NIFTY opened the day at 17,428 with a gap-down of 37 points. The opening was in the support zone around 18,345, but the first 5-min candle brought in good weakness. It took multiple supports from 17,300 and recovered some pts. NIFTY closed the day at 17,392, down by 73 points or 0.42%. 

BANK NIFTY started the day at 38,920 with a gap-down of 89 pts. It was completely against the trend and was trying to move up or trade above 40k. The index closed at 40,307, up by 397 points or 1%.

NIFTY Media (-3.8%), NIFTY Metal (-2.4%), NIFTY IT (-1.9%), and NIFTY Auto (-1.5%) closed deep in the red. NIFTY Realty (+2.1%) showed strong gains.

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

Today’s Moves

Banking stocks ICICI Bank (+1.9%), Kotak Bank (+1.7%), and SBIN (+1.2%) were top gainers today.

PowerGrid’s (+1.9%) board has approved ₹803 crore investment for electricity transmission projects.

Realty stocks DLF, Godrej Properties, Brigade, Indiabulls Real Estate, Sobha, and Lodha closed 1 to 11.2% higher today.

SpiceJet (+0.5%) surged up to 5% intraday after the company entered into a business transfer agreement with SpiceXpress & Logistics for the sale of its cargo business.

The market cap of Adani Group stocks has fallen below ₹7 lakh crore, recording a sharp decline of 65% since Jan 24. Adani Ent (-9.2%), Adani Trans (-5%), and Adani Green Energy (-5%) crashed today.

Packaging solution company Uflex Ltd’s shares crashed 17.4% amid reports of an Income Tax raid at the company's offices.

Markets Ahead

There is a high chance that Bank Nifty would test 40,500 levels tomorrow, but we can expect a fall after that. What levels should we watch if a fall happens? On the downside mark 39,570 support: it’s going to be a major one.

What if Bank Nifty breaks the resistance? Here, if Bank Nifty moves above 40,600, we can expect sell on rise situation.

Meanwhile, if the fall continues in NIFTY, we should watch 17k as the support zone. On the upper side, 17,490, 660, and 835 are going to be very strong resistances.

I am expecting a huge move in HDFC Bank this week. To get more clarity, we need to watch how the stock reacts around the 1560 and 1643 levels.

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