NIFTY, NIFTY BANK ENDED WITH A MARGINAL LOSS

NIFTY:

The NIFTY opened at 18113.80 with a gap down of 34 points. The Index initially moved lower but soon found support and bounced up but faced resistance quickly. The index then saw a sharp decline and some recovery towards the end. Prices have recorded first its intraday high at 18116.35 and then its intraday low at 18042.40. The NIFTY finally closed at 18089.85 with a loss of 57.80 points or 0.32% down. The FMCG outperformed and closed with 0.78% gains followed by MEDIA and REALTY, IT and METAL underperformed and closed with a loss of nearly 1% followed by OIL GAS. We are expecting a brief consolidation here and that has just begun. Soon we will see a breakout one way or the other. We will then plan our trade accordingly. Support is now visible around 17800 while resistance is visible around the 18100-18200 range.

BANK NIFTY:

The BANK NIFTY opened at 43154.85 with a gap down of 151 points. The index recorded its intraday low at 43078.15 in its initial trades and started moving on the upside. The index continued moving higher for the whole day with sharp intraday declines in between. Prices have recorded its intraday high at 43354.95 and finally dosed at 43292 with a loss of just 13 points. PSU BANK has underperformed, saw a sharp decline, and closed with a loss of 0.98%. PVT BANK has outperformed and closed with a gain of just 0.06%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AXIS BANK contributed the lowest. The short-term trend is up. For the past two trading days, the index is trading very narrowly. We have been expecting a brief consolidation here. This narrow movement indicates a sharp move should come. Support is now visible around 42500 while resistance is visible around 43500.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• India’s benchmark Sensex ended 0.26 percent or 161 points lower to 61193.30 points while Nifty 50 Index lost 0.32 percent or 57.80 points to 18089.85 points. Nifty IT, Metal and PSU indices declined nearly 1% each while Nifty FMCG and Realty gained 0.8 percent and 0.3 percent respectively.

• BHEL stock got back into momentum, rising over 6 percent on May 3 despite correction in benchmark indices. It has formed strong bullish candlestick pattern on the daily charts for yet another session, with making higher tops higher bottoms for third consecutive day.

• MRF share price climbed nearly 3 percent on May 3 after healthy earnings growth with sharp margin improvement recorded for the quarter ended March FY23. The standalone profit of the tyre maker increased significantly by 162 percent to Rs 410.66 crore for the March FY23 quarter, backed by robust operating performance and exceptional gains.

• The media and entertainment industry in India grew at 19.9 percent in 2022 and crossed the Rs 2 trillion mark after a 23 percent drop in revenue during the coronavirus pandemic years.

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

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