POST-MARKET SUMMARY 15th April 2024
On April 15, the Indian equity indices experienced a continued decline for the second consecutive session due to widespread selling, as concerns over tensions between Israel and Iran dampened investors' risk appetite. Investors also remained vigilant about monitoring the March quarter results. The market commenced the session with a gap-down opening and sustained losses throughout the day, with the Nifty dropping to approximately 22,250, amidst selling across various sectors. Apart from oil & gas and metal sectors, all other sectoral indices concluded the day in negative territory. Both the BSE midcap and smallcap indices witnessed a decline of 1.5%.
NIFTY: The index opened 180 points lower at 22,339 and made a high of 22,427 before closing at 22,272. Nifty has formed a bearish candlestick pattern with gap- down opening on the daily chart. Its immediate resistance level is now placed at 22,350 while immediate support is at 22,200.
BANK NIFTY: The index opened 507 points lower at 48,057 and closed at 47,773. Bank Nifty has formed a bearish candlestick with upper shadow on the daily chart. Its immediate resistance level is now placed at 47,900 while support is at 47,650.
Stocks in Spotlight
▪ Mahanagar Gas: Stock saw buying interest after the BJP's 2024 manifesto promised extension to existing schemes for energy access and more clean-energy
▪ Ramkrishna Forgings: Stock advanced 2% after the company secured Rs 270-crore orders for Vande Bharat trains.
▪ IREDA: Stock fell nearly 5% after three domestic mutual funds, Kotak Mutual Fund, Nippon India Mutual Fund and ICICI Prudential Mutual Fund, exited the company in March.
Global News
▪ European markets were higher on Monday amid heightened geopolitical tensions following Iran’s massive drone and missile attack on Israel Saturday night.
▪ The dollar steadied on Monday, holding its biggest weekly gain since 2022, as escalating conflict in the Middle East and the prospect of stubbornly high U.S. interest rates gave support.
▪ Asia-Pacific markets fell on Monday as traders weighed the impact of the Iran-Israel conflict, with focus also on key economic data from China and Japan later in the week.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.