HDFC Bank Woes Cap Nifty's Record High Rally; Key Levels for Weekly Expiry

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CNBC TV18•05-01-2026, 19:14
HDFC Bank Woes Cap Nifty's Record High Rally; Key Levels for Weekly Expiry
- •Nifty hit a new record high of 26,373 but struggles to hold above 26,300 amid profit booking and underlying concerns.
- •HDFC Bank, Reliance Industries, and IT stocks reversed course, impacting the Nifty despite strong Q3 business updates from most sectors.
- •Concerns include geopolitical issues, US-India trade deal uncertainty, FII selling, and high valuations leading to market downgrades.
- •For Tuesday's weekly expiry, Nifty must defend 26,200 support and sustain above 26,300; experts advise buying on dips.
- •Nifty Bank shows a positive broader structure despite HDFC Bank's fall, with support at 59,700 and resistance at 60,500.
Why It Matters: Nifty faces resistance despite record highs; HDFC Bank concerns and FII selling weigh on sentiment.
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