Market Resumed Its Up Move After A Brief Consolidation

NIFTY:

The NIFTY opened at 17704.80 with a gap up of 80 points. The index initially moved lower but then quickly turned around and saw a sharp intraday rally toward 17800. Prices found resistance before reaching there and saw a sharp intraday fall after recording its intraday high at 17748.75. The index recorded its Intraday low at 17655.15. The NIFTY found support there and started rising that lasted till the end. The index finally closed at 17722.30 near the opening price with a gain of 98.25 points or 0.56% up. The METAL, BANK, and FINANCIAL outperformed today and closed with a gain of over 1% followed by AUTO and OIL GAS. IT underperformed and ended with a loss of over 1% followed by REALTY. The short-term trend is up. Support is visible around 17200 and resistance is visible around 17800. The index is now trading near to the resistance level. We should look only for the buying.

BANK NIFTY:

The BANK NIFTY opened at 41232 with a big gap up of 436 points. The index initially moved lower sharply for the first 5 minutes of trading and then started moving up after recording its intraday low at 40990.20. Prices then saw a steady up move throughout the day, recorded its intraday high at 41403.25, and finally closed at 41385.05 with a gain of 589 points. PSU and PVT BANK both indices have performed almost the same today, saw a sharp intraday rally, and dosed higher with a gain of 1.61% & 1.15% respectively. Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while IDFC FIRST BANK contributed the lowest. The short-term trend is up and the index resumed moving higher after one day of dip. The last three days of narrow price action broke on the upside. We should look for buying only on any dip or intraday consolidation breakout.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: CPI (YoY) (Mar)  on 12th April, 2023 INR: Industrial Production (YoY) (Feb) on 12th April, 2023	USD: CPI (YoY) (Mar) on 12th April, 2023 USD: FOMC Meeting Minutes on 12th April, 2023

NEWS UPDATES

• Benchmark indices ended higher on April 11 with Nifty above 17,700 supported by buying across the sectors barring information technology. At close, the Sensex was up 311.21 points or 0.52 percentat 60,157.72, and the Nifty was up 98.30 points or 0.56percentat 17,722.30. About 2,183 shares advanced, 1,260 shares declined, and 109 shares were unchanged.

• Adani Electricity Mumbai has topped the list of India’s 71 power distribution companies. The list is based on parameters such as overall governance, financial sustainability, performance excellence, and external environment, the company said in a statement on April 11.

• Foreign investors’ holding in Kotak Mahindra Bank has dropped to 41.22 percent in the March 2023 quarter, lower by 1.47 percentage points from December. This could result in a wider foreign headroom opening up and the stock gaining weightage in the MSCI index, according to Nuvama Alternative Research.

• The Reserve Bank of India’s (RBI) rate-setting panel, the Monetary Policy Committee (MPC), is unlikely to make a pivot on rate cuts in the current financial year as the focus remains on curbing inflation that has been above target for over three years now, according to Radhika Rao, ED and Senior SE , DBS Group Research.

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

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