ETMarkets Evening Podcast: Financial market updates you need to have before the day ends

Hi there! Welcome to today’s edition of ETMarkets Evening Podcast

This is Abhinav Kaul and I will take you through the motions of Tuesday’s session on Dalal Street and bring you cues and trading tips from market veterans for Wednesday’s trade.

The benchmark equity indices snapped their three day-losing streak amid fresh buying in select banking and IT stocks ahead of the earnings season.

Both, NSE Nifty index and BSE Sensex, surged over half a per cent on Tuesday.

More than 30 of the Nifty50 stocks closed in the green.

While, Nifty Bank index closed at a fresh all-time high. Punjab National Bank, Federal Bank, ICICI Bank and Canara Bank were among the top gainers in the banking space.

In stock specific action, Adani Power and Tata Power tanked after Supreme Court set aside an order by the Appellate Tribunal for Electricity allowing compensatory tariff to these companies.

The Nifty50 index closed 55 points up at 9,237.

Hitesh Agrawal of Religare Securities sums up the day’s market proceeding for you in this exclusive chat with ETMarkets.com
Byte of Hitesh Agrawal
A lot of Put writing was seen at strike price 9,200, which stemmed the decline in the market while Call unwinding at strike price 9,500 gave comfort to the bulls.

Now if fresh Put writing happens at strike price 9,300, then this rally can extend and the market may head towards new highs.
Amit Gupta of ICICI Securities gives you a lowdown on the F&O market.
Byte of Amit Gupta
The Nifty50 rebounded from the strong support placed at its 13-day exponential moving average and closed around the day’s high of 9,237 on Tuesday.

In the process, the index formed a ‘Bullish Engulfing’ pattern on the daily chart

This suggests that the day belonged to the bulls.

The bounce back has instilled confidence and select analysts believe one can initiate longs on the index with strict stop loss.

A ‘Bullish Engulfing’ pattern is formed when a small red candlestick is followed by a large green candlestick that completely eclipses the previous session’s candlestick.

In Tuesday’s trade, the upper wick was small, suggesting that the index closed around the day’s high.

We have with us Chandan Taparia of Motilal Oswal to give us some insights on Nifty behaviour on the technical charts.
Byte of Chandan Taparia

That's all for now folks. Do come back for our pre-market podcast on Wednesday morning. Have a great evening ahead!