Bank Nifty to Hit ATH Next Week? Nifty at Crucial Zone! - Post-Market Analysis


NIFTY started the day at 18,186 with a gap-up of 56 points. The index moved down initially till 18,060, retraced back ~100 points, and consolidated in a 60-point range for nearly 3 hours. Post 2 PM, Nifty moved up with strength to 18,215 levels. NIFTY closed at 18,203, up by 73 points or 0.41%.

BANK NIFTY started the day at 43,930 with a gap-up of 177 points. The index fell till 43,530 levels and consolidated in a 195-point range till 2 PM. Then, it shot up around 280 points to cross 44,000. Bank Nifty closed at 43,969, up by 217 pts or 0.5%.

All indices except NIFTY Pharma (-0.9%) and NIFTY FMCG (-0.03%) closed in the green. NIFTY IT (+1.4%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading in the green.

Today’s Moves

Adani Enterprises (+3.49%) was NIFTY50’s top gainer. Adani Ports (3.4%) also moved up with strength. The Supreme Court-appointed panel has found no evidence of a regulatory breach by the Adani Group.

Shares of Nexus Select Trust REIT listed at a 3% premium over the issue price at Rs 103 per share on NSE today.

Ramco Cements (+7.9%) hit a 52-week high on the back of strong Q4 results.

Divi’s Labs (-1.75%) was NIFTY50’s top loser. The stock has displayed bearishness around the falling trendline and 200-day moving average.

Gland Pharma (-20%) crashed after the company's Q4 financial results missed street estimates.

Markets Ahead

The Indian stock market has broken its 3-day losing streak!

Do you remember this long-term trendline? It’s getting back into action with yesterday’s close near the line and forming a hammer candle on the daily time frame today. The 5-min intraday candles also respected that trendline today.

Keep your eyes on the 18,200-230 resistance zone in the coming days. I feel that if this is broken, Bank Nifty will reach its new all-time high (ATH) next week.

If you have watched today’s 3 PM candle, it is very evident that a huge fight is going on between sellers and buyers now.

FIIs continuing net buying is bringing good confidence, but if huge net selling happens, it will trigger a panic selling.

UK will publish their inflation data on Wednesday at 11:30 AM IST.

How was this week? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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