The Nifty And Nifty Bank Moved Very Narrowly For The Second Consecutive Day

NIFTY:

The NIFTY opened at 17638.60 with a gap up of just 20 points. The index initially moved higher but soon found resistance and started moving on the downside. Prices have recorded its intraday high at 17684.45 in the morning, saw a sharp decline of almost 100 points, and recorded its intraday low at 17584.35. Prices have bounced up from there and saw a minor recovery in the last hour of trading. The Index finally dosed at 17624.45 with a gain of just 5.70 points or 0.03% up. The BANK, AUTO, and MEDIA outperformed today and closed with minor gains. The PHARMA underperformed today and closed lower by 1.11% followed by FMCG, METAL, and REALTY. The last two days of narrow price movement suggest a sharp move is about to come. The short-term trend is still up. Support is visible around 17500 and resistance is visible around 17800.

BANK NIFTY:

The BANK NIFTY opened at 42218.50 with a gap up of just 73 points. The index initially moved higher but soon faced resistance and started moving downside after recording its intraday high at 42378.15. Prices have seen a mild decline and recorded its intraday low at 42 108.85. The index has seen some recovery in the last hour of trading and finally closed at 42259.80 with a gain of 114 points. PSU BANK has underperformed today and dosed with a loss of just 0.11%. PVT BANK has outperformed today and closed with a gain of 0.31% Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AXIS BANK contributed the lowest. It was again a volatile day today in the BANK NIFTY where prices have seen sharp intraday swings in both directions. Moreover, the intraday range was again very narrow suggesting a sharp move is about to come.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Bank Loan Growth on 21st April, 2023 INR: Deposit Growth on 21st April, 2023	USD: New Home Sales (Mar) on 25th April, 2023 USD: CB Consumer Confidence (Apr) on 25th April, 2023

NEWS UPDATES

• India’s benchmark stock indices snapped a three-day losing streak to end higher on Thursday amid gains in media, consumer durables and private banks. Asian markets, including European stocks and U.S. equity futures, fell as market participants parsed mixed corporate earnings. The S&P BSE Sensex closed 65 points higher, or 0.11%, at 59,632.35, while the NSE Nifty 50 gained 6 points, or 0.03%, to end at 17,624.45.

• India’s most valuable company Reliance Industries Ltd (RIL) is likely to report double-digit growth in consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) for the December-March quarter when it reports its earnings on April 221, according to a Moneycontrol poll.

• India’s quick service restaurant industry is likely to witness 20-25 percent growth in the current financial year supported by demand uptick and increasing penetration driven by a rapid expansion of stores.

• ICICI Bank, India’s second-largest private sector bank by market capitalization, is all set to report its corporate earnings for the January-March 2023 quarter on April 22. The average of a poll of three brokerages estimate that the bank’s profit is going to rise to Rs 8,540 crore, a rise of 30.2 percent.

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

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