Weak Weekly Closing for the Month - Post-Market Analysis
Post-Market Analysis for July 28, 2023:
NIFTY started the day flat at 19,659. Throughout the day, the index mostly consolidated with a negative bias. After moving down to the support level of 19,600, Nifty gave a small breakdown, went to the earlier swing of 19,560 levels, and reversed back to close at 19,646, down by 13 points or 0.07%.
BANK NIFTY (BNF) started the day at 45,560 with a gap-down of 118 points. Similar to Nifty, Bank Nifty also mostly consolidated within a 250-point range between yesterday’s closing and 45,300 major support levels. BNF closed at 45,468, down by 211 points or 0.46%.
Nifty Realty (+1.8%) and Nifty Media (+1.38%) closed well in green, while Nifty IT (-0.8%) fell the most.
Major Asian markets closed mixed. Germany’s DAX and France’s CAC40 are currently trading in the red, while UK’s FTSE 100 is trading in the green.
NTPC (+3.9%) was NIFTY50’s top gainer. Yesterday, the company reported the declaration of the second unit of 660 MW capacity at Barh Super Thermal Power Station.
Intellect Design Arena (+19.7%) jumped after posting strong Q1 results.
Godfrey Phillips (+8.6%) continued its up-move after the company posted a 68.6% YoY risein consolidated net profit to ₹220.97 crore for Q1.
Bajaj Finserv (-1.8%) was NIFTY50’s top loser. The company’s net profit rose 48% YoY to ₹1,943 crore in Q1 FY24.
Supreme Industries (-7.8%) fell sharply after posting weak Q1 results.
Markets took a pause after a huge fall yesterday (monthly expiry). Nifty has given a negative closing on a weekly time frame. This is the first negative closing for Nifty after a strong rally (from 18,900 to 19,990 levels).
Nifty: The major support zone in Nifty is clearly 19,600 levels, and the important resistance now will be 19,700. A breakdown from this support can give us a target of 19,560 and 19,520, while a breakout on the upside can give us a target of 19,750 and 19,820.
Bank Nifty: The next important support level for the index is 45,300, and major resistance would be 45,600. A breakout from 45,600 can give us a target of 46,200 and a breakdown can give us a target of 45,000 and 44,800 eventually.
In the next trading session, major bearishness could hit the markets if the market moves below today’s low and a trend reversal will also be confirmed.
US gross domestic product (GDP) expanded by 2.4% annually in the April-June quarter, surpassing the expected 1.8%. Despite robust economic data from the US, crude oil futures traded lower today morning. Look out for important economic data like India’s manufacturing & services PMI, auto sales data, and others next week!
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