Nifty And Nifty Bank Moved Higher Sharply

NIFTY:

The NIFTY opened at 1745125 with a big gap up of 130 points. The index continued its early morning bullish momentum and started moving higher from its opening tick. Prices have recorded its intraday low at 17427.70 in its initial trades and saw a sharp upside move for the whole day with minor dips in between which traders use to as or take a fresh position. Prices have seen a minor correction towards the end after recording its high at 17644.75. The index finally closed at 17594.35 with a gain of 272.45 points or 1.52% up. All the sectoral Indices have moved higher today and closed with gains. METAL led the bulls today by ending 3.55% higher followed by BANK which ended with a gain of 2.13%. The short-term trend is sideways to up now. We have mentioned a narrow trading range inside 17300-17450. This range has broken out decisively on the upside and prices have met with the pattern target.

BANK NIFTY:

The BANK NIFTY opened at 40671.40 with a big gap up of 341 points. The index continued its early morning bullish momentum and started moving higher after recording its intraday low at 40605.35 in its initial trades. The index kept on rising for the whole day, recorded its intraday high at 41390.15, and finally closed at 41236.85 with a gain of 906 points. PSU BANK outperformed today, saw a sharp intraday rally, and ended with a gain of 5.40%. PVT BANKS have also moved up and ended with a gain of 1.64% Within the index, in terms of points, HDFC BANK contributed the highest on the upside while BANDHAN BANK contributed the least. The short-term trend is sideways to up now as the index breaks above 40800 resistance and ended well above 41000 marks. It was a trend day on the upside where prices have recorded its intraday low near the opening tick and intraday high near the closing tick.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Manufacturing Output (MoM) (Jan)10th March, 2023 INR: Industrial Production (YoY) (Jan) 10th March, 2023	USD: Crude Oil Inventories on 8th March, 2023 USD: JOLTs Job Openings (Jan) on 8th March, 2023

NEWS UPDATES

• Benchmark indices ended higher on March 3 with Nifty around 17,600. At Close, the Sensex was up 899.62 points or 1.53% at 59,808.97, and the Nifty was up 272.40 points or 1.57% at 17,594.30. About 2118 shares have advanced, 1299 shares declined, and 125 shares are unchanged.

• Adani Green Energy’s operating renewable portfolio reached 8,024 MW, the largest in India, after the company’s fourth wind-solar hybrid power plant in Rajasthan’s Jaisalmer got operational.

• Macrotech Developers continued its northward journey for the fifth session in a row, rising nearly 7 percent on March 3, as benchmark indices traded over 1.5 percent higher in the late afternoon. The stock has formed a long bullish candlestick pattern on the daily charts, with significantly higher volumes, making higher highs and higher lows for the third straight session.

• Tata Motors is currently in Generation 1 EVs and will soon be rolling out the Generation 2 EVs, Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd, told CNBC-TV18 in an interview.

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

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