BOTH INDICE TRADED VERY NARROW AND VOLATILE

NIFTY:

The NIFTY opened at 17031.75 with a gap up of 46 points. The index could not sustain at the higher levels and started drifting downwards from the opening tick. Prices have recorded its intraday high at 17061.75 in its initial trades, saw a sharp decline, and filled the gap. The index started a consolidation process which broke on the downside. However, prices quickly turned around after recording its intraday low at 16913.75 and saw some recovery in the last hour of trading. The index finally closed at 16951.70 with a loss of 34 points or 0.20% down. BANK and FINANCIAL outperformed and were the only sectors that ended on a positive note. The MEDIA and REALTY led the bears today and ended with a loss of over 1% followed by AUTO, IT, and METAL. The short-term trend is down. We have mentioned a narrow trading range with support around 16850 and resistance around 17200. This range remained intact for the 11th day.

BANK NIFTY:

The BANK NIFTY opened at 39545.05 with a gap up of 236 points. The index could not sustain at the higher levels and started drifting downwards. Prices have found intraday support around 39300 and then bounced up after recording its intraday low at 39326.10. Prices have rallied, crossed above the early morning highs but again turned down. Another sharp rally came in the last hour of trading, the index recorded its intraday high at 39645.20 and finally closed at 39605.95 with a gain of 296 points. PSU BANK has underperformed today, saw an intraday decline, and closed lower by 0.21%. PVT BANK has outperformed today and closed with a gain of 0.34%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while BANDHAN BANK contributed the lowest. Moreover, a narrow trading range inside 38500-40000 remained intact.

TECHNICAL PICKS

DERIVATIVE PICKS

UPCOMING ECONOMIC DATA

NEWS UPDATES

• The board of directors of Vedanta Ltd. approved the fifth interim dividend of Rs 20.5 per share, with a face value of Rs 1 each, on Tuesday. The commodities major will have an outgo of Rs 7,621 crore from the payout, according to an exchange filing. The record date for the purpose of paying a dividend is April 7, 2023.

• Jindal Stainless Ltd. entered into a collaborative agreement with New Yaking Pte for the investment, development, construction, and operation of a nickel pig iron smelter facility located in Halmahera Islands, Indonesia. The board has approved a plan to acquire a 49% stake in the Indonesia-based nickel pig iron company for $157 million, or Rs 1,289.8 crore.

• The board of directors of Vedanta Ltd. approved the fifth interim dividend of Rs 20.5 per share, with a face value of Rs 1 each, on Tuesday. The commodities major will have an outgo of Rs 7,621 crore from the payout, according to an exchange filing. The record date for the purpose of paying a dividend is April 7, 2023.

• Adani Group’s chief financial officer on Tuesday rejected a report that claimed the conglomerate had not paid all its loans against promoters’ shares. In a tweet, CFO Jugeshinder Singh suggested that data will be updated on the exchanges after the end of the current quarter.

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

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