NIFTY, NIFTY BANK CONTINUED ITS DOWN MOVE FOR THE SECOND CONSECUTIVE TRADING DAY

NIFTY:

The NIFTY opened at 18300.45 with a gap up of just 14 points. The index could not sustain itself at the higher level and started drifting downwards from the opening tick. Prices have recorded its intraday high at 18309 just above the opening tick, saw a sharp intraday decline, and broke down 18200 support. Prices have fallen further to record its intraday low at 18115.35. The index started consolidating afterward and saw some recovery towards the end. Prices have finally closed at 18181.75 with a loss of 104.75 points or 0.57% down. All the sectoral indices have closed with a loss today except AUTO and FMCG which ended with minor gains. MEDIA and REALTY led the bears today followed by IT, METAL, and FINANCIAL. The short-term trend is now sideways as prices have broken and closed below the 18200 support levels. The next support is now visible around 18000 -18050 zones. The index is finding resistance around 18400. The last two days of the down move gave us a buy-on-dips opportunity.

BANK NIFTY:

The BANK NIFTY opened at 43948.50 with a gap up of 92 points. The index could not sustain at the higher levels and started drifting downwards after recording its intraday high at 43992.75. A sharp decline brought prices to its intraday low at 43446.60. The index found support there and saw some recovery to finally close at 43748.90 with a loss of 108 points. PSU and PVT BANK both indices have performed almost the same today, saw an intraday decline, and dosed lower by 0.34% & 0.46% respectively. Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while KOTAK BANK contributed the lowest. The short-term trend is still up. We have mentioned support around 43000 and resistance around the lifetime high recorded at 44151.80. The last two days of the down move have given us a buy-on-dips opportunity.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Indian benchmark indices ended lower for the second consecutive session on May 17 with Nifty below 18,200. At close, the Sensex was down 371.83 points or 0.60 percentat 61,560.64, and the Nifty was down 104.70 points or 0.57percentat 18,181.80. About 1,666 shares advanced, 1,722 shares declined, and 129 shares were unchanged.

• CapitaLand Investment Ltd is planning to deploy around Rs 4,500 crore over the next 6 to 7 years to expand its footprint into business parks and industrial logistics parks in India.

• More analysts point to ONDC not being a threat to Zomato and Swiggy duopoly. A higher commission model was especially needed because ONDC cannot keep funding discounts for long nor can it forgo its own commissions for software and network upkeep. A like-for-like comparison shows the current commission rates of food techs and ONDC are similar.

• Bharti Airtel reported a 50 percent jump in consolidated net profit at Rs 3,006 crore for the quarter ended March 2023 from Rs 2,008 crore a year back. Sequentially, it was a surge of 89 percent.

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

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