Nifty Traded Very Narrow On A Monthly Expiry Day

NIFTY:

The NIFTY opened at 16977.30 with a gap up of just 26 points. The index initially went up but soon found resistance around 17050 and started drifting downwards. Prices have erased all the gains and went towards 16900 but turned around before reaching there. The index recorded its intraday low at 16940.60 and saw a sharp upside move. The rally lasted till the end, took the index above 17100 and prices have recorded its intraday high at 17126.15. The index finally dosed at 17080.70 with a gain of 129 points or 0.76% up. All the sectoral indices have participated in today’s up move except OIL GAS which ended with a minor loss. The MEDIA, METAL, and REALTY led the bulls and ended with a gain of over 2% followed by AUTO and IT. The short-term trend is sideways. We have mentioned a narrow trading range with support around 16850 and resistance around 17200. This range remained intact for the 12th day. We may see a breakout very soon from this range.

BANK NIFTY:

The BANK NIFTY opened at 39611.55 without much of a gap. The index started moving higher from the opening tick but soon faced resistance around the 39900 level. Prices have recorded its intraday low at 39609.55 in its initial trades and spent almost the whole day within these two levels. The index has seen a sharp intraday rally in the last hour of trading, recorded its intraday high at 40055, and finally closed at 40013.30 with a gain of 408 points. PSU BANK has outperformed, saw a sharp intraday rally, and closed higher by 3.22% . PVT BANK has also moved up and ended with a gain of 0.82% Within the index, in terms of points, HDFC BANK contributed the highest on the upside followed by AXIS BANK. We have been tracking a narrow trading range inside 38500-40000 for the past few trading days. The range has got even narrower with support around 39300 and resistance around 40200. A breakout from this range may give us a directional move.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Federal Fiscal Deficit (Feb) 31st March, 2023 INR: Infrastructure Output (YoY) (Feb) 31st March, 2023	USD: Core PCE Price Index (MoM) (Feb) on 31st March, 2023 USD: ISM Manufacturing PMI (Mar) on 3rd April, 2023

NEWS UPDATES

• Benchmark indices ended higher on March 29 with Nifty around 17,100. At close, the Sensex was up 346.37 points or 0.60% at 57,960.09, and the Nifty was up 129 points or 0.76% at 17,080.70. About 2139 shares advanced, 1288 shares declined, and 110 shares unchanged.

• Vedanta Limited is known for paying handsome dividends to its shareholders. Last year, it topped the chart for the stock with highest dividend yield in India. For FY23, the company has announced five interim dividends amounting to Rs 101.5 per share.

• Shares of Hindustan Construction Company (HCC) jumped more than 7 percent on March 29 after it completed the sale of its wholly owned subsidiary Baharampore-Farakka Highways to Cube Highways and Infrastructure V Pte ltd.

• Unveiling its electric vehicle roadmap in India, Honda Motorcycle and Scooter India (HMSI) has announced that it will launch two electric two-wheelers under ‘Platform E’ in the country in fiscal 2023-24.

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

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