NIFTY ENDS FLAT AMID HIGH VOLATILITY

NIFTY:

The NIFTY opened at 17924.25 without much of a gap. The index initially went down but soon found support and bounced up after recording its intraday low at 17824.35. Prices have seen a sharp upside move but started facing resistance around 18000 and turned down again after recording its intraday high at 17976.35. The decline was minor and prices started a consolidation process that lasted till the end. The index finally closed at 17895. 70 with a loss of 18.45 points or 0.10% down. METAL and BANK outperformed today and ended with a gain of more than half per cent followed by IT.FMCG underperformed today and closed with a loss of over 1% followed by AUTO and PHARMA. We have been tracking a wide trading range with support around 17800 and resistance around 18250. This rare remained intact thus the short-term trend is sideways. For carry-forward trades, we need to wait for prices to come near the boundaries of this wide trading range or a decisive breakout. The INDIA VIX, a benchmark index for volatility, is moving around level 16. If the value keeps on rising then it may favor the bears. Avoid trading the index.

BANK NIFTY:

The BANK NIFTY opened at 42071.85 without much of a gap. The index initially moved lower but found support quickly and bounced up after recording its intraday low at 41729. Prices have seen a sharp upside move and then started a consolidation process. The index spent the rest of the day by moving sideways, recorded its intraday high at 42318, and finally closed at 42190.65 with a gain of 137 points. PSU and PVT BANK both indices have performed almost the same today, saw an intraday rally and closed with a gain of 0.70% & 0.41% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. We have been tracking a wide trading range with support around 41500 and resistance around 43500. The range is still intact and prices are trading near the lower end of this range. Intraday traders can look for a trading opportunity on both sides of the market with an approach of buying on dips and selling on rallies. Carry forward traders should wait for prices to come at the extreme of the above-mentioned trading range.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• The Indian benchmark indices ended flat following a volatile session on Wednesday as selling in the FMCG and pharma sectors offset the impact of gains in banking and financials. Market participants await the release of domestic and U.S. consumer price data this week, to gauge cues on the central banks’ interest rate-hike plans. The S&P BSE Sensex ended 10 points, or 0.02%, lower at 60,105.50, while the NSE Nifty 50 lost 19 points, or 0.1%, to end at 17,895.70.

• The U.S. drug regulator, following a pre-approved inspection, issued Form 483 with six observations to Piramal Pharma Ltd.’s Lexington facility in Kentucky, U.S. The company said that the facility was inspected by the U.S. Food and Drug Administration from Dec. 27, 2022, through Jan. 10, 2023, according to its exchange filing.

• Monte Carlo Fashions shares gained more than 4 percent on January 11 after the company clocked 12 percent revenue growth during the quarter ended December FY23 (Q3FY23).The woollen knitted apparel maker recorded revenue growth of 12 percent in Q3FY23 and 19 percent growth for the nine months period ended December FY23, compared to the year-ago period, driven by pent-up demand.

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

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