NIFTY Closes Above 17,750 Amid Volatility - Post-Market Analysis


NIFTY started the day at 17,761 with a small gap-up of 18 points. After the first red candle, the index moved up till 17,800 (an important resistance zone) and came down to close at 17,769, up by 25 pts or 0.15%.

BANK NIFTY started the day at 42,731 with a gap-up of 95 points. It consolidated in a 280-point range between 42,600 and 42,870 throughout the day. The index fell heavily after 2:30 PM and finally closed at 42,678, up by 42 pts or 0.1%.

Nifty PSU Bank (+1.31%) also closed well in the green. NIFTY Media (-0.7%), NIFTY Finserv (-0.16%), and NIFTY IT (-0.1%) fell today.

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

Today’s Moves

Bajaj Finance (+2.38%) was NIFTY50’s top gainer. Bajaj Finserv (+1.9%) also rose ahead of its Q4 results announcements on April 27.

Rail Vikas Nigam Ltd (+19.2%) surged to hit a fresh 52-week high of Rs 105.3 per share. The RVNL-Siemens consortium received two orders from Gujarat Metro Rail Corporation last week.

Zomato (+3.1%) gained up to 8% intraday even as reports emerged that over 1,000 delivery partners of its Blinkit business have joined rival platforms.

ITC (+0.7%) hit a fresh 52-week high of 413.5 and has crossed the market capitalisation of Infosys.

HDFC Life (-3.25%) was NIFTY50’s top loser after surging ~6% yesterday. HDFC Bank (-1.4%) and HDFC (-1.1%) also moved down.

UPL (-2.08%) fell after global agrochemical company Adama reports a weak set of earnings.

Ipca Labs (-10.3%) crashed to a near 3-year low after it agreed to buy a 33.38% stake in Unichem Laboratories for $126.3 million.

Markets Ahead

NIFTY closed with small gains even though bears made multiple attempts to reverse the trend considering the weak global market. All markets are waiting for further earnings reports and an update on US economic (GDP) growth for Q1 later this week.

Nifty is near its major resistance zone of 17,800. If that level is crossed tomorrow, we can expect the index to move further up. But if breaches the previous swing of 17,750 and moves down, we can expect NIFTY to move down.

Bank Nifty took a good rejection from 42,800 levels and has been moving in a range. A breakout or breakdown on either side can give us a good move tomorrow!

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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