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Bank Nifty Hits All-Time High! – Post-Market Analysis

NIFTY started the day at 18,619 with a gap-up of 119 points. As it opened above the important resistance zone of 18,500, such types of gaps are called breakaway gaps if there’s a follow-up. After the gap-up, the index traded in a range of just 60 points throughout the day. NIFTY closed at 18,598, up by 99 points or 0.54%.

BANK NIFTY started the day at 44,276 with a gap-up of 258 points, touching an all-time high, and moved towards the round level of 44,500 zones. Then, the index consolidated within a 150-point range till around 2 PM (hit an all-time high of 44,483.5 in the process), broke down, and finally closed at 44,311, up by 293 pts or 0.67%.

All sectoral indices except NIFTY IT (-0.39%) closed in the green. Nifty Metal (+0.94%) moved up the most.

Major Asian markets closed mixed. Germany’s DAX and France’s CAC 40 are currently trading in the red. UK’s FTSE and the US markets will remain closed today.

Today’s Moves

M&M (+3.7%) was NIFTY50’s top gainer. The automaker reported an 18% rise in its consolidated profit for Q4 and highest-ever annual profit of Rs 10,282 crore in FY23.

ICICI Lombard General Insurance (+8.2%) surged a day after ICICI Bank’s board approved raising its stake in the general insurance arm by 4%.

ONGC (-2.9%) was NIFTY50’s top loser.

GMR Airports Infra (-9.8%) crashed after its loss widened to Rs 637 crore in Q4.

City Union Bank (-9.8%) fell sharply after its Q4 results failed to excite investors.

Markets Ahead

As said in the last week’s analysis, Nifty breached 18,500 and Bank Nifty hit close to our targets of 44,500. There’s a clear strength in the markets (aided by institutional investors)! FIIs have net bought for Rs 1,758.16 crore, while DIIs net bought for Rs 853.57 crore in the markets today.

The immediate supports that can be watched are 18,450-500 zones in Nifty and 44,200 zones in Bank Nifty. 

Meanwhile, 18,700 can act as resistance in Nifty and 44,500 as psychological resistance as Bank Nifty is at an all-time high (ATH). Breaching of these levels can trigger further move up in both indices.

Do you trade in FIN NIFTY options? How has it gone so far? Let us know in the comments section of the marketfeed app.