Second straight day for our markets to close with a gain of 1% , as Nifty jumps 1.16% higher , Sensex rallied 1.15% and Bank Nifty gained 1.43 %.
Reliance , Financial , Metal , IT , some selective Auto and FMCG stocks supported the market to continue the bulls rally.
Metal stocks and commodities on fire which is helping to Nifty to move higher and Bank Nifty is taking support of Nifty rally.
RBI new circular on Bank CEO Tenure is impacted on Kotak Bank . Because RBI put a limit of professional CEOs to 15 years and Kotak Bank CEO tenure will end in Dec 2023 so it may impact the sentiment of Kotak Bank and we may see some weak moves in Kotak Bank.
FIIs sold 1454.75 crores and DIIs bought 1463.44 crores , everyday both coming with same number and one fine day one will lead the market drastically and that move will be on bullish side maximum.
Bajaj Finance , Axis Bank , HDFC AMC , TVS Motor came with good number so we may see bullish moment today on these stocks but Britannia is the only stock from Nifty 50 which came with lower profit.
Today Bajaj Finserv , Biocon from Nifty 50 is set to declare their results.
Still everyone is expecting fall in our markets and it wont happen because just see our markets of last 1 month how it fell so that is the one of the reason for not falling even we are sitting with bad news and now we are trying to catch the global markets and any fall happen in our markets will be an buying opportunity at lower levels so its good time to invest at every swing low now.
Coming to global markets :- Yesterday US and UK markets closed flat in negative and Currently Dow Jones , Nasdaq and UK futures are muted.
Asian markets are mixed.
SGX Nifty is up by 28 points as of now.
Coming to India :- Today we may see flat opening in our markets based on SGX Nifty and global clues.
Whenever there is less global clues , our markets will follow local clues and as we are coming with good results only so even if we see any flat opening today in the morning still we can expect some positive moves in our markets.
Any huge gap up opening is not good to chase our markets and expect some consolidation due to less global clues with expected volatile .
The One who is looking for support and resistances based on OI data :- Nifty 14,600 and 14,500 PE adding more contracts, it means market will take strong support at those levels so we may see some pullback at mentioned levels if any fall happen and any upside move pause may be happen at 14,800.
Today Axis Bank might help Bank Nifty to move continue the rally and so chances fall is less but at the same time observe Kotak Bank it may stop the rally and any fall happen in Kotak bank will form buy on dips pattern.
Bank Nifty may consolidate at 33,500 if it reaches and 32,000 will be an strong support.
All The Best , Trade with Discipline.