Morning Outlook 29th April, 2022

NIFTY:

Nifty opened at 17189.50 with a big gap up of 151points.The index first moved down but found support around the 17050 – 17100 zone and then bounded up. Prices have recorded its intraday low at 17071.05 after moving down about one and half hours from the open and then rallied almost 250 points to record its intraday high at 17322.50.The rally was very sharp and smooth. Prices have seen a sharp correction in the last 30 minutes of trading and finally closed at 17245.05 above the opening tick with a gain of 206.65 point Or 1.21%up.All the sectoral indices have seen an upside move today except the MEDIA which ended with a loss of 3.15%.FMCG, IT, BANK, and OIL GAS led the bulls today and ended more than 1% higher.

So far, the week is moving very narrow indicating a process of consolidation. That we could also see in the chart as NIFTY is moving inside the 17000-17500 range from the last nine trading days.

The short-term trend is sideways suggesting a move can come in either side of the market. As of now, we should avoid trading the index and wait for decisive breakout from the current trading range.

BANK NIFTY:

Bank Nifty opened at 36189.95 wit h a gap up of 144 points. The index first moved down, filled the gap, and recorded its intraday low < 35951.10. Prices find strong support there and bounced to record its intraday high at 36501.10. The index consolidated in the last 30 minutes of trade and finally closed at 36424 wit ha gain of 379 points. VT and PSU BANKS both indices have performed well today, saw an intraday rally, and finally closed higher by 0.97% & 0.52% down. Within the in terms of points, ICIClBANK contributed the highest while BANK BARODA contributed the lowest.

The index is moving very volatile and random. Especially in the last four trading days, random gaps occurred. We should now wait fora decisive breakout Since the range is very narrow so we may see a breakout sooner rather than later. Till then avoid trading the index.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Tata Motors expects to aggressively ramp up annual production of electric vehicles (EVs) to more than 80,000 units this financial year, sources with knowledge of the matter told Reuters. That compares with the 19,000 EVs it built and sold in the last financial year.

• Sterlite Technologies on Thursday reported a consolidated loss of Rs 22.44 crore in the fourth quarter ended March 31, 2022. The company had posted a net profit of Rs 124 crore in the same period a year ago. The revenue from operations of Sterlite Technologies (STL) grew by 7.2 per cent to Rs 1,581.97 crore during the reported quarter from Rs 1,475.01 crore in the year-ago period.

• Persistent Systems is set to achieve its long-held aspiration of the yearly revenue rate touching USD 1 billion by the September 2023 quarter, a top official said on Thursday. The Pune-headquartered company posted a 42 per cent jump in revenue to USD 217 million in the March quarter, when it witnessed a 45.9 per cent growth in net profit at Rs 200.9 crore.

• Bajaj Finserv Ltd on Thursday reported a 37 per cent jump in its consolidated net profit at Rs 1,346 crore for the fourth quarter ended in March 2022. The company had posted a net profit of Rs 979 crore during the corresponding period of 2020-21. The consolidated income during the March 2022 quarter increased to Rs 18,862 crore, as against Rs 15,387 crore in the corresponding period of the previous financial year, Bajaj Finserv said in statement.

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

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