NIFTY Ends at Fresh Closing High! - Post-Market Analysis


NIFTY started the day at 18,849 with a gap-up of 32 points. The index mostly consolidated throughout the day in a 50-point range between 18,810 and 18,860. Nifty closed at 18,856, up by 40 points or 0.21%.

BANK NIFTY (BNF) started the day at 43,894 with a gap-up of 127 points. Similar to Nifty, Bank Nifty mostly consolidated today in a range of 200 points between 43,700 and 43,900. BNF closed at 43,859, up by 92 points or 0.21%.

All indices except Nifty Metal (-0.94%), Nifty FMCG (-0.4%), and Nifty Realty (-0.3%) closed in green.

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

Today’s Moves

PowerGrid (+3.8%) was NIFTY50’s top gainer. The stock hit a 52-week high of ₹259.05 today.

Aether Industries (+9.5%) hit a new all-time high of ₹1,104.50. On Monday, the company launched a qualified institutional placement (QIP) issue to raise up to ₹750 crore.

Piramal Enterprises (+13.3%) surged over 14% intraday after announcing plans to sell an 8.34% stake in Shriram Finance (+11.2%).

Hindalco (-1.87%) was NIFTY50’s top loser. Other metal stocks JSW Steel (-1.86%), Jindal Steel & Power (-1.79%), and Tata Steel (-0.31%) dragged down the markets.

Aptus Value Housing (-8.9%) crashed to an 11-month low after block trades today.

IndiaMart InterMesh’s shares turned ex-bonus today. Shareholders will get one additional share for each share held on the record date (June 21).

Markets Ahead

Sensex hit an all-time high (ATH) of 63,588.31 today, and Nifty is consolidating near its ATH. Now, the major resistance for Nifty will be 18,880-900 levels. If those levels are breached, we can expect the index to move even higher to the 19,000 round levels. The support levels for NIFTY are 18,800, where a long-term trendline and previous swing meet. If this support is broken, the index may fall further.

Bank Nifty is stuck in the same consolidation zone of 43,350 and 44,200. Now, the important resistance for the index could be 43,950 and 44,000 zones and supports can be watched out near 43,750 (previous swing).

Being an expiry tomorrow, if the market opens flat or gaps up, and if the resistance zones are breached, we can expect both indices to move further up. But if there’s a gap down, the markets can go into a consolidation mode as sellers will try to bring the market down and buyers will try to hold the levels.

India Vix is slightly up, which signals fear in the market. Do watch out for the trendline in Nifty if you’re looking for support levels and price action to go directional 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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