Don't bank on BANKS! Post Market Report 08-May-26

Added: 2026-05-09

[00:00:10]Hi, this is PR Sundar. Uh, welcome to Postmarket Report sponsored by Delta.exchange.

[00:00:19]Our market is uh very very fragile. Uh, yesterday night there was some clash between US forces and Iran.

[00:00:29]uh because of that uh the Asian markets were slightly negative but we opened gap down. Uh some interesting things that has happened today uh number one uh since morning the bank nifty was underperforming uh mainly because people were expecting uh state bank of India results.

[00:00:55]The State Bank of India results came exactly at 2 p.m. I think the results uh not really very good. The stock has fallen uh 6 7%. I think at uh some point of time it was down 7 and 1 half% also.

[00:01:12]And also the State Bank of India future price is trading significantly lower than the spot price. I think 15 20 rupees uh discount and although uh 17 rupees is the 17 rupees or 17 rupees 25 something like that is the dividend declared. So May 16 is the record date. So therefore this discount has happened and that time exactly the nifty also uh nifty future hit the lowest point uh when the state bank of India fell and HDFC bank also hit that day's low and at the lowest point the bank nifty was down nearly 1,000 points.

[00:02:06]So that is something interesting that has happened today. The second thing uh in every trading session in the May series uh Nifty made a reversal of more than 200 points every day which means that in the morning if it is higher then it fell more than 200 point or in the morning if the market is lower then nifty shot up minimum 200 point. But that has not happened today. uh of course one time it recovered about 100 points and second time after hitting the days low uh because of the SBA results and it has recovered about 130 points. So the 200 point recovery did not come. So therefore we can say uh today's trade is uh more stable compared to uh the other days in B series.

[00:03:05]But however uh India Wix is higher today uh that's probably because the market is down and this is another interesting factor and markets like you know uh as I told you earlier uh 24,000 looks to be a good support and looking at the open interest uh people are taking 24200 short straddle the combined premium is uh about 300 points. So that shows that the nifty range for the next 2 days will be 23900 to 24500.

[00:03:51]And another thing uh yesterday exactly at 12:30 uh within 10 minutes nifty shot up 150 points and people were expecting that kind of thing to happen today also. So that's why the premiums did not come down but towards the end of the day the premiums have come down.

[00:04:14]So uh our market is fragile. If uh global markets fall, we fall. But if global markets rise, we rise. But the problem is that if the global markets fall by half a percent, we fall 1%. If the global markets rise 1%, we rise half a percent. So in this way only after a long time uh you know we are significantly underperforming the other markets. So that underperformance is likely to uh continue for some more time also.

[00:04:52]So uh one day rally day before yesterday. So yesterday it was a consolidation and today uh this fall but this fall was not very big. It's about 150 points. uh that is uh mostly because of the SBI and today uh I didn't check exactly but uh IC bank HDFC bank SBI alone would have contributed uh more than 100 point fall for Nifty yesterday it was the large cap stocks that fell uh but midcap and small cap indices did exact extremely Well, in fact, even the large cap also did not fall and nifty closed positive only, but the nifty future closed negative.

[00:05:46]So, uh today also midcap and small cap indices have done better uh but large cap stocks are down. Uh today is a Friday. uh US market in the first Friday of the month. Uh US markets is expecting monthly jobs data.

[00:06:09]So that will be a very important data.

[00:06:13]The market is likely to uh make a significant move in US. So accordingly Monday we may gap up or gap down and also uh we have to watch for next two days. So what's going to happen in Iran?

[00:06:30]So there are conflicting reports, you know, so who knows over the weekend. So there may be some kind of a positive news. So if that happens, uh the story is different. As I said earlier, this Nifty technically became long, but it's not going anywhere. uh since April 8 uh when Nifty closed at 24,025 and Nifty has been trading plus or minus uh 500 600 points only. In fact uh to be precise uh 246 uh 23600 is the floor and 24600 is the ceiling. So in this range only the nifty has been trading uh for the last five weeks. So sooner or later market has to either break down or breakout but I feel that probability of breakout is higher than the probability of breakdown. So still the hope is there for 24800 to 25,000 by the end of this month.

[00:07:44]So rest of the things today is Friday there's nothing much to discuss. So remaining things we will discuss on Sunday Dal Street weekend ahead program. So thank you for listening.