Nifty, Nifty Bank Traded Very Narrow And Volatile Today

NIFTY:

the NIFTY opened at 18084.75 with a gap down of 48 points. The index initially moved up and filled the gap after recording its intraday low at 18068.35 in its initial trades. Prices did not move further up and saw a sharp dip and then started a consolidation process which eventually broke on the upside. The index rallied again to record its intraday high at 18173.10. The NIFTY has seen a sharp fall in the last hour of trading and finally closed at 18122.50 near yesterday’s closing price with a loss of 9.80 points or 0.05% down. OIL GAS outperformed today and ended with a gain of 1.26% followed by MEDIA which ended with a gain of 0.62 %. PHARMA underperformed today and ended with a loss of 0.56% followed by METAL which ended with a loss of 0.27%. The short-term trend remained sideways and it will be sideways as far as prices are moving within the support level at 18000 and the resistance level at 18300. A breakout from this range may give us a directional move. We may get a buying opportunity either on a dip towards 18000 support or on a close above 18300 resistance. We may get a shorting opportunity either on a rally towards 18300 resistance or on a close below 18000 support.

BANK NIFTY:

the BANK NIFTY opened at 42733.60 with a gap down of 133 points. The index bounced up quickly after recording its intraday low at 42694.85 in its initial trades. Prices have filled the gap and moved further up to record its intraday high at 43034.95. The index moved within this range for the rest of the day and finally closed at 42784.15 with a loss of 82 points. PSU and PVT BANKS both indices have performed almost the same today and closed almost on a flat note. Within the index, in terms of points, BANK BARODA contributed the highest on the upside while AXIS BANK contributed the lowest. It was again a volatile day in the Bank Index where prices moved in a narrow range for the day. Prices have seen sharp volatile moves within a range of just 340 points. A gap-down opening did not sustain and the index ended almost on a flat note. The short-term trend remained sideways as the index is seeing a relief rally after a sharp decline. We are expecting a consolidation process here after the last few days of the sharp movement. For the time being, we should avoid trading the index and wait for a clear sense of direction.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Federal Fiscal Deficit (Nov) on 30th December, 2022 INR: Infrastructure Output (YoY) (Nov) on 30th December, 2022	USD: Initial Jobless Claims on 29th  December, 2022 USD: ISM Manufacturing PMI (Dec) on 4th  January, 2023

NEWS UPDATES

• Indian benchmark indices ended on flat note in the highly volatile session on December 28.At Close, the Sensex was down 17.15 points or 0.03% at 60,910.28, and the Nifty was down 9.80 points or 0.05% at 18,122.50. About 2006 shares have advanced, 1372 shares declined, and 134 shares are unchanged.

• The next 40 days are going to be crucial as India may see a surge in COVID-19 cases in January, official sources said on Wednesday citing the pattern of previous outbreaks.

• Spandana Sphoorty Financial on Wednesday approved the transfer of its stressed loan portfolio including written off loans to an Asset Reconstruction Company (ARC), amounting to Rs 95 crore. The written-off portfolio has outstanding of Rs 323.08 crore as on 30 September 2022.

• A special Central Bureau of Investigation court here on Wednesday extended till December 29 the CBI custody of former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group founder Venugopal Dhoot in connection with a loan fraud case.

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

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