THE NIFTY AND NIFTY BANK MOVED VERY NARROWLY

NIFTY:

The NIFTY opened at 18595.05 with a gap up of 32 points. The index started a down move after the opening but soon found support and moved up. However, the momentum was not very strong. Prices have continued these alternate bouts of buying and selling for almost the whole day and formed a narrow trading range of about 50 points. The Intraday range was very narrow. The Index first recorded its intraday high at 18633.60, then its intraday low at 18559.75, and finally closed at 18601.50 with a gain of just 38.10 points or 0.21% up.IT, MEDIA and REALTY outperformed today and ended with a gain of over 1% followed by OIL GAS and METAL. BANK FINANCIAL, and PHARMA underperformed today and ended with a minor loss. Support is visible around 18400-18450 while resistance is now visible around 18750 which is the recent swing high. The volatility is very low as the INDIA VIX is moving around level 11 for the past week. The short-term trend is again sideways as prices have come back and stayed inside the 18450-18650 trading range for the past two trading days. The narrow price action indicates a sharp move is about to come. We should take a trade in the direction of a breakout.

BANK NIFTY:

The BANK NIFTY opened at 44035.20 with a minor gap up of just 45 points. The index started moving sideways after the opening tick. Prices have moved range bound inside a narrow trading range for the whole day. The index recorded its intraday high at 44124.95, its intraday low at 43874.05, and finally closed at 43956.45 with a loss of just 34 points. PSU BANK outperformed today, saw a modest upside rally, and closed with a gain of 0.48 % PVT BANK underperformed today and closed with a loss of Just 0.03% Within the index, in terms of points, BANK BARODA contributed the highest on the upside while HDFC BANK contributed the lowest. NIFTY BANK moved very narrowly today inside a range of just 250 points for the whole day and ended almost on a flat note. The last week was very narrow so we are expecting a sharp move this week. However, the beginning continued to be narrow but we may see a sharp move in the coming days of this week. We have been tracking a trading range inside 43700-44500.

TECHNICAL PICKS

DERIVATIVE PICKS

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended higher on June 12 with Nifty around 18600. At close, the Sensex was up 99.08 points or 0.16% at 62,724.71, and the Nifty was up 38.10 points or 0.21% at 18,601.50. About 2098 shares advanced, 1528 shares declined, and 119 shares unchanged.

• Indigo shares crash on reports of Gangwal family selling 5-8% stake in July, Brokers have already begun approaching select funds to gauge their interest in participating in a potential block deal, as per sources.

• Supreme Court sets aside stay on bike taxi ban in Delhi, On May 26, the Delhi High Court stayed a notice issued by the Delhi transport department to stop bike taxi services.

• No leak of users’ data from CoWIN portal, adequate safety measures in place: Govt, A government source said all application programming interfaces (API) associated with CoWIN are being looked over, and the Health Ministry is expected to post a clarification in this regard.

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

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