Nifty And Nifty Bank To End On A Negative Note

NIFTY:

The NIFTY opened at 18259.10 with a gap up of 68 points. The index initially consolidated for almost two hours and eventually broke on the downside. Prices have recorded its intraday high at 18265.25 in its initial trades and after the breakdown, the index started sliding lower at a modest pace and went below 18200. A sharp decline came towards the end, prices have recorded its intraday low at 18080.30 and finally closed at 18105.30 near its day’s low with a loss of 58.70 points or 0.47% down. REALTY outperformed today and ended with a gain of 0.95% followed by MEDIA and METAL which ended with a gain of over half per cent. BANK, FINANCIAL, and FMCG underperformed today and ended with a loss of over half a percent. Next week on Monday, we should look for a buying opportunity. The idea is to wait till 09:30 AM and then look for a buying opportunity on a breakout above the high recorded. Keep a stop of 80 points and a target of 240 points from your entry price. On the weekly timeframe chart, the NIFTY closed with gains this week and recovered almost all the losses that came last week.

BANK NIFTY:

the BANK NIFTY opened at 43401.70 with a gap up of 76 points. The index did not sustain at the higher levels and started drifting downwards after recording its intraday high at 43422.95. Prices kept on declining for the whole day, recorded its intraday low at 42833.10, and finally closed at 43034.35 with a loss of 291 points, PSU BANKS have outperformed today and ended with a gain of 1.51% PVT BANKS have underperformed and closed with a loss of 0.53% Within the index, in terms of points IDFC FIRST BANK contributed the highest on the upside while ICICIBANK contributed the lowest. Look for a buying opportunity next week. 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. The short-term trend is still sideways but the bias is bullish now. A close above 43300 may change it to be on the upside. Support is now visible around 42700. On the weekly timeframe chart, the index has closed higher and recovered almost all the losses that came last week.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Nikkei S&P Global Manufacturing PMI (Dec) on 2nd  January, 2023 INR: Nikkei Services PMI (Dec) on 4th  January, 2023	USD: JOLTs Job Openings (Nov) on 4th  January, 2023 USD: ISM Manufacturing PMI (Dec) on 4th  January, 2023

NEWS UPDATES

• Benchmark indices ended on negative note amid volatility on December 30, the last trading session of year 2022, with Nifty around 18,100.At Close, the Sensex was down 293.14 points or 0.48% at 60,840.74, and the Nifty was down 85.70 points or 0.47% at 18,105.30. About 2139 shares have advanced, 1238 shares declined, and 140 shares are unchanged.

• Elin Electronics failed to catch the eye of investors on its debut as the stock fell nearly 7 percent on December 30. But don’t panic. Experts have advised holding the stock for the long-term given the immense potential in the electronics manufacturing services (EMS) industry going ahead.

• The central government’s fiscal deficit widened to Rs 9.78 lakh crore in April-November period, accounting for 58.9 percent of the full-year target, data released on December 30 by the Controller General of Accounts showed.

• Welspun Enterprises Ltd on December 30 announced a share buyback plan of Rs 235 crore, at a price of Rs 200 apiece, along with the rollout of a special dividend of Rs 7.50 per equity share.

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

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