NIFTY, NIFTY BANK ENDED WITH GAINS, AND MOVED VERY VOLATILE DURING THE DAY

NIFTY:

The NIFTY opened at 18313.60 with a gap up of 48 points. The index could not sustain at the higher levels and started moving on the downside sharply. Prices have seen a down move of almost 100 points within the first hour of trading and recorded its intraday low at 18211.95. The index then bounced up from there. The NIFTY has seen a modest up move afterward which lasted till the end. Prices have recorded its intraday high at 18326.75 and finally closed at 18315.10 with a gain of 49.15 points or 0.27% up. MEDIA outperformed today and dosed with a gain of over 1% followed by REALTY, OIL GAS, and AUTO. IT and METAL underperformed today and closed with minor losses. The short-term trend is still up as the index is moving near the top of an ongoing up move. As mentioned earlier, the support is now visible around 18050 while resistance may emerge around 18400.

BANK NIFTY:

The BANK NIFTY opened at 43275.25 with a gap up of 104 points. The index could not sustain at the higher levels and started drifting downward after recording its intraday high at 43375.35. Prices have seen a sharp decline in the first hour of trading and recorded its intraday low at 42822.15. The index then moved up and saw a mild rally that lasted till the end. Prices have finally dosed at 43343.85 with a gain of 172 points. PSU BANK has underperformed today, saw a sharp intraday decline, and closed with a loss of 1.06%. PVT BANK has outperformed today and closed with a gain of 0.52%. Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while PNB contributed the lowest. The short-term trend is still up. However, the index is still moving within a narrow trading range inside 42500 as support and 43500 as resistance.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• TheSensexwas down 35.68 points or 0.06 percent at 61,0-5/52, and the Nifty was down 18.10 points or 0.10 percent at 18,297. About 2,052 shares advanced, 1,427 shares declined, and 153 shares were unchanged.

• Asian Paints on May 11 reported consolidated net profit of Rs 1,234.14 crore in the March quarter of FY23, a growth of 45.12 percent from Rs 850.42 crore in the year-ago period. The company’s revenue from operations came in at Rs 8,787.34 crore, rising 11.33 percent over Rs 7,892.67 crore in the year-ago quarter.

• Cipla Q4 preview: The company is expected to double its consolidated net profit to Rs 723.4 crore from Rs 362.07 crore in the year-ago quarter. It is also seen as the biggest beneficiary of a strong flu season in India.

• The BOE delivers a quarter-point rate hike to 4.5% as expected, with seven policymakers in favour of the move and two against, reported Bloomberg.

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

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