Nifty’s First-Ever Close Above 18,500! - Post Market Analysis
NIFTY opened the day at 18,528 with a gap-up of 44 points. The index consolidated in a tight range of 40 pts after the opening fall. With the help of medium momentum buying, Nifty closed the day at 18,512, up by 28 points or 0.15%.
BANK NIFTY started the day at 43,192 with a gap-up of 117 pts. The index opened at an all-time high and saw profit booking, forming lower lows. Bank Nifty closed the day at 42,983, down by 91 pts or 0.21%.
FIN NIFTY started the day at 19,324 with a gap-up of 47 pts. The index fell 170+ pts intraday but consolidated around 19,200. Fin Nifty closed the day at 19,216, down by 60 pts or 0.31%.
Nifty Media (+2.5%), Nifty Realty (+1.1%), and Nifty Auto (+0.88%) moved the most today.
Major Asian Markets closed in the red. European Markets are trading flat.
HDFC Life (+2.4%) continued its recent buying and closed as the Nifty 50 Top Gainer. It has moved more than 11% in the last 9 days.
Nestle (-1%) has been slowly falling recently and it continued today also.
EaseMyTrip (-4.7%) moved down on reports saying that SEBI is looking into its bonus share issue.
RVNL (+9.1%) skyrocketed again, with 140% gains in two months.
Nykaa (+2.9%) moved up on reporting good numbers in pink Friday sales.
ITDC (+20%-UC) shot up after government sets Hotel Ashok's valuation at Rs 7,409 crore.
Tata Motors (+2.9%) Jaguar Land Rover is planning to cut production in the UK until March
Paytm (+5.6%) moved up on a positive brokerage report.
Bank Nifty is trading at an all-time high and Nifty is less than 100 pts from its all-time high.
Nifty has closed above 18,500 for the first time. But Bank Nifty gave up its 43,000 level.
Overall market condition is bullish, but intraday weakness should be expected. I will be watching the following levels:
Nifty- 18,610, 18,480,18,400,18,350,18,280, and 18,240.
Bank Nifty - 43,400, 42,900,42,600, 42,200, and 42,000.
Fin Nifty - 19,360, 19,200, 18,900
Nifty IT should be watched, they are highly dependent on NASDAQ for the last many weeks.
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