NIFTY, NIFTY BANK RESUMES ITS UP MOVE AFTER ONE DAY OF DIP

NIFTY:

The NIFTY opened at 18081 without much of a gap. The index shows strong momentum and moved up quickly after recording its intraday low at 18066.70 in its initial trades. The rally continued for the whole day with minor dips in between. Those dips were used to add or take fresh positions and prices have broken above 17200 comfortably. The index recorded its intraday high at 18267.45 and finally closed at 18255.80 near its day’s highs with a gain of 165.95 points or 0.92% up. All the sectoral indices have closed with gains except FMCG which ended with a loss of just 0.13%, FINANCIAL and METAL outperformed today and led the bulls by closing more than 1% higher. Last two days of narrow range resolved on the upside. A sharp intraday rally broke above the 18100-18200 resistance zone. Support is now shifted around 18000. We should look for buying only as long as prices are trading above 18000 support.

BANK NIFTY:

The BANK NIFTY opened at 43236.10 with a gap down of 56 points. The index initially started a process of consolidation that eventually broke on the upside after recording its intraday low at 43213.95. Prices have rallied higher throughout the day, recorded its intraday high at 43739.80, and finally closed at 43653.90 with a gain of 361 points. PSU BANK has outperformed today, saw a sharp intraday rally, and closed with a gain of 1.23%. PVT BANK has also moved up today and closed with a gain of 0.62% Within the index, in terms of points, HDFC BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. The short-term trend is up. The last two days of narrow price action resolved on the upside. Prices have broken out from its resistance level around 43500 and closed above to this level. Support is now visible around 42500.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• India’s benchmark Sensex gained 0.91 percent or 555.95 points to close at 61749.25 points while Nifty rose 0.92 percent or 165.95 points to 18255.80 points. Among sectoral indices all sectors ended higher except Nifty FMCG which fell 0.13 percent . Nifty Financial Services was the top gainer that rose 1.55 percent followed by Nifty Metal and PSU Bank which gained 1.3 percent each.

• Adani Enterprises Ltd, the flagship company of billionaire Gautam Adani’s ports-to-energy group, on Thursday reported more than doubling of net profit in the March quarter on the back of growth in airports and road businesses.

• Housing Development Finance Corporation (HDFC) on May 4 reported an 19.59 percent growth in standalone net profit at Rs 4,425.50 crore for the quarter ended March, as against Rs 3,700.32 crore, reported a year ago.

• Yamuna Expressway Authority launches group housing scheme, eyes Rs 479 crore revenue. Alongside, the authority has also launched a commercial plots scheme and aims to rake in Rs 22 crore from that auction.

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

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