Markets End Higher on Weekly Expiry, Bank Nifty Struggles Around 36,300 - Post Market Analysis

NIFTY opened the day flat at 16,523 and moved up after breaking yesterday’s downtrend line. But the index found resistance at yesterday’s high and fell 70 points. With last hour's bullishness, the resistance was broken and NIFTY closed the day at 16,605, up by 84 points or 0.51%. 

BANK NIFTY started the day at 36,026 and shot up towards 36,300 resistance. The index was unable to break the level and consolidated there for some time. Bank Nifty ended the day at 36,201, up by 228 points or 0.64%.

All the indices except Nifty Pharma (-0.47%) closed in the green. Nifty Media (+1.1%) and Nifty PSU Bank (+1.6%) closed with more than 1% change.

Major Asian markets closed mixed. European markets are also trading mixed currently.

Today’s Moves

IndusInd Bank (+7.8%) closed as a Nifty 50 Top Gainer, powered by healthy Q1 results.

NBFC stocks- Bajaj Finance (+3.1%), Bajaj Finserv (+2.3%), M&M Fin (+2.4%), SRTrans Fin (+3.8%), Muthoot (+1.9%), Manappuram (+2%) and L&T Finance (+1.9%) moved up.

Tata Communication (+10%) gained more than 10% after reporting 83% YoY profit growth in Q1.

Dr. Reddy's Labs (-1.9%) and Cipla (-1.3%) entered the Nifty 50 Top Loser list with Nifty Pharma losing the strength.

Gland Pharma (-5.8%) opened with a huge gap-down after Q1 results and then recovered a little.

ITC (+0.45%) hit Rs 300 mark for the first time in 3 years.

RBL Bank (+3.8%) closed in the green ahead of results today.

Cummins India (+5.3%) hit a fresh high today, gaining nearly 30% in four weeks.

HindZinc (+1.4%), IDBI Bank (+1.6%), CSB Bank (+1.4%), PCBL (+1.2%), PVR (+1.5%), Ramkrishna Forgings (+6.6%) closed in the green after reporting Q1 earnings today.

Markets Ahead

Nifty moved higher for the fifth straight day and ended above 16,600. The index moved between 16,500-16,585 for most of the day with volatile movements.  

It has strong resistance at 16,800 and support at 16,500 and 16,300.

Bank Nifty is continuing its bullishness with 35,900 as good support. Breaking 36,300 may take the index to 36,600- 37,000 levels.

Reliance Q1 earnings are expected tomorrow and 2500, 2520, 2540, and 2570 levels should be watched on the upside. 2450 and 2370 levels are considered as supports,

Global markets are trading with caution ahead of European Central Bank’s rate hike decision today. But our market is breaking major resistance with FIIs buying sentiment.

How was your weekly expiry day? Let us know in the comments section of the marketfeed app.