NIFTY CLOSED LOWER FOR THE THIRD STRAIGHT SESSION; NIFTY BANK OUTPERFORMED

NIFTY:

The NIFTY opened at 18339.30 with a gap up of 25 points. The index the NIFTY opened at 18287.50 with a gap up of 106 points. The index could not sustain itself at the higher level and started drifting downwards from the opening tick. Prices have recorded its intraday high at 18297.20 just above the opening tick and saw a sharp intraday decline. The down move continued for the whole day. The index recorded its intraday low at 18104.85 and finally closed at 18129.95 near its day’s lows with a loss of 51.80 points or 0.28% down. All the sectoral indices have closed with a loss today except BANK and FINANCIAL which ended with minor gains. REALTY led the bears today by losing over 2% followed by PHARMA, FMCG, and OIL GAS. The short-term trend is now sideways. After breaching the 18200 support level the index is heading towards the next support level which should emerge around 18000-18050 zones.

BANK NIFTY:

The BANK NIFTY opened at 44006.90 with a gap up of 258 points. The index initially moved up then saw a decline and then again moved up. Prices have formed a trading range that eventually broke the downside and prices have seen another leg of a down move. The index recorded its intraday high at 44079.20 and its intraday low at 43673.70. Prices moved sideways toward the end and finally closed at 43770.10 with a gain of just 22 points. PSU BANK has underperformed today, saw a sharp decline, and closed lower by 1.90%. PVT BANK has outperformed today, saw a mild up move, and closed with a gain of 0.32%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while SBIN contributed the lowest. The short-term trend is sideways now.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended lower for the third straight session on May 18 with Nifty below 18,150. At close, the Sensex was down 128.90 points or 0.21 percentat 61,431.74, and the Nifty was down 51.80 points or 0.28percentat 18,130. About 1,530 shares advanced, 1,846 declined, and 124 were unchanged..

• ITC Limited on May 18 reported a 21.4 percent year-on-year growth in standalone net profit at Rs 5,086.9 crore for the March quarter. Net profit stood at Rs 4,190.9 crore in same period last year. Revenue from operations (excluding excise duty) for the company went up 5.6 percent YoY to Rs 16,398 crore from Rs 15,531 crore in the year-ago period. Both topline and bottomline beat analysts’ estimates..

• State Bank of India (SBI) on May 18 reported its highest-ever quarterly net profit of Rs 16,694 crore for the March quarter of the financial year 2022-23, recording an 83 percent rise from the year-ago period.

• Flight cancellations and delays due to Go First filing for insolvency, and the consequent increase in airfares by other airlines, is driving demand for bus tickets on shorter but popular routes.

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

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