NARROW AND VOLATILE MOVEMENT CONTINUED FOR THE SECOND DAY

NIFTY:

The NIFTY opened at 18606.65 without much of a gap. The index recorded its intraday low at 18575.50 in its initial trade and then bounced up sharply. Prices found intraday resistance around 18650 and then turned down after recording its intraday high at 18662.45. A sharp dip came that found support near the opening tick. The Index has seen a mild up move in the second half but was not able to cross the early morning highs. The NIFTY finally closed at 18633.85 with a gain of 35.20 points or 0.19% up. MEDIA and FMCG outperformed today followed by BANK and FINANCIAL METAL underperformed today and ended lower by nearly 1% followed by AUTO and OIL GAS. The short-term trend is up as prices are trading near the swing highs of an ongoing up move. The last two days of narrow price action suggest a sharp move is about to come. We should take a trade in the direction of a breakout.

BANK NIFTY:

The BANK NIFTY opened at 43821.05 with a minor gap up. The index the BANK NIFTY opened at 44277.35 with a gap down of 46 points. The index recorded its intraday low at 44207.50 in its initial trades and then moved up. Prices have seen a minor correction afterward and then formed a trading range. That range eventually broke on the upside and prices have rallied higher to record its intraday high at 44498.60. The index finally closed at 44457.50 with a gain of 134 points. PVT BANK outperformed today, saw an intraday rally, and closed higher by 0.58%. PSU BANK underperformed today and ended almost on a flat note with a loss of just 0.03% Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while AU BANK contributed the lowest. The short-term trend is up now and there is no doubt about that as prices are making lifetime highs. For the past two trading days, the index is consolidating. This consolidation has given us a trading opportunity. Look to buy on a breakout above 44500 or sell short on a breakdown below 44200.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• In the volatile session on May 30 the benchmark indices ended on a positive note with Nifty above 18,600. At close, the Sensex was up 122.75 points or 0.20% at 62,969.13, and the Nifty was up 35.10 points or 0.19% at 18,633.80. About 1640 shares advanced, 1766 shares declined, and 112 shares unchanged.

• Fiscal deficit target at risk, Nomura warns despite RBI’s Rs 87,416 crore dividend to govt, Concerns have been raised by Nomura Research regarding the achievement of the fiscal deficit target of 5.9% of GDP for the fiscal year 2023-24.

• Apollo Hospitals Enterprise reported a net profit of Rs 146 crore for the quarter ended March, up 50.5 percent from Rs 97 crore in the same period of the previous year. However, the bottom line fell significantly short of the analyst’s estimate of Rs 198 crore.

• Jubilant Pharmova plunged 10 percent in early trade on May 30, a day after the drugmaker released a dismal set of quarterly earnings. The company’s fourth-quarter results reflected a substantial net loss and weaker operating margins.

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

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