All-Time Highs for 3 Consecutive Days! - Post-Market Analysis
NIFTY started the day at 19,076 with a gap-up of 104 points— hitting an all-time high (ATH) again! As it’s at ATH and there are no resistances that can be watched on the upside, only psychological levels will play a major role. Ever since opening, Nifty has been moving up gradually to 19,200 round levels. Nifty closed at 19,189, up by 216 points or 1.14%.
BANK NIFTY (BNF) started the day at 44,666 with a gap-up of 338 points and hit ATH. Nifty has been on a bullish trend, and now BNF has also joined the party. After opening, the index faced some profit booking and came down to near yesterday's high. After that, BNF moved up slowly till 44,787. BNF closed at 44,747, up by 419 points or 0.95%.
All indices closed flat-to-green today. Nifty IT (+2.5%) Nifty Auto (+2.07%), and Nifty PSU Bank (+2.06%) moved up the most.
Major Asian markets closed mixed. European markets are currently trading in the green.
M&M (+4.2%) was NIFTY50’s top gainer. The company has achieved the 9 lakh production milestone for Scorpio.
Other auto stocks Hero MotoCorp (+2.8%), Maruti Suzuki (+2.6%), and Tata Motors (+1.5%) also moved up with strength.
Asset management companies Nippon Life India Asset Management (+11.6%) and HDFC AMC (+11.98%) surged today!
Adani Ports (-2.28%) was NIFTY50’s top loser.
MCX (-8.6%) crashed after the exchange extended the support services being provided by its existing software vendor, 63 Moons Technologies, for six months.
Shares of CreditAccess Grameen (-5.8%) fell on reports that its promoter is likely to sell a stake in the company through block deals.
Markets have turned bullish as said in Wednesday’s post-market report! Today, Nifty, Banknifty and Fin Nifty have hit all-time highs!
As the indices are at ATH, there are no major resistances to watch out for other than psychological round levels or price action. In Nifty, today’s 19,200 zones can be watched as resistance. In Bank Nifty, the 45,000 levels can be tested. Meanwhile, on the downside, 19,140 (the previous swing) and 19,100 levels can be watched as immediate support in Nifty. 44,450 - 500 levels could be important support levels in Bank Nifty.
If the indices open with a gap up on Monday, there could be a profit booking. After making a price action, the indices can continue the upside move. But if there’s a gap-down opening, sellers will be active as they are getting the opportunity to sell at the top and buyers are trapped— so that can also trigger a fall.
In other news, the Indian rupee ended June with its highest gains since January on the back of strong foreign fund inflows into equity markets.
How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.