NIFTY opened the day at 19,385 with a minimal 12-point gap-down. The index gained momentum early on, crossed the 19,440-level resistance zone and previous all-time high (ATH), and remained there for the majority of the day. After 2 PM, it finally gave a breakout and crossed the 19,500 round levels. Nifty gained 98 points or 0.51% to settle at 19,497.
BANK NIFTY (BNF) opened the trading session at 45,1060 with a 92-point gap down (close to the support range of 45,000-100). In a manner similar to Nifty, Bank Nifty advanced but received numerous rejections from 45,400 zones. BNF increased by 188 points or 0.42% to close at 45,339 points.
Except for Nifty IT (-0.12%), all indices closed in green. The most significant gains came from Nifty Realty (+2.25%) and Nifty Media (+1.71%).
Major Asian markets closed with significant losses. Right now, European markets are down more than 1%.
Here are today’s moves
Today’s NIFTY50’s largest gainer was Today’s Moves M&M (+4.98%).
The most significant factor in today’s increase in the NIFTY was Reliance (+2.1%).
The price of CEAT (+18.7%) soared to a 52-week high of $2,512.20. According to reports, the recent introductions of luxury vehicles can be linked to the increase in tire stock seen today.
After announcing that its board will meet on July 8 to discuss and approve an interim dividend for FY24, Hindustan Zinc (+7.85%) increased.
The top loser in the NIFTY50 was Eicher Motors (-2.6%). Following the launch of inexpensive bikes in the premium class by Harley Davidson and Triumph, the stock has decreased 11% since Monday.
A day after BSE said it would replace HDFC in the BSE 500 index, JBM Auto (-12.65%) experienced a slump.
Markets to Watch
Nifty might reach the 19,500 round level if the 19,440 barrier is crossed, which it did today. Regarding Bank Nifty, we stated that if the market maintains 45,000 zones, 45,600 levels may be tested. The index reached a high today of 45,400 zones and closed there.
NIFTY: With the aid of Reliance, the index has been moving well. The ATH (19,512), or the round level of 19,500, is currently the main psychological resistance level for the Nifty. 19,440 zones will be the immediate support to be on the lookout for. The index may decline to 19,350 if this support is broken. Since it is at an ATH, there would be no technical targets if there is a breakout. But psychological benchmarks can be 19,550 and 19,600.
BANK NIFTY: The index appears to be significantly less robust than Nifty. Between 45,400 and 45,100, it is stuck. 44,700 on the downside and 45,600 on the upside are potential targets in case of a breakout or breakdown from these zones.
Because calls were not spiking and puts were adequately compensating, today’s weekly expiry was quite simple and offered excellent premiums for option sellers.
As traders analyzed the weak economic development, stock markets in Asia and Europe are currently down.
How did trading on expiry go? Are you making or losing money? Please let us know in the comments section.
