Banknifty today: The Nifty Bank index closed at 39,910.15 today, registering a gain of 0.86% or 342.25 points. It was the March F&O monthly expiry day, and the market witnessed some volatile movements.
In light of the strong global market conditions, the banknifty made a strong move today. Since the morning session, Nifty Bank has shown strength and buying interest. Despite the volatility of the March F&O expiry, it indicated that prices would move higher from every dip.
The Indian benchmark indices Nifty 50 and BSE Sensex closed at 17,080.70 (0.76%) and 57,960.09 (0.6%), respectively.
Movement of the Banknifty Today
Today, Nifty Bank set a low of the day in the first half at 39,609.55, opening slightly higher on the day at 39,611.55. But after the bottom, it rebounded sharply and made many attempts to continue moving upward. Owing to the high level of volatility, Nifty Bank encountered selling pressure near 39900 several times. But the intensified short-covering rally of the monthly expiry propelled the index, which made the high of the day at 40,055.00. Though the Banknifty settlement price was 39,910.15, it was up 0.86 percent or 342.25 points from the previous closing price.
Chart Credit: Chartink/Banknifty today
A tight channel and a rangebound trend are both evident on the Banknifty chart for today. Resistance at 39900 was repeatedly encountered on the upper band. Similarly, aggressive buying protected the support area around 39660 several times. Today, from 10 a.m. to 3 p.m., the unsure pattern was evident. But in the last half hour, it broke the upper trend line and rose to the day’s high in the Banknifty at a crucial level of 40,000.
Top Gainers of the Banknifty Today
Let’s take a closer look at the top performers of the day:
IDFCFIRSTB (3.79%): The stock opened at Rs. 52.85 and ended the day at Rs. 54.75, gaining 3.79%.
AU Small Finance Bank (3.63%): AU Bank opened at Rs. 563.55 and closed at Rs. 584.00, registering a gain of 3.63%.
Punjab National Bank (3.01%): PNB opened at Rs. 44.90 and closed at Rs. 46.25, gaining 3.01%.
Federal Bank (2.86%): Federal Bank opened at Rs. 125.60 and closed at Rs. 129.30, gaining 2.86%.
Bank of Baroda (2.46%): Bank of Baroda opened at Rs. 160.30 and closed at Rs. 164.70, gaining 2.46%.
Global Markets Update Today
Asian Markets
Today Asian markets were mostly up, led by the Nikkei 225 and Hang Seng. Both were up by 1.33% and 2.06%, respectively. Other major markets like the Shanghai, Kospi, and Taiwan indices were mildly negative to 0.4% up today.
European Markets
European markets are also up by more than 1% today on the back of the strong U.S. index movement. The DAX, FTSE 100, and CAC 40 have gained for the last four consecutive sessions as the banking crisis ebbs.
The U.S. Markets
The Dow Jones, S&P 500, and Nasdaq are up by 0.5%, 0.9%, and 1.2%, respectively. It appears that uncertainty and fear of the banking crisis are slowly fading, so investors are taking risky bets on equities in the U.S. market.
Conclusion
After a few range-bound and weak sessions, the Indian equity market rebounded strongly today and ended the March F&O expiry. In light of the strong global sentiments and looking at the positive sentiment in the global markets, Indian equity markets also recovered sharply from the lows of the week.
Investors are expecting a turnaround with weekly closes above the key resistance areas in the Nifty and Banknifty, so the closing prices of Nifty and Banknifty will be important on the weekly chart.
