Nifty Near Crucial Resistance. Reliance Results Tomorrow! - Post Market Analysis


NIFTY opened the day at 17,423 with a gap-down of 89 points. The opening was near the major support at 17,420, and it started moving up. But the move wasn’t steady as it saw multiple volatile movements. The index faced multiple resistances at the 17,530 zones, but 17,480 acted as good support. Nifty broke out towards the end and closed the day at 17,563, up by 51 points or 0.30%. 

BANK NIFTY started the day at 40,149 with a gap-down of 223 pts. With the power of morning fall, it broke 40k support and consolidated in the 39,900-40,000 zone for a long time. After 2 PM, Bank Nifty broke 40k resistance and closed at 40,099, down by 273 points or 0.68%.

Most of the indices closed mixed. Nifty IT (+1.3%), Nifty Metal (+1.1%) and Nifty PSU Bank (+1.8%) moved the most.

Major Asian Markets closed with intraday weakness. European Markets are now trading flat to red.

Today’s Moves

UPL (+5.4%) closed as Nifty 50 Top Gainer on expectations of its two subsidiaries receiving Rs 4,000-4,500 crores investment.

Nifty IT restricted Nifty from moving down and all the IT stocks closed in the red. Coforge (+1.2%), HCL Tech (+2.1%), Infy (+1%), TCS (+1.1%) and TechM (+2.2%) gained well.

Canara Bank (+3.9%), Union Bank (+2.2%), Colpal (+1.7%), Granules (-2.2%) and Asian Paints (-2.2%) posted their Q2 results today.

HDFCAMC (+3.8%), AU Bank (-5.3%), and IndusInd Bank (-4.8%) closed with major changes after posting results yesterday. 

Cement stocks- Shree Cements (+2.8%), India Cements (+2.7%), Ambuja Cements (+1.3%), Ramco Cements (+1.5%), JK Cements (+4.5%), and ACC (+1.8%) moved up.

Oil, Gas related stocks- GAIL (+3.1%), ONGC (+1.4%), IOC (+1.2%), OIL (+3.2%), BPCL 9+1.6%) and Hind Petro (+1.5%) also gained.

Delhivery (-15.7%) moved down after the weak Q2 updates.

Markets Ahead

A thrilling expiry!

Do you remember Nifty’s resistance trendline, connecting the highs of last October, January, and April? Here, we are assuming that the breakouts in August and September as false ones. And also the major horizontal resistance at 17,600.

Considering the above factors, we will be watching the 17,600-800 zone as a crucial one. Today’s movements have confirmed the significance of three levels- 17,420, 17,480 and 17,530.

Even though Bank Nifty fell below 40k multiple times, the 40,000-39,900 zone acted as good support. I will be watching 40,140-40,200 as an immediate resistance zone. Bank Nifty underperformed Nifty most of the time.

For the last many days, we have been tracking global markets, but not fully depending on them, indicating some strength in the market.

HDFC Bank consolidated in an 8 pts region today, really interesting. 

Reliance took multiple supports from the 2500 zone, and this level is significant for tomorrow considering its Q2 result announcements. Also, watch the 2,550 regions along with its long-term resistance line.

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