THE NIFTY RECOVERED SHARP IN THE SECOND HALF, AND CLOSED WITH GAINS ABOVE 18300

NIFTY:

The NIFTY opened at 18268.90 with a gap down of just 17 points. Initially, the index found resistance around 18300, started a consolidation process, and then broke on the downside. Prices have seen a mild down move which found support around 18200. The index bounced after recording its intraday low at 18202.40 and broke the early morning highs. Prices have further moved up which lasted till the end and recorded its intraday high at 18338.10. The index finally closed at 18321.15 with a gain of 37.75 points or 0.20% up. REALTY outperformed today and gained 1.12% followed by FMCG METAL, and AUTO, OIL GAS, MEDIA, and FINANCIAL underperformed today and closed with minor losses. The short-term trend is sideways. A trading range is visible on the daily timeframe chart within the 18100-18400 zones. The index has been moving within this range for the past three weeks.

BANK NIFTY:

The BANK NIFTY opened at 43630.25 with a minor gap down of just 32 points. Prices have continued moving lower and found intraday support around 43400. The index then saw a sharp recovery. Prices have recorded its intraday high at 43719.85, intraday low at 43390.30, and finally closed at 43679.20 with a gain of just 17 points.PSU BANK has underperformed today, saw a mild down move, and closed with a loss of 0.45% PVT BANK has outperformed today and closed with a gain of 0.09% Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. The short-term trend is sideways. We have mentioned support around 43000 and resistance around the lifetime high recorded at 44150. However, the support is now shifted to around 43400.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Indian benchmark indices recovered some of the previous session losses to end on a positive note in a highly volatile session on May 25, helped by gains in FMCG and auto stocks. At close, the Sensex was up 98.84 points or 0.16% at 61,872.62, and the Nifty was up 35.80 points or 0.20% at 18,321.20.

• JSW Energy to set up 3,800-tonne green hydrogen plant in Karnataka, sign 7-year supply deal with JSW Steel. The company intends to spend Rs 85,000 crore in the next seven years under its recently unveiled ‘Strategy 2.0’ initiative, wherein it aims to increase its generation capacity to 20 GW and energy storage of 40 GWh/5GW by 2030.

• Nykaa’s Q4 earnings was sequential improvement in the EBITDA margin that analysts lauded, even as the company was somewhat affected by slowdown in demand for discretionary products.

• Vedanta appoints Mike Young as Senior VP for its semiconductor business in India. An industry veteran with 34 years of experience, Young will oversee execution of manufacturing and operational processes as the company gears up to set its first semiconductor fab in India..

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

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