Nifty, Bank Nifty Near Resistance Zones. Monthly Expiry Tomorrow! - Post-Market Analysis


NIFTY started the day flat at 17,767. From the opening high, the index fell 60 pts to take support from the 17,700 range. After that, it made a rally of 100+ pts to above 17,800 levels. The index closed at 17,813, up by 44 pts or 0.25%.

BANK NIFTY started the day at 42,559 with a gap-down of 119 points. The index had a similar story as NIFTY, as it rallied nearly 1% from the day's low. BNF closed at 42,829, up by 151 pts or 0.35%.

Nifty Realty (+1.36%) closed well in the green. NIFTY Metal (-0.4%) was the only index that closed in the red.

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

Today’s Moves

PowerGrid (+2.3%) was NIFTY50’s top gainer. The stock is up for a fifth straight session today.

Nestle India (+1.75%) moved up after the company posted a 25% YoY rise in net profit to Rs 737 crore in Q4, beating street estimates.

Vodafone Idea (+3.9%) surged up to 6% after Emirates Telecommunications Group Co increased its stake in Vodafone Group Plc (Vi’s parent company).

GSFC (+19.95%) after the Gujarat state govt announced a new policy of compulsory dividends and bonus shares. 

Hindalco (-1.1%) was NIFTY50’s top loser.

AU Small Finance Bank (-2.5%) fell after the company's March quarter results failed to cheer investors.

MCX (-6.2%) crashed up to 8% today after its Chief Technology Officer Shashank Sathe resigned. 

Markets Ahead

We have monthly expiry tomorrow, and I am expecting the market to close in the red. The view will change only if Nifty (17,850) and Bank Nifty (43,000) break their resistance levels. 

Otherwise, we can expect a retracement in Nifty to 17,720 levels. 

The US markets fell yesterday on fear of another banking sector crisis as First Republic Bank fell heavily yesterday. Also, US oil inventories are seeing more than expected drop, and investors have taken these data to predict a weakness in the economy in the coming months.

All US indices closed in the red yesterday. But after that, Alphabet and Microsoft published strong earnings reports and this helped US futures to gain some points.

This is the major reason why the Indian markets didn't fall today. Let's see how the US markets close today ahead of the GDP data release tomorrow.

What levels are you watching out for expiry tomorrow? Let us know in the comments section of the marketfeed app.

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