Nifty Ended With A Loss While Bank Outperformed And Closed With Gains

NIFTY:

The NIFTY opened at 17863 with a gap up of 35 points. The index could not sustain at the higher levels and started drifting downward after the opening tick. The index recorded its intraday high at its opening tick, filled the gap in no time, and fell further on the downside to record its intraday low at 17574.05. Prices have then found support and started moving higher. The rally lasted till the end and the index finally closed at 17706.85 with a loss of 121.15 points or 0.68% down. The IT underperformed today, led the bears, and closed with a loss of 4.71% followed by PHARMA and MEDIA. The FMCG outperformed today and closed with a gain of 1.03% followed by OIL GAS and REALTY which ended nearly 1% higher. After such a sharp move prices trend to consolidate or correct. We should wait for either one and then plan our trade accordingly.

BANK NIFTY:

The BANK NIFTY opened at 42603.55 with a big gap up of 466 points. The index could not sustain at the higher levels and started drifting downwards. The intraday high was recorded at the opening tick and the gap was filled within the first five minutes of trading. The index moved lower further and recorded its intraday low at 41799. Prices have seen a steady up move afterward which lasted till the end. The index finally closed at 42216.70 with a gain of 79 points. PSU BANK has outperformed today and closed with a gain of 3.13%, PVT BANK has also moved up today but ended with a gain of just 0.36%. Within the index, in terms of points, SBIN contributed the highest on the upside while HDFC BANK contributed the lowest. the BANK NIFTY opened at 42603.55 with a big gap up of 466 points. The index could not sustain at the higher levels and started drifting downwards. The intraday high was recorded at the opening tick and the gap was filled within the first five minutes of trading. The index moved lower further and recorded its intraday low at 41799. Prices have seen a steady up move afterward which lasted till the end. The index finally closed at 42216.70 with a gain of 79 points. PSU BANK has outperformed today and closed with a gain of 3.13%, PVT BANK has also moved up today but ended with a gain of just 0.36%. Within the index, in terms of points, SBIN contributed the highest on the upside while HDFC BANK contributed the lowest.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Bank Loan Growth on 21st 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 lower on April 17 with Nifty around 17,700. At close, the Sensex was down 520.25 points or 0.86 percentat 59,910.75, and the Nifty was down 121.20 points or 0.68percentat 17,706.80. About 1,747 shares advanced, 1.739 shares declined, and 180 shares were unchanged.

• Apple Inc.’s sales in India hit a new high of almost $6 billion in the year through March, highlighting the market’s increasing importance for the iPhone maker as Chief Executive Officer Tim Cook arrives in the country to open its first local stores.

• The country’s largest private sector bank, HDFC Bank will complete its reverse merger with its parent company Housing Development Finance Corporation Ltd (HDFC) by July 2023, said HDFC Bank chief financial officer Srinivasan Vaidyanathan.

• Diversified conglomerate ITC shares finally went past the Rs 400 mark on April 17, having gained more than 20 percent in 2023. Meme community’s favourite and a darling of investors, ITC’s 48 percent rise over the past year has made it the best-performing Nifty 50 stock.

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

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