THE NIFTY CLOSED LOWER FOR THE SECOND CONSECUTIVE TRADING DAY

NIFTY:

The NIFTY opened at 18655.90 with a gap up of 21 points. The index could not sustain at the higher levels and started drifting downward from the opening tick. The index recorded its intraday high at 1867665 within the first 10 minutes of trading and moved down below 18600. The decline continued till the end. Prices have recorded its intraday low at 18555.40 and spent the last hour moving sideways. The Index finally closed at 18563.40 with a loss of 71.15 points or 0.38% down. All the sectoral indices have moved down today and closed with a loss except REALTY.FMCG, IT, and MEDIA led the bears and ended with a loss of nearly 1% followed by AUTO, METAL, and OIL GAS. Resistance is now visible around 18750 which is the recent swing high. As far as prices are moving within the 18450-18650 range, we should consider trading intraday only on both sides of the market.

BANK NIFTY:

the BANK NIFTY opened at 44045.75 with a minor gap up just 38 points. The index initially moved lower but found support around yesterday’s low. Prices then bounced up and came into positive territory but found resistance around 44200. Another decline came towards the end. Prices have recorded its intraday high at 44220.10, intraday low at 43932.60, and finally closed at 43990.60 with a loss of just 17 points. PSU BANK underperformed today, saw a sharp downside move, and closed with a loss of 1.21%. PVT BANK outperformed today and closed with gains of just 0.23%. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while SBIN contributed the lowest. We have been tracking a trading range inside 43700-44500. This narrow range remained intact so far and should resolve very soon one way or the other. The short-term trend is sideways. As far as prices are moving above 43700, we should look for buying only.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: CPI (YoY) (May) on 12th June, 2023 INR: Manufacturing Output (MoM) (Apr) on 12th June, 2023	USD: CPI (MoM) (May) on 13th June, 2023 USD: PPI (MoM) (May) on 14th June, 2023

NEWS UPDATES

• Indian benchmark indices ended lower for the second consecutive session on June 9 with Nifty below 18600. At close, the Sensex was down 223.01 points or 0.35% at 62,625.63, and the Nifty was down 71.10 points or 0.38% at 18,563.40. About 1705 shares advanced, 1727 shares declined, and 107 shares unchanged.

• Venture capital firm Sequoia Capital will sell up to 10.18 percent stake which it holds in Go Fashion, the parent entity of Indian clothing brand Go Colors, via a block deal. The floor price for the stake sale will be Rs 1,135 per share, the persons privy to the development told the news channel. This would mark a discount of 5 percent as compared to the last closing price. The total size of the block deal will be Rs 624 crore.

• Moody’s on Sunday said the Indian economy is expected to clock a 6-6.3 per cent growth in June quarter, and flagged risks of fiscal slippage arising from weaker-than-expected government revenues in the current fiscal. Moody’s growth estimate is lower than the 8 per cent projection for the first quarter made by the Reserve Bank last week.

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

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