Nifty slides while waiting for the US Fed meeting outcome
Nifty falls 40 points amid mixed global cues and continued FII/FPI outflows. The indecisiveness continues as the investors wait for the US Fed meeting outcome. It was a dull market with low volumes waiting for the US Fed meeting outcome.
Investors expect a 50-basis-point increase at the US Fed meeting, though, it appears that the market has already priced in a 75-basis-point rate hike.
For the fourth day in a row, equity benchmark indices were down.
Nifty recorded an intraday high of 15784 and a low of 15679. The gap between the high and low prices was 105, the lowest in the last 7 days, making it an NR7 day.
Furthermore, the Nifty is trading below its 20-day, 50-day, and 200-day simple moving averages. On the other hand, the Nifty Bank was marginally up by 28 points or 0.08 percent.
The advance-decline ratio was 1.19, and the market breadth was positive. This is the best reading of the advance-decline ratio in the last 9 days.
The volatility index, on the other hand, raised by 1.18 percent to 22.15.
NIFTY – DAILY MARKET ACTION
Advancers – 1145
Decliners – 961
52Wk High – 13
52Wk Low – 80
High Band Hitters – 101
Low Band Hitters – 57
200d SMA – 17253
50d SMA – 16679
20d SMA – 16258
Top Gainers and Losers
Bajaj Finserv up +4.22 percent, Bajaj Finance up +2.22 percent, Tata Motors up +1.93 percent, Hero MotoCorp up +1.78 percent, and Grasim up +1.73 percent were the top gainers on the Nifty 50.
Meanwhile, ONGC down -3.17 percent, NTPC down -2.05 percent, Infosys down -1.34 percent, Reliance down -1.23 percent, and Wipro down -1.22 percent were the top losers in the Nifty 50.
Sectors & Broader Indices
On the sectoral front, it was a mixed bag. Auto, pharma, Financial Services, and consumer durables were the day’s biggest gainers, while oil & gas, realty, metal, IT, and FMCG were the biggest losers.
Further, the broader indices outperformed the benchmark indices. The Nifty Midcap 50 was up 0.43 percent, while the Small-cap 50 was up 0.73 percent.
NIFTY SECTORS – NOTABLE ACTION
FINANCIAL SERVICES +0.27%
OIL & GAS -0.76%
Looking Ahead – Inflation & US Fed
Nifty has broken down the box of 15800-16800 and is charting in the negative territory. Therefore, the bias is negative because of headwinds relating to interest rate hikes by the central banks.
The Nifty trading range for tomorrow is 15650 to 15800.
Because of recent weakness or selling, we could see a relief rally tomorrow when the US Fed makes its announcement.
Inflation data and the outcome of the US Fed meeting will be market movers in the near term.
This article is only for educational purposes and is not an investment advice.