NARROW TRADING CONTINUED IN NIFTY & NIFTY BANK

NIFTY:

The NIFTY opened at 17639.75 with a gap up of just 15 points. The index initially consolidated and could not move higher. Prices have seen a breakdown. The Index recorded its intraday high at 17663.20 in the first 30 minutes of trading and saw a sharp decline towards 17550. Prices have recorded its intraday low at 17553.95. The NIFTY has seen a sharp recovery and went above 17600. The index consolidated towards the end and finally closed at 17624.05 without any change when compared to yesterday’s dosing price. The REALTY underperformed today and closed with a loss of 2.13% followed by METAL and AUTO. The MEDIA outperformed today and dosed higher by 1.33% followed by FMCG, IT, and PHARMA. The short-term trend is sideways. Support is visible around 17500 and resistance is visible around 17800.

BANK NIFTY:

The BANK NIFTY opened at 47252.55 without much of a gap. The index initially moved higher but soon faced in and downside after recording its intraday high at 42382.15. Prices have seen a sharp decline and recorded its intraday love at 41962. Some recovery afterwards and moved sideways towards the end of today’s trading session to finally close at 4208245 with a loss of 177. PSU BANK has underperformed today and closed with a loss of 0.84% PVT BANK has also moved down today and closed with a loss of 0.3 W Index, in terms of points, KOTAK BANK contributed the highest on the upside while ICICI BANK contributed the lowest. On the daily timeframe chart, the index continued trading narrowly for the third consecutive day whereas on the weekly timeframe chart the intended was almost on a flat note and recorded a narrow week suggesting next week may be wide.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended flat in the volatile session on April 21. At close, the Sensex was up 22.71 points or 0.04 percentat 59,655.06, and the Nifty was down 0.50 points or flatat 17,624. About 1,498 shares advanced, 1,866 shares declined, and 135 shares were unchanged.

 

• HIndustan Zinc on April 21 reported a consolidated net profit of Rs 2,583 crore for the March quarter of FY23, down 12 percent from Rs 2,928 crore in the year-ago period. Total sales for the company came in at Rs 8,509 crore, down 3 percent from Rs 8,797 crore in the corresponding quarter of the previous year. Zinc sales dropped the most at 9 percent, while other metals saw a rise in sales.

 

• Borrowing costs in India have probably peaked, with the central bank expected to start cutting rates by the end of the year — that’s the reading of some economists who reviewed the minutes of monetary policy meeting released Thursday. Economists, including those at Barclays Bank Plc and Nomura Holdings Inc., see the central bank staying on a long pause as high interest rates weigh on demand in the economy.

 

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

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