Nifty And Nifty Bank Both Indices Have Seen Sharp Intraday Rally

NIFTY:

The NIFTY opened at 18045.70 with a gap down of 77 points. The index initially moved further on the downside but soon found support and bounced up sharply. Prices have recorded its intraday low at 17992.80 and started rising. The rally continued for the rest of the day and prices have crossed above 18200 to record its intraday high at 18229.70. The NIFTY finally closed at 18191 near its day’s high with a gain of 68.50 points or 0.38% up. OIL GAS, METAL outperformed today and ended with a gain of over 1% followed by BANK which ended with a gain of 0.99% MEDIA and FMCG underperformed today and ended with a loss. The short term remained sideways as the NIFTY is still trading inside the 18000-18300 range. Today prices have found strong support around 18000 and bounced up sharply. This has changed the bias on the upside.

BANK NIFTY:

The BANK NIFTY opened at 42684.90 with a gap down of 100 points. The index moved further on the downside and then found intraday support around 42500. The index bounced up sharply after recording its intraday low at 42489.80 and kept on moving higher till the end. Prices have recorded its intraday high at 43498.05 and finally dosed at 43325.60 with a gain of 541 points. PSU and PVT BANKS both indices have performed almost the same today, saw a sharp intraday rally, and closed with a gain of 0.72% & 1.03% respectively. Within the index, in terms of points, SBIN contributed the highest on the upside while KOTAK BANK contributed the lowest BANK NIFTY recovered sharply from the early morning weakness and settled around its day’s high with some gains. The last two days of narrow price movement led to a sharp rally today. The short-term trend is still sideways but the bias is bullish now. Another higher closing may change it to be on the upside. Support is now visible around 42700. Tomorrow, we should look for a buying opportunity. The idea is to wait till 09:30 AM and then look to buy above the high recorded. Keep a stop of 300 points and a target of 800 points.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Federal Fiscal Deficit (Nov) on 30th December, 2022 INR: Infrastructure Output (YoY) (Nov) on 30th December, 2022	USD: JOLTs Job Openings (Nov) on 4th  January, 2023 USD: ISM Manufacturing PMI (Dec) on 4th  January, 2023

NEWS UPDATES

• Benchmark indices ended higher in the volatile session amid volatility on December expiry day.At Close, the Sensex was up 223.60 points or 0.37% at 61,133.88, and the Nifty was up 68.50 points or 0.38% at 18,191.00. About 1821 shares have advanced, 1555 shares declined, and 140 shares are unchanged.

• Honasa Consumer Private Ltd, the first unicorn of 2022 and the parent firm of brands such as Mamaearth, The Derma Co and BBlunt has filed draft papers with Sebi for listing to raise funds through a combination of a fresh issue and an offer-for-sale.

• Consumer price index (CPI) inflation is expected to ease to about 5.3 percent in the next financial year, aided by a correction in commodity prices, Swati Arora, Economist at HDFC Bank, said in an interview to Moneycontrol.

• KFin Technologies stocks opened at Rs 367 and has been trying hard to hold its issue price of Rs 366, though it managed to hit an intraday high of Rs 373 in middle of trade. So far, it traded with volume of 63 lakh shares on the NSE, and over 4 lakh shares on the BSE at the time of writing this article.

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

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