Nifty closes above 18,200; auto, realty, media and banks supported the market

Market update at 3.30 PM: The benchmark indices i.e. Nifty and Sensex ended higher as Nifty climbed 0.87 per cent while Sensex gained over 486 points. Moreover, Nifty Midcap and Nifty Smallcap indices also ended in green!  

All the sectoral indices, apart from Nifty IT and Nifty Pharma, ended in the green. Moreover, India VIX slipped over 3 per cent! M&M and Bharti Airtel emerged as the top gainers while the top losers’ list included Titan Company & TCS.   

With the decisive closing above 18,200, the market participants are aggressively writing 18,200 and 18,100 put options for Thursday’s weekly expiry. The PCR, at 1.29, suggests the strong bullishness of the market. The 18,500 continues to hold maximum open interest on the call side while 17,700 has the highest contracts outstanding on the put side.  

We shall expect TCS, Infosys, and Wipro to announce their results anytime soon; however, its impact will be seen on Thursday morning. Thus, focus on these stocks on Thursday.  

Market update at 1 PM: Nifty has surged about 0.7 per cent while Sensex gained over 400 points. Nifty hit the day’s high of 18,221 but has slipped about 50 points since then.  

All the sectoral indices, apart from Nifty IT and Nifty Pharma, are trading positive. India VIX has fallen over 2 per cent. The mid-cap and small-cap indices too are keeping up their momentum. 

M&M and Hindalco become the top gainers while TCS & Wipro are weak today, ahead of results.  

Market update at 10.30 AM: Nifty trades higher at around 18,180 and is up by 0.7 per cent while Sensex has gained over 400 points. 

The broader indices of Nifty Midcap and Nifty Smallcap are also nearly a per cent higher. 

The indices of banks, realty, and metals have gained about a per cent while Nifty Pharma remained weak. Meanwhile, Nifty IT is trading flat. 

The highest addition of open interest is seen at 18,100 put strike, which suggests bullish sentiment among the market players. It remains to be seen whether Nifty halts at 18,200 or takes out the crucial resistance. 

Pre-market update: Asian markets have opened higher on Wednesday morning with SGX Nifty indicating a gap-up of about 130 points. 

Last Night, the US market ended higher with NASDAQ surging over a per cent. On Tuesday night, Fed Chairman Jerome Powell hinted towards a rise in interest rates if inflation continues to be a threat to the economy. This was pretty much expected and as no new reforms were introduced, the US market rallied higher. 

TCS, Infosys and Wipro are set to declare the results today, and these stocks will also be keenly watched. 

World Bank projects India’s GDP growth at 8.3 per cent for the current year while 8.7 per cent for the next year. 

With 18,000-level decisively broken, the highest open interest now emerges on 18,500, followed by 18,400 in call side. In case of Put side, the highest open interest is held at 17,500 while 18,000 emerges second. 

With a lot of news flow and corporate results in the next two days, we can expect Nifty to make volatile moves.