NIFTY started the day at 19,802 with a gap-up of 53 points. Initially, the index started moving higher to 19,840 levels (which was a pivot level resistance). Then, profit booking kicked in, and Nifty fell till the support zones of 19,730 levels. Then, it gave a huge recovery to hit a fresh all-time at 19,851. Nifty closed at 19,833, up by 83 points or 0.42%.

BANK NIFTY (BNF) started the day at 45,622 with a gap-up of 211 points. Unlike Nifty, Bank Nifty consolidated today within a 200 point-range between 45,700 and 45,500. BNF closed at 45,669, up by 258 points or 0.57%.

All indices closed flat-to-green today. Nifty PSU Bank (+1.95%) and Nifty Media (+1.1%) moved up the most.

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

Today’s Moves

NTPC (+2.7%) was NIFTY50’s top gainer. Goldman Sachs has initiated coverage on the stock with a 'Buy' rating.

Tata Teleservices (+10.4%) surged on the back of strong volumes.

TV18 Broadcast (+9.16%) jumped after the company reported a 52% YoY increase in its consolidated net profit at Rs 91.20 crore for Q1.

Hindalco (-1.19%) was NIFTY50’s top loser. 

Network18 (-7.54%) fell after the company said its net loss widened to ₹38.73 crore in Q1 FY24.

Markets Ahead

Nifty is looking more bullish when compared to Bank Nifty. A lot of positive Q1 results have been boosting the index.

Nifty: Now, the important support level for Nifty will be 19,730, and the major resistance will be 19,880 (which is a pivot point resistance). If there’s a flat opening and Nifty moves higher, the index can move higher till the resistance zone. If the index falls below 19,830 levels, it can come down to the support levels mentioned above.

Bank Nifty: The index has moved in a range. So if there is a range breakout or breakdown from 45,700 levels and 45,500 levels, respectively, BNF can fall to 45,335 levels. On the upside, it could move to 45,890 levels.

Being weekly expiry tomorrow, both indices can be volatile. So watch out for all important levels and plan your trades accordingly.

In other news, UK’s inflation stood at 7.9% for June 2023, below the 8.2% that economists predicted. Euro Area’s June consumer prices rose 5.5% YoY in June vs an estimate of 5.5% growth.

FIIs have net bought for ₹1,165.47 crore today, while DIIs have net sold for ₹2,134.54 crore.

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