Nifty Above 17,700 Ahead of Inflation Data Tmrw - Post-Market Analysis


NIFTY started the day at 17,704 with a gap-up of 80 points. The index moved up to 17,748 and then fell 90+ points to the day-low at 17,655. Then, it made a strong up-move post 1 PM. NIFTY closed at 17,722, up by 98 points or 0.56%. 

BANK NIFTY started the day at 41,232 with a gap-up of 397 points. After forming a big red candle at opening, BNF moved up and mostly consolidated (with a positive bias) throughout the day. The index closed at 41,366, up by 531 pts or 1.3%.

NIFTY Metal (+1.76%) and NIFTY PSU Bank (+1.6%) moved up the most. NIFTY IT (-1.2%) and NIFTY Realty (-0.28%) were the only indices that closed in the red.

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

Today’s Moves

Kotak Bank (+4.9%) was NIFTY50’s top gainer. The reduction of FII stake in the private bank has raised expectations of inflows of up to $690 million. (As per reports, index provider MSCI may increase the weight of the stock in its May review).

JSW Steel (+3.6%) posted a 13% growth in consolidated crude steel production at 6.58 million tonnes (MT) in Q4.

ITC (+1.9%) hit a fresh 52-week high today. The stock is up nearly 5% in four trading sessions.

Bajaj Auto (+2.8%) moved up after it took over Triumph India's sales & marketing operations.

IT stocks witnessed selling pressure today ahead of TCS kickstarting the quarterly earnings (Q4 FY23) season on Wednesday. HCL Tech (-1.4%), INFY (-1.5%), and TCS (-1.5%) were NIFTY50’s top losers.

Markets Ahead

Today’s market movement was similar to yesterday's, with no major directions in Nifty. If today’s high is broken tomorrow, without a gap-up opening, there can be upside movements. I will be watching the 17,800-820 zone in Nifty.

Bank Nifty had a proper direction but without strong momentum. The next two trading days of this week might be very important as Bank Nifty tests its trendline resistance. I am expecting a strong fight between bulls and bears around that zone and it might lead to range-bound movements/consolidation. 

Considering the movements of this week, there can be an intraday profit booking in Bank Nifty tomorrow. Also, I am still expecting a breakout from HDFC this week itself.

India’s CPI data (5:30 PM) and US CPI data (6 PM) will be out tomorrow. These two pieces of data, along with Fed meeting minutes at 11:30 PM, might affect our expiry if anything unexpected comes out.

Did you trade in FIN NIFTY expiry? How did it go? Let us know in the comments section of the marketfeed app.

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