NIFTY ENDED AGAIN ON A FLAT NOTE WHILE NIFTY BANK ENDED WITH GAINS

NIFTY:

The NIFTY opened at 18273.75 with a gap down of 24 points. The index fell further on the downside but soon found support around 18200 and bounced up. Prices have recorded its intraday low at 18194.55 and saw a sharp intraday rally of almost 150 points. The index faced resistance around 18350 and then saw a mild correction. The NIFTY recorded its intraday high at 18342.75 and finally closed at 18314.80 near its day’s highs with a gain of just 17.80 points or 0.10% up. BANK and AUTO outperformed today and closed with a gain of over half percent followed by FINANCIAL METAL and MEDIA underperformed today and closed with a loss of over 1%. The support is now shifted around 18200 as prices are holding this level for the past four trading days. Resistance is still around 18400. A break from this 200 points range may give us a tradable move.

BANK NIFTY:

The BANK NIFTY opened at 43447.15 with a gap down of 59 points. The index initially moved down and then started moving sideways. That sideways movement broke on the upside after prices have recorded its intraday low at 43347.75. The index has seen a sharp rally for the rest of the day, recorded its intraday high at 43877.45, and finally closed at 43794.20 with a gain of 288 points. PSU and PVT BANKS both indices have performed almost the same today, saw a mild up move, and finally closed with a gain of 0.21% &0.62% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while FEDERAL BANK contributed the lowest. The short-term trend is still up as prices are moving near the top of an ongoing up move. A narrow trading range inside 42500 as support and 43500 as resistance has broken decisively on the upside suggesting higher levels may be ahead.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Indices recouped early losses and posted minor gains. Automobile, financial stocks lead gains. The Sensex was up 123.38 points or 0.20 percent at 62,027.90, and the Nifty was up 17.80 points or 0.10 percent at 18,314.80. About 1,650 shares advanced, 1,859 shares declined, and 129 shares were unchanged.

• Zensar Technologies climbed 10 percent on May 12 with heavy volumes and hit the 52-week high of Rs 341 reacting to the company’s March quarter numbers. FIIs and DIIs have been steadily cutting their stake in the technology company’s stock while retail investors have been lapping up the stock since June 2020.

• Vedanta Limited on May 12 reported a 56.3 percent year-on-year decline in profit at Rs 2,634 crore in the March quarter against Rs 6,027 crore in the same quarter of the previous fiscal. Net profit attributable to owners of the company fell over 67 percent YoY to Rs 1,881 crore.

• Pharmaceutical company Cipla recorded a consolidated net profit of Rs 525.65 crore for the January-March period, 45.3 percent higher than Rs 362.07 crore in the year-ago period. With this, the drugmaker’s net profit for the period lagged estimate of Rs 723.4 crore, as per a poll of brokerages conducted by Moneycontrol.

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

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