Nifty Zoomed

Nifty Zoomed

Benchmark Index closed at 17185 before touching 17348.

Nifty zoomed, following global trend and heavy buying in IT stocks led by Infosys. Equities on Wall Street also ended significantly higher.

Today’s market activity was primarily driven by reports that inflation has peaked, traders have priced in future interest rate hikes, earnings reports are decent, and short covering has begun. You can choose any of the explanations to soothe your mental process, as it appears like all the reasons for yesterday’s down move have miraculously evaporated.

The Nifty 50 closed at 17185, up 171.35 points or 1.01 percent. During the day, it reached a  high of 17348 and a low of 17170. Compared to previous closing prices, the Nifty made a higher-high and a higher-low. 

Today, the advance-decline ratio was 0.95, and the market breadth was neutral. The volatility index India Vix, on the other hand, decreased 10.01 percent to settle at 18.26.

DAILY MARKET ACTION
Advancers – 1045
Decliners – 1096
52Wk High – 45
52Wk Low – 37
High Band Hitters – 72
Low Band Hitters – 30
200d SMA – 16985
50d SMA – 17485
20d SMA – 17240

Top Gainers and Losers

The top gainers were Infosys (+4.02%), HDFC Bank (+3.76%), HDFC (+2.91%), HCL Technologies (+2.17%), and ICICI Bank (+2.16%),.

The top losers were ONGC (-1.69%), JSW Steel (-1.33%), M & M (+1.26%), Bajaj Auto (-1.13%), and Adani Enterprises (-1.01%).

Sectors & Broader Indices

The top gainers were Financial Services (+1.82%), IT (+1.63%), Pharma (+0.65%), Consumer Durables (+0.32%), and FMCG (+0.27%).

The top losers were Oil & Gas (-1.09%), Realty (-0.80%), Media (+0.79%), Metal (-0.64%), and Auto (-0.67%).

Nifty Financial Services, IT, and Pharma were the biggest gainers today. Oil and gas, real estate, and media were the biggest losers. The broader indexes, on the other hand, were out of sync with the benchmark indices. The Nifty Midcap 50 fell by 0.02 percent, while the Nifty Small Cap 50 rose by 0.12 percent.

SECTORS – NOTABLE ACTION
FINANCIAL SERVICES +1.82%
IT +1.63%
PHARMA +0.65%
OIL & GAS -1.09%
REALTY -0.80%
MEDIA -0.79%

Daily Pivots

Today’s market movement provides contradicting signals, which could be because of the sideways consolidation phase, as the Nifty has been trading in the box range of 16800 -17400 for the past few trading sessions.

The Nifty 50 closing price is below the 20-day and 50-day moving averages, but above the 200-day moving average, showing bearishness and volatility in the coming trading sessions.

Read previous -Daily Insights- here
Rising Inflation Spooks Market Sentiments
Nifty below 16000
Market at a standstill

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