SHARP INTRADAY DECLINE IN NIFTY & NIFTY BANK

NIFTY:

The NIFTY opened at 18774.45 with a gap up of 19 points. The index initially moved lower but quickly rebounded and turned up. Prices have seen a modest rally toward 18800.The index faced resistance before reaching 18800 and then moved on the downside. The decline took a pause around 18700 but prices resumed sliding lower. Consolidation in the afternoon broke on the downside, prices recorded its intraday low at 18669.05 and finally closed at 18688.10 with a loss of 67.80 points or 0.36% down. The PHARMA outperformed today and closed with a gain of 1.42% followed by FMCG, BANK and MEDIA led the bears today and ended with a loss of over 1% followed by FINANCIAL, REALTY, and IT. The index found resistance around 18800. Support is visible around 18400-18450 zones.

BANK NIFTY:

The BANK NIFTY opened at 44054.35 with a gap up of 90 points. The index could not sustain at the higher levels and started drifting downwards from its opening tick. Prices recorded its intraday high at 44077.45 and saw a sharp decline which lasted almost till the end with some intraday rallies and consolidation Prices have recorded its intraday low at 43397.50 and finally closed at 43453.20 with a loss of 411 points. PSU BANK has underperformed today, saw a sharp down move, and ended with a loss of 1.99%. PVT BANK has also moved down today and closed with a loss of 1.20%. Within the index, in terms of points, IDFC FIRST BANK contributed the highest on the upside while HDFC BANK contributed the lowest. Another gap-up opening did not sustain in the NIFTY BANK and the index moved down for the whole day. The breakdown indicates lower levels may be ahead. Resistance is now visible around 44000 while support is visible around 43000.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• The Indian equity market snapped its three-day winning streak to end lower on June 15, with the 30-pack Sensex falling 306 points to 62,921.58 and the broad-based Nifty closing below the 18,700 mark. The Nifty closed 72 points lower at 18,683.90. About 1,533 shares advanced, 1,754 declined and 116 were unchanged.

• India’s domestic air traffic in May rose 36 percent compared to the same month last year. Domestic airlines carried 1.32 crore passengers in May, data released by the Directorate General of Civil Aviation (DGCA) on June 15 shows.

• Cravatex zoomed 16 percent on June 15, taking the cumulative two-day gain to 31 percent, after veteran investor Ashish Chugh bought 15,000 equity shares on June 14.

• India’s overall trade deficit has narrowed to $10.35 billion in May 2023, as compared to $12.20 billion in the year-ago period, as per the official data released on June 15.

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

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