Nifty And Nifty Bank Broke Out From A Range

NIFTY:

The NIFTY opened at 17210.35 with a big gap up of 130 points. The index continued its early morning bullish momentum and rallied higher sharply. Prices recorded their intraday low at 17204.65 in the initial trades and kept rising throughout the day. The index crossed above 17350 and recorded its intraday high at 17381.60. Prices spent the last hour of trading moving sideways and finally closed at 17359.75, near the day’s highs, with a gain of 279.05 points or 1.63% up. All sectoral indices participated, up move and closed higher, with IT and OIL GAS leading the way with a gain of over 2%, followed by BANK, FINANCIAL, and REALTY. The short-term trend is now up. We have been tracking a trading range inside 16850-17200, which has decisively broken on the upside, giving us a pattern target around 17550. The target may or may not be met, but it suggests that higher levels may be ahead. We should only look for buying opportunities as long as the index is moving above the 17000 level.

BANK NIFTY:

The BANK NIFTY opened at 40231.25 with a big gap up of 218 points. The index continued its bullish momentum and continued moving higher after recording its intraday low at 40180.20 in its initial trades. Prices kept increasing for the whole day with minor dips in between. The index recorded its intraday high at 40690.40 and finally closed at 40602.35 with a gain of 589 points. PVT BANK has outperformed, saw a sharp intraday rally, and closed higher by 1.92%. PSU BANK has also moved up today and ended with a gain of 0.92%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while AU BANK contributed the lowest. For the past few trading days, we have been tracking a narrow trading range inside 38500-40000. The range has broken on the upside and giving us a pattern target around 41500. The short-term trend is up now. We should look for buying only as long as the index is moving above the 40000 level.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Nikkei S&P Global Manufacturing PMI (Mar) 03rd April, 2023 INR: Nikkei Services PMI (Mar) on 05th April, 2023	USD: ISM Manufacturing PMI (Mar) on 3rd April, 2023 USD: JOLTs Job Openings (Feb) on 05th April, 2023

NEWS UPDATES

• Benchmark indices ended on a strong note with Nifty above 17,300 amid buying seen across the sectors. At close, the Sensex was up 1,031.43 points or 1.78% at 58,991.52, and the Nifty was up 279.10 points or 1.63% at 17,359.80. About 2322 shares advanced, 1145 shares declined, and 108 shares unchanged.

• Defence stocks took centre stage on March 31 with several of them rising sharply on the back of order wins. Shares of Bharat Electronics Ltd (BEL), Bharat Dynamics Ltd (BDL), Garden Reach Shipbuilders and Engineers (GRSE), Cochin Shipyard, and Paras Defence and Space Technologies settled 4-7 percent higher.

• At a time when pharmaceutical companies have failed to attract investors due to weakening financials, three drugmakers — Aurobindo Pharma, Alkem Laboratories, and Zydus Lifesciences — have managed to achieve significant returns of 10-16 percent in the current year. This is noteworthy considering that the Nifty Pharma index has nosedived 15.5 percent in 2023.

• Escorts Kubota Ltd.’s dispatches to dealerships rose 2.3% to 10,305 units in March as sales were impacted due to unseasonal rainfall.

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

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