THE NIFTY CLOSED AROUND 18750 RESISTANCE; NIFTY BANK CONTINUED MOVING RANGE-BOUND AND NARROWLY

NIFTY:

The NIFTY opened at 18744.60 with a gap up of 28 points. The index could not sustain at the higher levels and started drifting downwards which found support sooner. The decline paused around 18700 and prices have bounced up after recording its intraday low at 17690. The index has seen a modest up move and crossed above early morning  highs. However, the index took a pause after that and went into consolidation. Prices have recorded its intraday high at 18769.70 and finally dosed at 18755.90 with a gain of 39.75 points or 0.21% up. The METAL outperformed today and closed with a gain of 1.49% followed by OIL GAS which ended nearly 1% higher. BANK, FINANCIAL, MEDIA, IT, and PHARMA underperformed and ended lower. The short-term trend is up. Support is visible around 18400-18450 while resistance is visible around 18750 which is the recent swing high. The narrow movement which prices are going through for the past few days should lead the index to a sharp move soon. However, the direction is unknown but we will follow the trend and try to catch that expansion.

BANK NIFTY:

The BANK NIFTY opened at 44181.65 with a gap up of 72 points. The index could not sustain at the higher levels and started drifting downwards from its opening tick. Prices recorded its intraday high at 44212.35 and saw a decline which found support around 44000. The Index formed a narrow trading range that lasted till the end. Prices have recorded its intraday low at 43956.15 and finally closed at 43964.80 with a loss of 145 points. PVT BANK has underperformed today, saw a mild down move, and ended with a loss of 0.37%. PSU BANK has outperformed today and closed with a gain of just 0.03%. Within the index, in terms of points, IDFC FIRST BANK contributed the highest on the upside while ICICI BANK contributed the lowest. The short-term trend is sideways as the index is moving within a range of 800 points from the past month inside 43700-44500. This narrow should resolve very soon one way or the other. We should wait for a breakout.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• The market ended on a positive note for the third consecutive session on June 14 but with minor gains as investors remained sideways ahead of the Fed rate decision. At close, the Sensex was up 85.35 points or 0.14 percent at 63,228.51, and the Nifty was up 39.70 points or 0.21 percent at 18,755.90.

• India’s markets regulator is unlikely to give special exemption to mutual funds if they breach the norms for maximum permitted holdings in a security after the merger of HDFC Bank and HDFC, two sources with direct knowledge of the matter told Reuters.

• India’s wholesale prices sank deeper into the deflationary zone in May, data released on June 14 by the commerce ministry showed. The Wholesale Price Index (WPI) inflation fell to -3.48 percent from -0.92 percent in April, with a favourable base effect again playing a starring role.

• JP Morgan reiterated its negative stance on the Information Technology (IT) sector on June 14, emphasising that every company will disappoint Street expectation in Q1 this fiscal, as also in the second half of FY24. The brokerage has placed IT majors like Infosys, TCS and Mphasis on a negative catalyst watch.

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

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