NIFTY, NIFTY BANK STARTED THE WEEK WITH GAINS

NIFTY:

The NIFTY opened at 18120.60 with a gap up of 65 points. The index initially moved higher sharply after recording its intraday low at 18100.30 in its initial trades. For the first one and a half hours of trading, the index moved up sharply and afterward continued moving higher but with a slow pace towards 18300 Towards the end, the index started moving sideways. The index recorded its intraday high at 18286.95 and finally closed at 18264.40 near its day’s highs with a gain of 195.40 points or 1.08% up. All the sectoral indices have moved up except MEDIA which ended with a loss of 0.60% BANK, FINANCIAL, AUTO, and REALTY led the bulls today and closed with more than a 1% gain. The short-term trend is still up as the index recorded new swing highs for the current upside move. We have been following a resistance level of around 18200. The index broke higher decisively. The support is now visible around 18050 while resistance may emerge around 18400.

BANK NIFTY:

The BANK NIFTY opened at 42796.85 with a gap up of 127 points. The index initially moved up after recording its intraday low at 42780.30 in its initial trades. Prices have moved sharply and reached nearly 43300 within the first hour of trading. A process of consolidation then started and that consolidation continued till the end. The index recorded its intraday high at 43418.55 and finally closed at 43314.40 with a gain of 645 points. PSU BANK has underperformed today, saw a sharp intraday decline, and closed with a loss of 0.93% PVT BANK has outperformed and closed with a gain of 1.70%. Within the index, in terms of points, HDFC 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

• Benchmark indices sustained their early gains and ended over 1 percent higher. Tata Motors, Bajaj Finance and IndusInd Bank stole the limelight, notched 4-5 percentgains. The Sensex was up 709.96 points or 1.16 percentat 61,764.25, and the Nifty was up 202.80 points or 1.12 percentat 18,271.80. About 2,006 shares advanced, 1,525 shares declined, and 152 shares were unchanged.

• Mankind Pharma is likely to start the first day’s first trade with a double-digit premium on May 9, said market observers. This is largely attributed to the strong demand seen from qualified institutional buyers (QIBs) to the initial public offering (IPO) and healthy market conditions.

• Rajasthan government officials and the Geological Survey of India (GSI), substantial reserves of lithium have been identified in the Degana municipality of Nagaur district in Rajasthan.These reserves are said to contain significantly more lithium than the 5.9 million tonnes found in Jammu and Kashmir recently.

• The National Company Law Tribunal (NCLT) on May 8 issued a notice to budget carrier SpiceJet to respond to a plea claiming unpaid dues.

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

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