NIFTY AGAIN MISSED HITTING THE LIFETIME HIGHS; SAW A SHARP INTRADAY DECLINE

NIFTY:

The NIFTY opened at 18853.60 without any gap up or down. Initially, the index moved up but soon found resistance and started a process of Today, the NIFTY consolidation. The sideways move broke on the downside after the index recorded its intraday high at 18886.60. Prices have seen a sharp intraday decline and then bounced up but again found resistance near the opening tick. Another leg of the decline came and the index recorded its intraday low at 18759.50. Prices have finally closed at 18771.25 near its day’s lows with a loss of 85.60 points or 0.45% down. All the sectoral indices have closed with a loss today except MEDIA and METAL which ended with minor gains. REALTY, OIL GAS, FMCG, and IT led the bears today and ended with a loss of nearly 1%. Support is visible around 18650 while resistance may emerge around the lifetime high. We can round it off to 18900. The index has been moving inside this 250-point of range for the past eight trading days.

BANK NIFTY:

The BANK NIFTY opened at 43874.80 without much of a gap. The index initially moved up but fizzled out quickly and then moved down. The decline found support and prices again rallied to record its intraday high at 44042.15. Another down move started after that, leading prices to its intraday low at 43663.35. Prices moved very volatile today mainly towards the end and finally closed at 43716.50, losing 147 points. PSU BANK underperformed today, saw a sharp intraday decline, and closed lower by 1.67%. PVT BANK also moved down today and ended with a loss of 0.42%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while IDFC FIRST BANK contributed the lowest. It was again a volatile day in the BANK index. But overall, it was a narrow range day. A trading range inside 43400-44500 remained intact. The short-term trend is sideways.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• India’s benchmark stock indices swung between gains and losses to end lower after Sensex hit a fresh record high in pre-open and both indices dropped at opening on Thursday. While, I.T. and PSU banks were the top losing sectors, media and metal sectors advanced. ICICI Bank Ltd., and HDFC twins led the positive change, whereas Infosys Ltd., and RIL Ltd. dragged.

• GE Aerospace, the US-based aircraft engine supplier, on June 22 announced the signing of a memorandum of understanding (MoU) with India’s public defence firm Hindustan Aeronautics Ltd (HAL) to produce fighter jet engines for the Indian Air Force (IAF).

• The new-age tech sector is clawing back after the debacle of 2022 and are set to produce true two multi-baggers in the near future, Motilal Oswal Asset Management Company co-founder Raamdeo Agrawal told Moneycontrol in an interview on June 22.

• Larsen & Toubro Ltd, commonly known as L&T, announced on June 22 the signing of a contract with DRDO for realisation of two Air Independent Propulsion (AIP) System Modules for Kalvari Class of Submarines of the Indian Navy.

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

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