Nifty Ended On A Flat Note, Nifty Bank Outperformed

NIFTY:

the NIFTY opened at 17807.30 without much of a gap. The index initially moved lower but bounced up quickly. However, prices did not go much higher. The index started drifting downwards towards 17700 but found support before reaching there. Prices have recorded its intraday low at 17729.65 and started moving higher. A rally brought the index again above 17800 and prices recorded its intraday high at 17842.15. The NIFTY finally closed at 17828 with a gain of 15.60 points or 0.09% up. The BANK and REALTY outperformed today and gained over 1% followed by FINANCIAL and AUTO. The IT underperformed today and closed with a loss of over 2% followed by PHARMA, MEDIA, and OIL GAS. The support is now shifted at 17500 while the index is roaming around its resistance at 17800. If it breaks then the next resistance may emerge around 18100.

BANK NIFTY:

the BANK NIFTY opened at 41680.10 with a gap up of 103 points. The index initially moved lower but quickly found support and turned up after recording its intraday low at 41502.65. Prices soon started a consolidation process that breaks on the upside and the index rallied more sharply till the end. Prices have recorded its intraday high at 4219620 and finally closed at 42137.80 with a gain of 560 points. PSU and PVT BANK both indices have performed almost the same today, saw a sharp intraday rally, and closed higher by more than 1%. Within the index in terms of points, AU BANK contributed the highest on the upside while BANDHAN BANK contributed the lowest. The short-term trend is up as the index crossed decisively 41500 resistance. Support is now shifted around 41000Resistance is now visible around 43000.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: WPI Inflation (YoY) (Mar) on 17th April, 2023 INR: Deposit Growth on 21st April, 2023	USD: Building Permits (Mar) on 18th April, 2023 USD: Crude Oil Inventories on 19th April, 2023

NEWS UPDATES

• Indian benchmark indices ended marginally higher in the highly volatile market. At close, the Sensex was up 38.23 points or 0.06 percentat 60,431.00, and the Nifty was up 15.60 points or 0.09percentat 17,828. About 1,871 shares advanced, 1,526 shares declined, and 117 shares were unchanged.

• Data released on April 12 showed inflation for the ‘milk and products’ a sub-group of the Consumer Price Index (CPI), was 9.31 percent in March. In the first quarter of 2023, ‘milk and products’ inflation averaged 9.25 percent — the highest it has been since October-December 2014.

• Air India will reduce the frequency of flights to Oman, Dubai, Abu Dhabi, and Qatar as a temporary measure to mitigate the problem of crew and plane shortage the airline faces. Air India has cancelled one weekly flight on both sides between Delhi and Muscat, Delhi and Dubai, and Delhi and Abu Dhabi from the last week of April to the end of May, multiple sources said.

• India and Japan can work together to achieve greater coordination and synergy between G7 and G20 member countries, Union Finance Minister Nirmala Sitharaman has said. India holds the annual revolving presidency of G20 countries and Japan is the current president of G7 countries.

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

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