Morning Outlook 23rd June, 2022

NIFTY:

Nifty opened at 15545.65 with a gap down of 93 points. The index recorded its intraday high at 15565.40 a few ticks above the opening price and then continued moving lower. Prices have seen a down move of almost 150 points and then found support. The index rallied almost 100 points and then the rally fizzled out. Prices moved down again and recorded its intraday low at 15385.95.The index spent the last two hours of trading moving sideways and finally closed at 15413.30 near its intraday low wit ha loss of 225.50 points or 1.44%  down. All the sectoral indices have closed lower today. METAL led the bears today and ended lower by 4.87%.MEDIA was down by 3.50% while OIL GAS and REALTY ended more than 2% lower.

The short-term trend is now sideways. The support is now visible around 15200 which is also the recent swing low. Strong resistance may emerge inside 15800 – 16000 zones while a short-term resistance is now visible around 15700.

BANK NIFTY:

Bank Nifty opened at33051.65 with a gap down of 135 points. The index recorded its intraday high at 33106.95 a few ticks above the opening price and continued moving lower. Prices have then found support and moved higher but the rally fizzled out sooner the index continued moving up and down for the rest of the day, recorded its intraday low at 32758.15, and finally closed at 32793.50 with a loss of 393 points. PVT BANKS have underperformed today and ended wit h a loss of 1.19%. PSU BANKS have outperformed today and ended on a flat note. Within the index, in terms of points, ICIC IBANK contributed the highest on the downside followed by HDFC BANK. The short-term trend is sideways as the index is in a process of correction. A recent swing low around 32300 should act as a support while strong resistance is visible around 34500. We should now step aside and avoid trading the index.

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

UPCOMING ECONOMIC DATA

NEWS UPDATES

• TCS has bagged a deal to drive business process transformation at Aadhar Housing Finance for an undisclosed sum, the companies said on Wednesday. The domestic housing financier will be deploying the Tata group company’s lending and securitisation platform for market expansion, according to a statement.

• Logistics services firm Delhivery, said it plans to expand its infrastructure in the two key cities of Bhiwandi (Greater Mumbai) and Bengaluru. Delhivery is collaborating with Welspun on a 700,000 sq ft mega-gateway in Greater Mumbai and with GMR for a one million-plus sq ft facility in Bengaluru, which will also include a warehouse for multi-channel order fulfilment for Delhivery’s customers.

• Bharat Petroleum Corp Ltd (BPCL) has shut half of its crude processing capacity at its 240,000 barrels per day (bpd) Mumbai refinery in western India since June 10 to carry out maintenance, a company spokesman said. The state-run refiner has shut a 120,000 bpd crude unit and some secondary units including diesel hydro desulfuriser and hydrogen generation units for 20 to 25 days, the spokesman said. Other units are functioning as normal, he said.

• In a big relief for telecom companies, the Department of Telecommunications (DoT) has scrapped the 3 per cent floor rate on spectrum usage charge (SUC). As the government prepares for 5G spectrum allotment next month, the telcos had been demanding to scrap the SUC floor rate, equivalent to 3 per cent of adjusted gross revenue (AGR), to cut their 5G spectrum payouts

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

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