Post Market Update 07-02-2024

Nifty flat amid volatility

Nifty Futures Chart

Bears exerted downward pressure on the Nifty after an initially positive start. Sentiment remained somewhat weak as the market closed. Support is positioned at 21,850, and a breach below this level could potentially initiate a correction towards 21,700. On the upside, resistance is identified at 22,000.

Shares of State Bank of India (up 4.19%), Grasim Industries Ltd (up 2.38%), HDFC Life Insurance Company Ltd (up 2.24%), JSW Steel Ltd (up 2.17%), and Axis Bank Ltd (up 2.09%)ended as top gainers.

On the other side, Tech Mahindra Ltd (down 2.67%), Power Grid Corporation of India Ltd (down 2.50%), Infosys Ltd (down 1.99%), Adani Ports and Special Economic Zone Ltd (down 1.32%), and Tata Consultancy Services Ltd (down 1.23%) were among the laggards.

Nifty Options CE Chart

Nifty Options PE Chart

Top Nifty Gainers

Top Nifty gainers were State Bank of India , Grasim, HDFC Life, JSW Steel and Asian Paints

Top Nifty Losers

Top Nifty losers were Tech Mahindra, Power Grid , Infosys, Adani Ports and Tata Consultancy Services

Bank Nifty started on a gap-up,

Bank Nifty Futures Chart

Bank Nifty index experienced a subdued trading session one day ahead of the weekly expiry, with an ongoing struggle between bears and bulls. The lack of a clear trend indicates that a breakout is awaited to determine the market direction. The support is positioned at 45,500, while the immediate hurdle lies at 46,000,

The Bank Nifty closed down by 24 points (0.05%) at 45,666.80. This is a minor decline, and the index remains close to its all-t time high of 48,000.

The majority of banking stocks closed in the red today. Some of the biggest losers included ICICI Bank (-1.2%), HDFC Bank (-0.8%), and Kotak Mahindra Bank (-0.7%).

Despite the decline in the Bank Nifty, some banking stocks managed to close higher. These included Axis Bank (+0.5%) and IndusInd Bank (+0.8%).

Bank Nifty Options CE Chart