Bank Nifty at 40,000! Nifty Near Major Supports! - Post-Market Analysis
NIFTY opened the day at 17,574 with a gap-up of 20 points. After the opening fall, the index took support from the 17,450 zone and tried to recover. But Nifty couldn’t hold that recovery and closed the day at 17,511, down by 43 points or 0.25%.
BANK NIFTY started the day at 39,983 with a gap-down of 12 pts. After the morning fall and recovery, the index faced strong resistance from the zone above 40,000. The index closed at 40,001, up by 5 points or 0.01%.
NIFTY Media (-1.77%) and NIFTY Realty (-1.78%) fell the most today. NIFTY FMCG (+0.26%), NIFTY Metal (+0.35%), and NIFTY PSU Bank (+0.53%) closed with gains.
Major Asian markets closed mixed. The German and French markets are trading in the green, while the UK markets are currently in the red.
Axis Bank (+1.3%) has enabled cross-border transactions in real-time via the UPI network.
Shares of GAIL (+2.6%) rose after a brokerage firm assigned a ‘BUY’ rating to the stock.
Finolex Cables (+7.9%) hit its 52-week high of ₹720 today.
Shipping Corporation of India (+10.75%) gained as the govt approved the demerger of its core and non-core assets.
Asian Paints (-3.2%) was NIFTY50’s top loser.
ZEEL (-3.7%) fell sharply after the National Company Law Tribunal (NCLT) admitted the company into the corporate insolvency resolution process.
We have three major supports to watch in Nifty: 17,490, 17,445, and 17,350.
If today’s low of 17,490 is broken, there could be another fall.
Bank Nifty is testing the 40,000 resistance level now. On the downside, we should watch the 39,400-600 zone as support.
India’s Finance Ministry said that inflation would fall in the second half of the current year on account of measures by RBI.
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