NIFTY CLOSED WITH NEARLY HALF PERCENT GAINS NEAR 18400 RESISTANCES

NIFTY:

The NIFTY opened at 18339.30 with a gap up of 25 points. The index continued its bullish momentum and moved further on the upside after recording its intraday low at 18287.90. Prices have rallied sharply and went above 18400 comfortably. However, the index started a consolidation process after recording its intraday high at 18458.90. That consolidation broke on the downside and prices have seen a decline towards the end. The index finally closed at 18398.85 with a gain of 84.05 points or 0.46% up. All the sectoral indices have closed with a gain today. OIL GAS and PHARMA closed without any change while REALTY led the bulls today by closing more than 4% followed by MEDIA and FMCG. The short-term trend is up and there is no doubt about that. However, the momentum is not very strong as the index is consolidating briefly We have been tracking support around 18200 and resistance around 18400. The index made an attempt to break above 18400 but in the end, prices closed just below this level. A breakout from this 200 points range may given a tradable move.

BANK NIFTY:

The BANK NIFTY opened at 43821.05 with a minor gap up. The index initially consolidated and then broke on the upside after recording its intraday low at 43666.60. Prices have seen a sharp intraday rally and almost reached its lifetime highs. The index faces resistance there and formed a trading range. Prices have remained range bound till the end, recorded its intraday high at 44151.70, and finally closed at 44045,15 with a gain of 251 points. PSU and PVT BANKS both indices have performed almost the same today, saw a sharp intraday rally, and finally dosed with a gain of 1.13% &0.77% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside followed by BANK BARODA. The short-term trend is still up as prices are moving near the top of an ongoing up move. Prices have almost reached its lifetime highs which were recorded at 44151.80. Support is now visible around 43000. Resistance is not visible as the index is almost at its lifetime highs. We should look for buying only on any dips or breakouts.

TECHNICAL PICKS

DERIVATIVE PICKS

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Indian equity benchmarks held on the gains through Monday to rise for the second consecutive session. Realty and media sectors were the top gainers in trade. The S&P BSE Sensex Index and the NSE Nifty 50 Index ended at its highest levels in five months since mid-December in 2022.

• India’s oldest stock exchange —BSE Ltd — is making a renewed attempt to revive its comatose derivatives segment by bringing back the Sensex and Bankex futures and options (F&O) contracts with reduced lot sizes and different expiry dates.

• Nifty Realty was the largest sectoral gainer on May 15 after key real estate companies reported stellar Q4 numbers. The strong show lifted the mood across the board and pushed stocks higher.

• India currently levies 60% and 100% tax on car imports which will be reduced in a phased manner to 10% by year five but only for a maximum of 46,200 vehicles, according to a proposal made by the country’s leading auto lobby group to the government.

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

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