Nifty Ends Around 17,800 Resistance, Waiting For CPI Data - Post-Market Analysis

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NIFTY started the day at 17,759 with a small gap-up of 37 points. It kept moving up making higher lows following the trendline to take resistance from 17800. NIFTY closed at 17,812, up by 90 points or 0.51%. 

BANK NIFTY started the day at 41,426 with a gap-up of 59 points. Unlike Nifty, Bank Nifty was moving up slowly and mostly consolidating with a positive bias. The index closed at 41,557, up by 191 pts or 0.46%.

NIFTY Pharma (+2.23%) and NIFTY IT (+1.06%) moved up the most. NIFTY PSU Bank (-0.6%), NIFTY Media (-0.58%) and NIFTY FMCG (-0.34%) 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

Divi’s Labs (+9.7%) was NIFTY50’s top gainer. The pharma company’s exports improved/recovered in March 2023.

Bajaj Auto (+2.6%) continued its up-move after it took over the sales and operations of Triumph motorcycles in India. 

Pharma stocks Glenmark Pharma, Lupin, Aurobindo Pharma, Granules, and Dr Reddy’s Labs closed 2-3.5% in the green. 

Adani Ent (+2.45%) moved up after the company incorporated a new wholly-owned subsidiary for the coal washery business.

PowerGrid (-1.75%) was NIFTY50’s top loser. State-owned NTPC (-1.29%) also moved down.

Markets Ahead

Nifty closed today in the 17,800-820 resistance zone. The index is currently trading above the resistance trendline, but a proper breakout candle with a larger body is missing here. I am expecting 17,600- 17,860 to be the max range for expiry tomorrow.

Moreover, Nifty is at a 50% rejection from February levels if you draw it from the all-time high of 18900. So if this rejection sustains, we can see the index coming down in the coming days. If Nifty breaks out from this resistance zone of 17850-900, we can expect the index to slowly move up in the coming days.

In Bank Nifty, we can watch the 41,700-800  zone and 41,980 level as major resistances for tomorrow. On the downside 41,100 can be watched.

It looks like ICICI Bank is ready for more movements above the 900 level.

Everyone is waiting for India and US CPI data, which will be out later today. Please note that the current strength in the market is sponsored by FIIs and we need to see how they behave as Nifty, Bank Nifty, HDFC Bank and HDFC reach their resistance levels.

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

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