NIFTY, NIFTY BANK CLOSED HIGHER FOR THE THIRD CONSECUTIVE DAY

NIFTY:

The NIFTY opened at 18619.15 with a big gap up of 120 points. Initially, the index saw an upside move but soon found resistance and started moving sideways. Prices have recorded its intraday high at 18641.20 and moved within a narrow range for the whole day. The index has seen some volatile movement between the 18580-18640 zone. The Index recorded its intraday low at 18581.25 and finally closed at 18598.65 near its opening tick with a gain of 99.30 points or 0.54% up. All the sectoral indices have performed well today and closed with gains except OIL GAS and IT. METAL, FINANCIAL, and REALTY led the bulls today and ended with a gain of nearly 1%. The short-term trend is up. The support is now visible around 18400 while the resistance may emerge around 18600. The index is now moving around this level.

BANK NIFTY:

The BANK NIFTY opened at 44276.80 with a big gap up of 280 points. Initially, the index moved further up but soon found strong resistance. Prices have spent most of the day moving sideways inside a tight narrow range. In this process, the index recorded its intraday high at 44483.35, intraday low at 44193.95, and finally closed at 44323.45 with a gain of 327 points. PSU and PVT BANK both indices have performed almost the same today, saw an upside move, and closed higher by 0.58% &0.41% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while ICICI BANK contributed the lowest. The short-term trend is up now. We have been tracking a narrow trading range inside 43400-44150. This range has broken on the upside. Moreover, the Index recorded lifetime new highs. All these signs suggest higher levels may be ahead.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Indian equity benchmarks held on to steady gains to end higher on Monday as U.S. lawmakers reached a debt ceiling limit settlement. While, NBFC and consumer durables sectors advanced, I.T. and energy shares declined in trade. HDFC Twins and M&M led to positive gains. The S&P BSE Sensex Index inched closer 63,000-mark, whereas, Nifty was near 18,600-mark.

• Affordable Robotic and Automation Ltd gained nearly 3.5 percent on May 29 following the announcement of its collaboration with Toyota Lift Northwest. The company appointed Toyota Lift Northwest as the channel partner for its subsidiary, ARAPL Raas Private Ltd, in the United States.

• The Nifty Bank index scaled a record high on May 29 as investors continued buying bank stocks following better-than-expected March quarter earnings. The index gained over 12 percent in the last two months.

• Go First has offered its pilots an amount of Rs 1 lakh per month in addition to their existing salary, in a bid to retain them amidst the crisis that has forced the airline to temporarily suspend its operations.

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

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