Stock Markets on Monday - Nifty50, Nifty Bank support, resistance and top 4 triggers to watch out for when markets reopen
Stock markets were in an upbeat mood on Thursday - the day of expiry. The BSE Sensex hit a 61,000-mark for the first time ever, ending the day at 61,305.95, up over 568 points or 0.94 per cent, while the broader market Nifty50 ending at 18,338.55, up by almost 1 per cent or 177 points. On the intraday basis it touched an all-time high of 18,350.75.
Equity markets were shut on Friday on account of Dussehra.
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Nifty50 was higher by 2.5 per cent and Sensex by 2 per cent this week versus the previous week. Nifty Bank gained 4 per cent while Nifty Mid Cap was up 3.4 per cent in the week gone by. Both, Nifty PSU Bank and Nifty Auto was higher by 6.5 per cent against previous week’s closing.
Nifty Bank ended up 1.8 per cent from the previous closing at 39,340.90. Nifty mid cap also ended with gains and settled at 32,503.50.
The Foreign Institutional Investors (FIIs) bought Indian equities worth Rs 1681 cr in the cash market. Meanwhile, the Domestic Institutional Investors (DIIs) were net sellers at Rs 1750.59.
Nifty50 fired primarily in two cylinders – IT and banking sectors, Zee Business Managing Editor Anil Singhvi said. All indices were seen making their lifetime highs on the intraday and closing basis, he added.
Sensex, Nifty50 mid and small cap indices captured new heights. The triggers were primarily from the US markets, the Managing Editor said. Dow Futures traded positively and gained from strength-to-strength as the day progressed.
Top 4 Triggers on Monday
- Indian Markets will take cues from the US Markets Friday closing, Singhvi said. Investors and traders must watch out for the Singhvi said. Nasdaq Composite Index, Nasdaq-100, Dow Industrial and S&P500 ended in the green.
- Dow Futures on Monday
- HDFC Bank Q2FY22 Earnings results - The country's biggest mortgage lender HDFC Bank on Saturday reported an increase of 17.6 per cent in standalone profit at Rs 8,834.31 crore for the September quarter of FY22 (Q2FY22). In the year-ago period, the profit stood at Rs 7,513.11 crore. The Bank's net revenues (net interest income plus other income) increased by 14.7% to Rs 25,085.2 crore for the quarter ended September 30, 2021 from Rs 21,868.8 crore for the quarter ended September 30, 2020.
HCL Tech Q2FY22 results – The results were lower than street’s expectations. The revenue growth for the reporting quarter was 2.9 per cent up quarter-on-quarter (qoq) as against the expectations of 4-5 per cent.
Nifty50 Support and Resistance – Strong support between 18,100-18,150. It may test levels around 18,500.
Nifty Bank Support and Resistance – Support is between 38,500 and 38,700 while the resistance is around 39,000. Once this level is breached levels around 40,000 could be tested.
The overall mood of the markets is buoyant and buy on dips is recommended, Singhvi said.
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