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NIFTY Closes at a 3-Week High! Ready for FY24? - Post-Market Analysis
NIFTY closed at a 3-week high of 17,359, up by 279 points or 1.63%, while BANK NIFTY also saw significant gains. All sectoral indices closed in the green, with IT stocks leading the surge.
Key takeaways
- NIFTY started the day with a gap-up of 129 points and closed at 17,359, up by 279 points or 1.63%.
- BANK NIFTY opened with a gap-up of 321 points and closed at 40,608, up by 698 points or 1.75%.
- All sectoral indices closed in the green, with NIFTY IT (+2.45%), NIFTY Realty (+1.6%), NIFTY Finserv (+1.49%), and NIFTY FMCG (+1.06%) showing the most gains.
- Reliance (+4.2%) was NIFTY50’s top gainer, while Apollo Hosp (-1.19%) was the top loser.
- A morning star pattern was observed in Nifty on a weekly scale, indicating a bullish reversal, but both indices are nearing a longer-term resistance line.
NIFTY started the day at 17,210 with a gap-up of 129 points. It opened above the 17,200 resistance and started moving up. So all short sellers started covering their positions, which resulted in massive short covering, and the index went to another important resistance zone of 17,400. NIFTY closed at 17,359, up by 279 points or 1.63%.
BANK NIFTY started the day at 40,231 with a gap-up of 321 points. After moving up initially, the index took resistance at 40,500. The index gradually moved up slowly to close at 40,608, up by 698 pts or 1.75%.
All sectoral indices closed in the green today. NIFTY IT (+2.45%), NIFTY Realty (+1.6%), NIFTY Finserv (+1.49%), and NIFTY FMCG (+1.06%) moved up the most.
Major Asian markets closed in the green. European markets are currently trading in the green.
Today’s Moves
Reliance (+4.2%) was NIFTY50’s top gainer. The company's creditors & shareholders will meet on May 2 to discuss the demerger of its financial services business.
IT stocks Mphasis (+4.5%), Coforge (+4.2%), Infosys (+3.2%), TCS (+2.1%), and TechM (+1.9%) surged today.
RVNL (+2.3%) secured an order from the Ministry of Railways for manufacturing Vande Bharat trains.
Apollo Hosp (-1.19%) was NIFTY50’s top loser.
Shipping Corp of India (-22.4%) crashed after the stock turned ex-date for the demerger of its non-shipping business into a separate entity.
Markets Ahead
Both Nifty and Bank Nifty gave a strong weekly closing. There was a morning star pattern in Nifty (on a weekly scale)! A morning star pattern is a sign of a bullish reversal.
But both indices are nearing a longer-term resistance line connecting the highs from December 2022.
If today’s highs are crossed and the resistance trendline is breached, we could see both indices moving up from there.
On the upper side, we can look for 17,500 (in NIFTY) and 40,900 (in BNF) as resistances. Supports to look for are 17,100 and 40,000.
It’s the end of the financial year! How did it go? Are you in net profit or loss in FY23? Let us know in the comments section of the marketfeed app!
Frequently asked questions
How did NIFTY perform today?
NIFTY closed at 17,359, up by 279 points or 1.63%.
What was the performance of BANK NIFTY?
BANK NIFTY closed at 40,608, up by 698 pts or 1.75%.
Which sectoral indices performed best today?
NIFTY IT (+2.45%), NIFTY Realty (+1.6%), NIFTY Finserv (+1.49%), and NIFTY FMCG (+1.06%) moved up the most.
What was the top gainer in NIFTY50 today?
Reliance (+4.2%) was NIFTY50’s top gainer.
Written by
Rohit SatheesanRelated reads
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