Yesterday, The Indian stock market closed with a slight decline. The Sensex ended 51.73 points or 0.09% lower at 58,298.80 and the Nifty was down 6.20 points or 0.04% at 17,382.
Among the sectors, metals, IT and healthcare were up 1-2%, while the realty index was down 1%. BSE Midcap and Smallcap indices closed with marginal gains.
Adani Enterprises on Thursday announced results for the June quarter. The company’s net profit for the quarter stood at Rs 469 crore, up 73%. The company’s consolidated revenue from operations grew by 225% to Rs 40,844 crore as against Rs 12,579 crore in Q1FY22.
Now, let’s have a look at today’s Major Support and Resistance of Nifty and Bank Nifty Index
NIFTY (Spot Levels)
Nifty opened gap up and slipped sharply to a low of 17161.25 but managed to recover & close marginally negative at 17382.
Major gains were contributed by the IT sector which was dragged down by Oil and Banks. Finally, it closed negative after 6 positive sessions and also formed a Hanging Man candlestick pattern which means we are close to a short-term top.
On the Hourly Chart, it broke the 20-hour average but recovered back above it.
If the intraday support zone of 17325 – 17290 is broken then Nifty can test 17150 – 17100 levels. On the upside if Nifty breaks and sustains above today’s high of 17490.7 then it can test 17550.
The 20-hour moving average which is currently at 17324 can also be used as trailing support. The negative RSI divergence continues.
Bank Nifty (Spot Levels)
Bank Nifty slipped sharply but recovered to close negative by 0.62% at 37755.55.
It is showing weakness as the daily candlestick pattern is a Bearish Engulfing pattern. Banks kept the Nifty index under pressure. It will remain volatile as the RBI announces its interest rate decision tomorrow.
Financial benchmark index took support at the trendline of highs from January top.
The negative divergence with RSI on the hourly chart persists. It closed below the 20-hour average which indicates weakness and it can fall further to 37000 – 36800.
On the upside, if it breaks and sustains above today’s high of 38231.85 then it can test 38500.
Today all eyes would be on RBI Monetary Policy, the decision on the bimonthly monetary policy for FY23 will be made public.
The Market is already expecting and kind of already discounted a 40 to 50 bps hike. A figure less than that will give boost to the stock market.
On the opposite any figure above than that trigger panic in the market specially in Banking and Realty stocks. Keep following us for more updates.
More levels and updates, will provide during market hours.
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