NIFTY AND NIFTY BANK MOVED VERY NARROWLY

NIFTY:

The NIFTY opened at 18682.35 with a gap up of just 17 points. The Index initially moved lower but found support around 18650 and bounced up sharply. The rally could not last long and prices have moved down after recording its intraday high at 18722.05. Prices have seen multiple swings and every dip today hold 18650 support. The index movies in a sideways manner for the whole day, recorded its intraday low at 18646.70 and finally closed at 18691.20 near its opening tick with a gain of 25.70 points or 0.14% up. All the sectoral Indices have closed with a gain today except OIL GAS which ended with a minor loss. AUTO and PHARMA led the bulls, ending more than 1% higher followed by FMCG and METAL. A trading range inside 18650-18900 remained intact for the past nine trading days. Since the range is very narrow and prices are narrowing daily, we may see a breakout very soon.

BANK NIFTY:

The BANK NIFTY opened at 43714.75 with a gap up of 97 points. The index initially consolidated and then broke on the downside after recording its intraday high at 43773.10. Prices have seen a sharp decline and then found support. The index formed a trading range again which lasted till the end. Prices recorded its intraday low at 43541.75 and finally closed at 43653.65 with a gain of just 36 points. PSU BANK underperformed today, saw a mild down move, and closed lower by 0.18%. PVT BANK has outperformed today and ended with a gain of just 0.05%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while HDFC BANK contributed the lowest. A trading range inside 43400-44500 remained intact. The range is lasting for the past one and a half month. The short-term trend is sideways and we may see a breakout very soon.

TECHNICAL PICKS

DERIVATIVE PICKS

UPCOMING ECONOMIC DATA   

NEWS UPDATES

• Benchmark indices ended flat in the volatile session on June 26. At close, the Sensex was down 9.37 points or 0.01percentat 62,970.00, and the Nifty was up 25.70 points or 0.14percentat 18,691.20. About 1,818 shares advanced, 1,715 shares declined, and 170 shares were unchanged.

• India’s infrastructure story is witnessing its second coming and markets are already getting bullish with their bets on it. Stuck projects are finding financial completion and companies involved in building India’s roads, ports, airports, and rails are seeing an increase in their profit margins. In 2022-23, new investment proposals grew by 36 percent to Rs 30 lakh crore. The fourth quarter witnessed an all-time high level of new investment proposals.

• L&T Finance Holdings is looking to sell its wholesale loan book to interested banks, non-banking finance companies (NBFC) and funds as it aims to become a 100 percent retail finance company, Raju Dodti, Chief Executive, Wholesale & SME Finance, told Moneycontrol exclusively on June 26.

• Strategists at JP Morgan Chase believe that US equities could fall sharply, but the market appears to be unmindful of the risks. This raises the possibility of a ‘boil the frog’ recession for the US economy, JP Morgan warns.

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

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