Nifty Mid-Day Update 2:30 pm: Finance Minister Nirmala Sitaraman to address at 4 pm today. Europe opens lower, Dow Futures up marginally at 23600. BHEL top gainer in NSE. Maruti posts lower Profits
Nifty is trading around 9400 after a strong opening at 9584.20, as we mentioned in our opening update that Nifty could not sustain the higher levels and face resistance above 9500. It is critical for Nifty to trade above 9350 for any further upsides in the market, while a break of 9321 can take the markets lower.
Maruti Q4 earnings are out and it is lower than what the Street was expecting. The Share is trading up by 2% around 5050 after a high of 5317.45 and a break of 5000 can see that stock falling more.
BHEL is the top Gainer today in Nifty, with over 22% gains followed by IBHousing and RECL with 15%. Nestle had fallen close to 5% followed by FConsumer and SunTV. Except Pharma Index all other sectoral indices are trading in green with FMCG is in borderline. PSUBank is the top Gainer followed by Bank and Reality.
Since our FM is speaking post market hours today, we would see some profit booking in the indices. We would advise all clients to remain with lower positions and trade light. Nestle is the top Looser in Nifty50, followed by SunPharma, Britannia and Airtel.
Axis bank is the top Gainer, followed by Ultracemco and LT. On OI front, we have Long-buildup in GodrejProp, Escorts, Voltas and SBILife, while Short-Buildup is seen in ApolloHosp, Cipla, Biocon and HUL. Positive OI chain in Calls suggesting some writing that can make Nifty trade in the narrow zone of 9324-9476. A break can see a sharp move of another 80-120 points. For more details, stay tuned to our app bullseyecue.
