NIFTY ENDED ON A FLAT NOTE AFTER MOVING VOLATILE DURING THE DAY

NIFTY:

The NIFTY opened at 1830340 with a gap up of 39 points. The index initially moved lower, filled the gap, and then found support. Prices have bounced up afterward. The index moved higher, surpassing the opening tick but could now move much higher and started finding resistance. Prices have recorded its intraday high at 18344.20 and saw a sharp decline. The down move lasted till the end and the index recorded its intraday low at 18229.65. The NIFTY finally dosed at 18265.95 with a gain of just 1.55 points or 0.015% up IT AUTO, and PHARMA outperformed today and closed with gains followed by OIL GAS. REALTY underperformed today by ending 0.85% down followed by FMCG, BANK, and FINANCIAL. The short-term trend is still up as the index is moving near the top of an ongoing up move. The support is now visible around 18050 while resistance may emerge around 18400, We are expecting a process of consolidation here. It is possible that the index may spend a few days within these support and resistance levels.

BANK NIFTY:

The BANK NIFTY opened at 43438.55 with a gap up of 124 points. The index initially moved lower, filled the gap, and then bounced up. Prices have seen a modest up move and recorded its intraday high at 43533.25. The index started drifting downwards from there that lasted till the end. Prices have recorded its intraday low at 43125.85 and finally dosed at 43171.60 with a loss of 143 points. PSU BANK has underperformed today, saw a sharp intraday decline, and closed with a loss of 2.75%. PVT BANK has outperformed today and closed with a gain of just 0.14%. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while SBIN contributed the lowest. It was a volatile day in the BANK Index where prices have seen sharp intraday moves in both directions and finally ended almost on a flat note with a minor loss. The close was near to the intraday low so it was a day that belongs to bears. Since the range is very narrow so it will eventually resolve soon one way or the other.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• On Tuesday, Benchmark indices erased theirearly gains amid volatility in the second half of trade. The Sensex settled down 2.92 points or flat at 61,761.33, and the Nifty ended 5.10 points or 0.03% lower at 18,259.30. About 1,540 shares advanced, 1,806 shares declined, and 130 shares unchanged.

• Macquarie Research has initiated an ‘outperform’ rating on Mankind Pharma Ltd. while setting a target price of Rs 1,400. The company’s net profit could double in the next three years, according to the research firm, driven by continued sales outperformance relative to the Indian pharma market. Shares of the pharma company debuted at a 20.37% premium at Rs 1,300 apiece on BSE, over its IPO price of Rs.1,080 apiece.

• The full benefits of Reliance Industries’ $45 billion (Rs 3.6 lakh crore) of investment and capex across businesses over FY22-24 will start flowing through from FY25 earnings, believes global financial services firm JPMorgan. It remains Overweight on the stock and continues to see the stock price offering attractive risk-reward. Its target on RIL is Rs 2,960, indicating a 19 percent upside from the current levels.

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

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