has a possibilites of entery in a ban list.

Daily Pivots

As per the above pivots data, 17900 to 18090 is the Nifty 50 trading range

Read previous -Daily Insights- here
Directionless Market makes a Flat Weekly Close – Waiting for Trigger!
Nifty Manages a 2nd Consecutive Close in Green
Nifty 50 Stages a Decent Comeback

This article is only for educational purposes and is not an investment advice.