Morning Outlook 30th June, 2022

NIFTY:

Nifty opened at 15701.70 With a big gap down of 149 points. The index initially moved down but found strong intraday support around 15700 and bounced up. The index recorded its intraday low at 15687.80 and saw a sharp rally that filled the down gap. Minor dips in between were quickly bought into and prices have kept increasing. The index recorded its intraday high at 15861.60 and moved down for the last hour of trading. Prices have finally closed at 15799.10 with a loss of 51.10 points or 0.32% down. OIL GAS again outperformed today, led the bulls, and ended with a gain of more than 1%. FMCG, IT, BANK, and FINANCIAL have underperformed today and ended with a loss of more than 1%.

The index is trading very narrowly for the past three trading days and locked itself in a narrow range of 240 points. This range should resolve very soon and we should take a trade in the breakout direction.

BANK NIFTY:

Bank Nifty opened at 33273.55 With a big gap down of 419 points. The index initially continued moving lower but soon finds support at 33200 and bounced up after recording its intraday low at 33185.25. A rally faces resistance very quickly and the index begins a process of consolidation Prices have recorded its intraday high at 33422.80 and finally closed at 33239.25 with a loss of 453 points. PVT and PSU BANKS both have performed almost the same today, saw a down move, and ended with a loss of 1.12% & 0.90% respectively. Within the index, in terms of points, PNB contributed the highest on the upside while AXIS BANK contributed the lowest.

The short-term trend is sideways. The Index again opened with a gap down which is sustained today. However, prices did not add on the downside and moved in a narrow range throughout the day. These narrow range days indicate a sharp move. we will not take trade as direction is not clear yet. We will take trade after any price action.

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Reliance The country’s largest dry cell battery maker, Eveready Industries India, is charting out a roadmap focused on growth and profitability, combined with the “highest” degree of good corporate governance, in order to take it to new heights. Addressing shareholders, Suvamoy Saha, managing director, who was elected to chair the annual general meeting (AGM), said that the company was now on a journey towards higher reaches and was in the midst of a transformation that provides the roadmap.
• Leading multiplex chain operator PVR expects the movie exhibition industry to bounce back “dynamically” in FY23 and plans to open as many as 125 screens during the year, its highest ever tally in a year. According to the company’s latest annual report, PVR, which is merging with rival Inox Leisure, expects the process to be completed this fiscal.
• Tata Technologies Ltd on Wednesday said it has joined the Foxconn-initiated MIH Consortium to promote development of sustainable mobility solutions and encourage collaboration within the industry. The MIH (Mobility In Harmony Consortium) comprises more than 2,300 members in the field of software, hardware, and services.
• The Cabinet has approved the deregulation of the sale of domestically-produced crude oil, Union Minister Anurag Thakur announced on Wednesday. From October 1, condition in Production Sharing Contracts (PSC) to sell crude oil to the government or its nominee or government companies will be waived. This essentially means producers will be free to sell oil from their fields in the domestic market.

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

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