A SHARP INTRADAY RALLY IN THE NIFTY, NIFTY BANK

NIFTY:

The NIFTY opened at 19612.15 with a gap up of 48 points. The index initially moved lower and filled the gap. However, prices found support there and bounced up quickly. Prices recorded its intraday low at 19562.95 within the first 15 minutes of trading, saw a sharp intraday rally, and moved above 19700 comfortably. The rally continued till the end. Minor dips and consolidation were used to add or buy fresh. The index recorded its intraday high at 19731.85 and finally closed at 19711.45 with a gain of 146.95 points or 0.75% up. All the sectoral indices have dosed higher today except AUTO and REALTY, which ended with a minor loss. MEDIA led the bulls today as the sector closed with a gain of 3.31% followed by BANK and FINANCIAL which ended with a gain of more than 1%. The short-term trend is up. It must be up as the index moves near its swing highs and recorded lifetime new highs again. We should look for buying opportunities only.

BANK NIFTY:

The BANK NIFTY opened at 44951.20 with a gap up of just 60 points. The index initially moved down more than 200 points but soon found strong intraday support around 44700. Prices have moved in a tight narrow range and eventually broke on the upside after recording its intraday low at 44695.05. The index has seen a sharp intraday rally of more than 700 points, recorded its intraday high at 45556.45, and finally closed at 45502.10 with a gain of 611 points. PSU BANK and PVT BANK both indices have performed almost the same today, saw a sharp intraday rally, and finally closed with a gain of 2.25% & 1.33% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AU BANK contributed the lowest. It was a tale of two halves where prices consolidated in the first half while seeing a sharp rally in the second half. The last few days of narrow price movement resulted in a sharp upside move. The short-term trend is up.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA 

NEWS UPDATES

• The market continued its record rally and also extended the winning streak on the third consecutive session on July 17 led by buying across the sectors barring auto, which helped Nifty to comfortably close above 19,700. At close, the Sensex was up 529.03 points or 0.80 percent at 66,589.93, and the Nifty was up 147 points or 0.75 percent at 19,711.50.

• IT services major LTIMindtree on July 17 declared a consolidated net profit of Rs 1,151.5 crore in the first quarter of fiscal year 2023-24, which marks a jump of 4 percent as compared to 1,106 crore reported in the year-ago period.

• The Tamil Nadu-based lender had posted a net profit of Rs 235 crore in the year-ago period. Total income during the quarter under review increased to Rs 2,216 crore from Rs 1,673 crore in FY23, Karur Vysya Bank said in a regulatory filing. Interest earned by the bank grew to Rs 1,883 crore over Rs 1,474 crore in the June quarter a year ago. The bank’s asset quality showed improvement as gross Non-Performing Assets (NPAs) declined to 1.99 percent of gross advances by the end of June 2023, from 5.28 percent as of June 2022.

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

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