Nifty, Nifty Bank Traded Very Narrow

NIFTY:

The NIFTY opened at 18671.25 with a gap up of 63 points. Prices initially saw a dip but recovered quickly and started an upside move to record its intraday high at 18696.10. The index then a gain moved down, found support near the early morning low, and went up. Prices did not cross above the high recorded in the morning and started drifting downwards. A sharp decline came and prices have crossed below the early morning low to record its intraday low at 18632.90. The index finally closed at 18660.30 with a gain of 52.30 points or 0.28% up. All the sectoral indices have closed higher today except FMCG which ended with a loss of 0.43%. The IT, METAL, and REALTY sectors outperformed today and closed with a gain of over 1%. The idea is to wait till 09:30 AM and then buy above the high recorded or sell short below the low recorded. Keep a stop of 60 points and a target of 110 points from your entry price. Since this is an intraday trade, close the position before the market closes.

BANK NIFTY:

The BANK NIFTY opened at 44078.60 with a gap up of 157 points. The index first moved down and then started a consolidation process. The index recorded its intraday low at 43987.95 and then moved up to record its intraday high at 44151.80. Prices then saw a modest decline till the end and finally dosed at 44014.50 with a gain of 93 points. PSU and PVT BANKS both performed almost the same today, saw an upside move, and closed with a gain of 0.56% & 0.43% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while ICICIBANK contributed the lowest. The short-term trend is still up as the index has recorded lifetime new highs again. The idea is to wait till 09:30 AM and then look to buy above the high recorded or sell short below the low recorded in the first 15 minutes of trading. Keep a stop of 180 points and a target of 340 points from the entry point. If this trade executes and neither the stop nor the target reaches then consider exiting the position before the market closes.

 

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Trade Balance on 15th December, 2022 INR: Bank Loan Growth on 16th December, 2022	USD: Fed Interest Rate Decision on 15th  December, 2022 USD: FOMC Press Conference on 15th  December, 2022

NEWS UPDATES

• Indian benchmark indices ended with moderate gains in the volatile session on December 14.At Close, the Sensex was up 144.61 points or 0.23% at 62,677.91, and the Nifty was up 52.30 points or 0.28% at 18,660.30. About 1961 shares have advanced, 1476 shares declined, and 135 shares are unchanged.
• The public issue of premium automobile retailer Landmark Cars continued to see muted response from investors on December 14, the second day of bidding. Investors have bought 28.50 lakh shares against an offer size of 80.41 lakh shares, helping the issue subscribe 35 percent.
• Wholesale Price Index, stood at 5.85% in November compared to 8.39% in October, according to data released by the Ministry of Commerce and Industry, on Wednesday. The gauge fell 0.3% over the previous month.
• Sula Vineyards IPO subscribed 2.33 times on final day, retail portion booked 1.64 times

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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