Nifty closes slightly higher; PSU banks, auto, metals, and pharma support the market

The top gainers for today are Tata Steel, Divi’s Lab, Bajaj Finserv, and Bajaj Finance. The stocks that remained weaker include ONGC, Power Grid Corp, and IOC.  

Market update at 3.30 PM: Tuesday’s trading session was hugely volatile as Nifty swung in both directions. It made volatile moves in the second half of the session but closed higher in the end. Nifty went up by 0.31 per cent while Sensex gained about 187 points. The broader markets, however, felt the heat as Nifty Midcap and Nifty Smallcap closed about 0.70 per cent & 1.72 per cent lower, respectively.    

The top gainers for today are Tata Steel, Divi’s Lab, Bajaj Finserv, and Bajaj Finance. The stocks that remained weaker include ONGC, Power Grid Corp, and IOC.  

Nifty formed a bullish pin bar candle with a long wick at the bottom. This is a bullish sign, and 17,000 happens to be strong support at least for the next few days.   

Market update at 12.15 PM: Halfway through the mark and Nifty has already recovered about 150 points after hitting a low of 17,043. Nifty made a V-shaped recovery and is currently, trading near 17,200. However, the broader market is still trading lower. Nifty Midcap has slipped about 0.76 per cent while Nifty Smallcap is down by 1.35 per cent.  

The top sectors dragging the market include media, banks, realty, and IT while pharma & FMCG are the ones supporting the market.  

Amid volatility, it is difficult to predict the current trend for this expiry as a lot of calls and puts have been written.  

Market update at 10 AM: It has been a volatile first hour as Nifty oscillates between 17,200 and 17,300 with huge volatility. Meanwhile, Sensex has gained about 50 points.   

Sectors that are weak today include banks, IT, and media while pharma, auto & FMCG support the market.   

Adani Wilmar had a disappointing debut as it got listed at a 4 per cent discount on its issue price.   

Bajaj Finserv, Cipla, Dr Reddy’s Labs, and Divi’s Labs became the top gainers in the initial hour while Tata Motors, SBI & Power Grid Corp are weak today. 

The 17,200 happens to be a key level for Nifty. We may witness a sharp fall if the index breaches this level.  

Pre-market update: Last night, the US markets ended mixed with NASDAQ losing about half a per cent while Dow Jones ended absolutely flat. 

However, most of the Asian markets have opened higher with SGX mighty indicating about 10-point higher opening. However, the Chinese markets are slightly down.. 

In the last trading session, the FIIs as well as the DIIs turned net sellers and sold for about Rs 1,157 crore & Rs 1,376 crore, respectively. 

Adani Wilmar will debut today on the exchange and is expected to list about 10-15 per cent premium over to its issue price. 

The good news for NBFCs is that RBI might allow the companies to issue credit cards. 

Meanwhile, the key companies to declare results today include Bharti Airtel, IRCTC, and Jindal Steel. 

Besides, Crude oil and natural gas are trading lower while the precious metals are trading slightly positively on Tuesday morning. 

Nifty held onto 17,200 and 17,100 during the last trading session. With Monday’s free-fall, the short-term 0utlook has turned bearish and these supports are likely to be tested once again!