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Two important things affected today's trading session.
1. Loksabha Election 2024
2. Iran-Israel war
These were two important trigger points in the market today due to fluctuations in the market.
These were two important trigger points in the market today due to fluctuations in the market. Due to this news, a huge decline was seen in all the indices of the world. The market began to fear that this might be the beginning of World War 3. But as time passed, reports started coming from Iranian officials that the attack was not that dangerous and there was not much damage caused by this Israeli attack.
NIFTY 50 ANALYSIS
But once due to this news, SGX Nifty was showing a fall of more than 350 points. America's Dow Jones index was down more than 500 points. But as the situation became clear, the markets started recovering from the bottom.
Now we have to see whether the situation of conflict between Iran and Israel will worsen or whether a solution to this problem will be found. At present, the stock market has not taken this incident very seriously, but according to analysts, the Iran-Israel issue cannot be ignored. Whether you are trading or investing, take any further steps only after taking proper care of the situation and consulting your financial advisor.
The second important trigger point was the Lok Sabha elections in 2024. Many analysts believe that even in such a bad environment, such huge buying in the market could be the beginning of an election rally. There was a time when it seemed that the market would go down further after opening, but exactly the opposite happened and instead of falling, the market started rising.
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| NIFTY 50 CHART |
Nifty 50 had set a LOW of 21710 on March 20, 2024. Today it seemed that Nifty would break its old low but it did not happen and Nifty made a double bottom around this price and closed above the critical level of 22000. You can see this in the image above.
Nifty 50 closed at 21995 on Thursday. On Friday, Nifty 50 opened 134 points down due to the news of Israel's attack. Nifty 50 hit a low of 21777 and a high of 22177 during the day's trading session.
Bajaj Finance (3.15%), M&M (2.92%), HDFC Bank (2.64%), Maruti (2.30%), and JSW Steel (2.27%) were among the top gainers of Nifty 50.
Bajaj Auto (-2.48%), Nestleind (-1.32%), DIVISLAB (-1.32%), HCLTECH (-1.16%), and LT (-1.07%) were among the top losers of Nifty 50.
You can see the top gainers and losers of Nifty 50 in the picture below.
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| NIFTY 50 TOP GAINERS |
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| NIFTY 50 TOP LOSERS |
BANK NIFTY ANALYSIS
Bank Nifty rose more than Nifty 50. Bank Nifty rose 1.07%. A more bullish trend was seen in private banks as compared to government banks.
HDFC BANK (2.56%). ICICI BANK (1.46%), AXIS BANK (0.63%), KOTAK BANK (0.18%), INDUSIND BANK (0.76%).
Among government banks, except SBI, all other banks closed in the red. SBI (0.70%), BANK OF BARODA (-0.89%), CANARA BANK (-0.76%), PNB (-0.96%).
FII & DII FLOWS
FII bought Rs 129 crore in cash on April 19 and DII sold Rs 53 crore. Before April 19, FII was continuously selling heavily in the market.
FII selling activity:-
12 April 2024: -8027cr
15 April 2024: -3268cr
16 April 2024: -4468cr
18 April 2024: -4260cr
DII activity:-
12 April 2024: 6342cr
15 April 2024: 4763cr
16 April 2024: 2040cr
18 April 2024: 2286cr
OPTION CHAIN DATA ANALYSIS
Talking about Option Chain data, the highest call writers which were earlier standing at 22000 have now shifted to 22500 after this market rally. Talking about put writers, heavy put writing has been done from 21800 to 22000. Looking at the put writers, it seems that Nifty has formed a strong support from 21800 to 22000. Call writers are selling the maximum call of 22500, Nifty has just closed at 22150. This means Nifty can rise by 250 to 300 points more. 22500 can be a strong resistance for Nifty.
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| option chain data analysis |
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| put writers & call writers |
CONCLUSION
So, friends, this was the analysis of today's trading day. Only time will tell whether the tension between Iran and Israel will increase or decrease. We will continue to bring you the latest updates on the market and on Iran-Israel. How did you like this article? Do let us know by commenting and if you have any suggestions then please let us know by emailing us.
