Nifty Ended With A Loss After Moving Volatile During The Day

NIFTY:

The NIFTY opened at 17920.85 with a gap up of just 25 points. The index initially consolidated, then saw a breakdown after recording its intraday high at 17945.80. Prices have seen a steep fall towards 17800 and then started hovering around this level for almost the whole afternoon. Another decline came which took prices to its intraday low at 17761.65. The index has seen some recovery in the last one and a half hours and finally closed at 17858.20 with a loss of 37.50 points or 0.21% down. MEDIA outperformed today and ended with a gain of more than half percent followed by IT and AUTO. OIL GAS underperformed today and closed with a loss of over 1% followed by BANK and FMCG. We have been tracking a wide trading range with support around 17800 and resistance around 18250. Today, prices have broken below 17800 but came back above the support levels. The short-term trend is sideways. It will be down if the index closes below 17800. As far as the Index is trading within the wide trading range, we should prefer trading on an intraday basis. Our approach should be to buy on dips and sell on rallies.

BANK NIFTY:

The BANK NIFTY opened at 42238.50 with a gap up of just 48 points. The index initially went down then turned up but could not sustain at the higher levels and again moved down after recording its intraday high at 42343.50. Prices have seen a sharp decline, consolidation, and a down move. The index recorded its intraday low at 41742.95 and then saw some recovery to finally close at 42092.95 with a loss of 98 points. PSU and PVT BANK both indices have performed almost the same today, saw an intraday decline, and closed with a loss of 0.31% & 0.47% respectively Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AXIS BANK contributed the lowest. We have also been tracking a wide trading range with support around 41500 and resistance around 43500. The range is still intact and prices are trading near the lower end of this range. As mentioned yesterday, “Intraday traders can look for a trading opportunity on both sides of the market with an approach of buying on dips and selling on rallies Carry forward traders should wait for prices to come at the extreme of the above-mentioned trading range.”

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Deposit Growth on 13th  January, 2023 INR: FX Reserves, USD on 13th  January, 2023	USD: Core Retail Sales (MoM) (Dec) on 18th  January, 2023 USD: PPI (MoM) (Dec) on 18th  January, 2023

NEWS UPDATES

• Benchmark indices ended lower in the volatile session on January 12.The Sensex was down 147.47 points or 0.25% at 59,958.03, and the Nifty was down 37.50 points or 0.21% at 17,858.20. About 1590 shares have advanced, 1813 shares declined, and 152 shares are unchanged.

• Infosys saw a significant decrease in attrition for the third quarter of FY23, with attrition falling from 27.1 percent to 24.3 percent on a trailing twelve-month basis, the company announced on January 12 as it released its Q3FY23 results.

• Paytm plunged 8.8 percent on Thursday after parent One97 Communications Ltd recorded a series of block deals in which around 19.20 million shares, or 3 percent stake, of the company changed hands.

• PVR and INOX on January 12 received the Mumbai bench of the National Company Law Tribunal’s (NCLT) approval for their merger, sources tracking the development said.The tribunal approved the scheme of merger in a verbal order and a written order is expected over the next 15-20 days.The merger ratio that has been approved is three shares of PVR for 10 shares of INOX.

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

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