Consolidation at the Top? Will Nifty Hit All-Time High? - Post-Market Analysis


NIFTY started the day at 18,606 with a small gap-up of 8 points. The index came down initially and took support near yesterday’s low. It then shot up to 18,650 zones, again came down, and mostly consolidated in yesterday’s zone. NIFTY closed at 18,633, up by 35 points or 0.19%.

BANK NIFTY started the day at 44,277 with a gap-down of 34 points. Initially, it came down to the important support zone of 44,200 and then immediately shot up to hit a fresh all-time high again near 44,500 zones. The index again came down to consolidate between ATH and the 44,200 support zone. Bank Nifty closed at 44,436, up by 124 pts or 0.28%.

Nifty Media (+0.68%) moved up the most, while Nifty Metal (-0.91%) fell.

Major Asian markets closed flat-to-green. Germany’s DAX is currently trading in the green, while UK’s FTSE 100 and France’s CAC 40 are in the red.

Today’s Moves

Bajaj Finserv (+1.12%) was NIFTY50’s top gainer.

Hikal (+8.6%) surged on the back of strong Q4 results.

Sobha (+1.8%) surged up to 10% today on robust Q4 numbers and improved FY23 performance.

Hindalco (-1.6%) was NIFTY50’s top loser. Brokerage firm Nomura has lowered the stock’s target price.

Campus Activewear (-7.5%) went below its listing price after the company’s Q4 results missed street estimates.

Jubilant Pharmova (-7.29%) crashed after impairment charges dragged the drugmaker to a net loss in Q4.

Vedanta (-4.9%) fell as the stock turned ex-dividend.

Markets Ahead

As said in yesterday’s report, Nifty has created a breakaway gap and given confirmation. The 18,575 zone is acting as good support and 18,650 zone is acting as resistance. If there is a breakout from this consolidation zone, we can expect Nifty to hit 16,800 in the coming days, and if it breaks down, the gap created near 18,480 can be filled.

Bank Nifty is consolidating near its all-time high (ATH), and the round level of 44,500 is acting as a resistance zone. Meanwhile, 44,200 is acting as a support zone. A breakout on the upside can push Bank Nifty another 400-500 points as it’s at ATH, and there are no specific resistances to look at that round-level psychological zones. On the downside, if the index breaks down, we can expect an immediate target of 44,000 and a further down-move to 43,750.

Keep in mind that Germany’s inflation data will be out tomorrow. The country has slipped into recession after two consecutive quarters of negative growth.

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