Nifty as expected at open had been swinging ever since the opening high of 9450.0 and is trading around the lowest point of the day. BankNifty and SmallCap100
May 5th, 12:30 Mid-Day Market Analysis & Update:- Nifty High- 9450.9, Low- 9302.9 & Last- 9315: Nifty as expected at open had been swinging ever since the opening high of 9450.0 and is trading around the lowest point of the day. The overnight gains had been given off by the weakness in BankNifty which could not sustain over the sentimental 20000 mark. BankNifty & SmallCap100 are in -ve zone while all other Indices are still in Green.
Energy, IT & Auto Indices are positive among sectoral indices while Reality, PSU Banks & FMCG are top negative sectors. Most impacted stocks with >3% fall are AsianPaint, UBL, McDowell, GodrejCP while NewIndia, Infratel, SBILIfe & M&M are up by over 5%.
Though we are able to see weakness in most of the Banks & NBFC Stocks, 22 Stocks in Nifty50 are in Red while 28 Stocks are still in Green. For the next 2 hours we expect Nifty to hold 9254/9294 as supports while 9352 & 9386 could be strong resistances, a break of either sides can push another 50-60 point movements.