NIFTY opened the day at 17,360 with a gap-up of 56 points. It was an up-trending day with lesser momentum. The index broke the 17,435 resistance zone towards the end. NIFTY closed the day at 17,450, up by 146 points or 0.85%.
BANK NIFTY started the day at 40,473 with a gap-up of 204 pts. The index moved up and saw a small profit booking. But took support from 40,420 and showed strength again. The index closed at 40,698, up by 429 or 1.07%.
All sectoral indices closed in the green today. NIFTY Metal (+3.9%), NIFTY PSU Bank (+2.9%), NIFTY Media (+1.9%) & NIFTY IT (1.4%) showed strong gains.
Major Asian markets closed in green. European markets are currently trading in the green.
Today’s Moves
Adani Group stocks have been rising since yesterday, with its flagship Adani Enterprises (+14.7%) leading from the front. The group is reportedly trying to build up investor confidence by raising funds from multiple sources to pay off its massive liabilities.
Metal stocks SAIL, Hindalco, Vedanta, Jindal Steel, and Welspun Corp ended 3-5% higher.
Deepak Nitrite (+2.6%) gained after the US imposed an anti-dumping duty on imports of Sodium Nitrite from India. [Sodium Nitrite is a flagship product of the company, for which it commands a market share of nearly 70% domestically].
Axis Bank (+2.49%) completed the acquisition of Citigroup’s India consumer business from Citibank N.A. and NBFC consumer business from Citicorp Finance (India) Ltd.
Britannia (-1.84%) was NIFTY50’s top loser. Meanwhile, PowerGrid (-1.5%) fell even after it secured an order to establish an inter-state transmission system in Gujarat.
Markets Ahead
Nifty taking a rest from nine consecutive red day candles is a relief.
Nifty is currently in a major resistance zone that contains 17,450, 17490, and 17,520 levels.
Two intraday support levels are ready for tomorrow: Bank Nifty’s 40,520 and Nifty’s 17,435.
HDFC is forming a good setup to bounce above 2700 levels.
February GST collection came out at Rs 1.5 lakh crore, up 12.9% compared to last year.
India’s manufacturing PMI slowed down to a 4-month low of 55.3 in February. It was higher than a Reuters poll expectation of 54.3.
Which levels are you looking out for in NIFTY/BANK NIFTY for expiry tomorrow? Let us know in the comments section of the marketfeed app!
