NIFTY CLOSED HIGHER FOR THE FIFTH CONSECUTIVE TRADING DAY ABOVE THE 18000 MARK

NIFTY:

The NIFTY opened at 17950.40 with a gap up of 35 points. However, the index could not sustain at the higher levels and started drifting downwards from its opening tick Prices have seen a sharp intraday decline but soon found support and bounced up after recording its intraday low at 17885.30. The index rallied sharply toward the 18000 mark The rally continued till the end and prices have recorded its intraday high at 18089.15. The index finally closed at 18065 near its day’s highs with 149.95 points or 0.84% up again. All the sectoral indices have moved up today and closed with gains. The IT and MEDIA outperformed today and gained over 1% followed by AUTO FMCG, PHARMA, METAL, and OIL GAS. We should look for buying only as long as prices are trading above 17600 support. Since the index is trading very near the resistance level, we may see a brief consolidation next week.

BANK NIFTY:

The BANK NIFTY opened at 43045.50 with a gap up of 83 points. The index could not sustain at the higher levels and started drifting downwards from its opening tick Prices have found intraday support around 42800, formed a trading range, and broke on the upside after recording its intraday low at 428 10.35. The index rallied and surpass the early morning highs to record its intraday high at 43302.05. Prices have finally closed at 43226.35 with a gain of 264 points PSU BANK has outperformed today saw a sharp intraday rally and closed higher by 2.45% PVT BANK moved sideways and ended with a gain of just 0.34% Within the index, in terms of points, SBIN contributed the highest on the upside while AXIS BANK contributed the lowest. The short-term trend is up. The index is now moving higher and the momentum is also getting stronger. On the weekly timeframe chart, the index closed higher near its weekly highs Support is now visible around 42000 which is also the recent swing low while resistance is visible around 43500. The index came close to this level.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended higher on April 28 with Nifty above 18,000. At close, the Sensex was up 463.06 points or 0.76% at 61,112.44, and the Nifty was up 150.00 points or 0.84% at 18,065. About 2167 shares advanced, 1238 shares declined, and 128 shares unchanged.

• Escorts Kubota Ltd.’s dispatches to dealerships fell 9.1% year-on-year to 7,565 units in April. The preponement of Navratri festive season this time to March 2023 as against April last year, combined with unseasonal rains impacted sales for the month, the tractor maker said.

• Reliance Industries Ltd. is planning to list its digital financial services unit as soon as October, according to people familiar with the matter.

• The Indian job market is estimated to witness 22% churn over the next five years, with top emerging roles coming from AI, machine learning and data segments, a new study showed on Monday. Globally, the job market churn is estimated at 23%, with 69 million new jobs expected to be created and 83 million eliminated by 2027, the World Economic Forum said in its latest Future of Jobs report.

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

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