THE NIFTY CLOSED HIGHER FOR THE THIRD CONSECUTIVE DAY

NIFTY:

The NIFTY opened at 17767.30 without much of a gap. However, the index started drifting downwards from its opening tick but found intraday support before reaching 17700. Prices have recorded its intraday low at 17711.20 and started moving higher. The rally was modest and continued for the rest of the day. The index recorded its intraday high at 17827.75. The NIFTY finally closed at 17813.60 near its day’s highs with a gain of 44.35 points or 0.25% up. All the sectoral indices have moved up today and closed with gains except METAL and OIL GAS. REALTY outperformed today and closed with a gain of over 1% followed by FMCG and AUTO. the NIFTY closed just above 17800. The pattern target comes around 18800. The support is now visible around 17550 which is also the recent swing low while resistance may emerge around 17800. We should look for buying only as long as prices are trading above 17550.

BANK NIFTY:

The BANK NIFTY opened at 42559.05 with a gap down of 95 points. The index initially moved lower, found support around 42500 and bounced up. Prices have recorded its intraday low at 42432.25 and saw a sharp intraday rally. Prices have found resistance around 42800 but broke it on the upside and recorded its intraday high at 42875.60 and finally closed at 42866.45 with a gain of 212 points. PSU and PVT BANK both indices have performed almost the same today, saw an upside move, and closed with a gain of 0.52% &0.46% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AU BANK contributed the lowest. Support is now visible around 42000 which is also the recent swing low while resistance is visible around 43000. As far as prices are trading above 42000, we should look for buying only on any dip or consolidation breakout.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended higher on April 26 with Nifty above 17800. At close, the Sensex was up 169.87 points or 0.28 percentat 60,300.58, and the Nifty was up 44.30 points or 0.25percentat 17,813.60. About 1,861 shares advanced, 1,531 declined, and 138 were unchanged.

• Maruti Suzuki reported 43 percent jump in standalone net profit at Rs 2623 crore for the quarter ended March 2023. However, the profit figure was tad below Street estimate of Rs 2773 crore. Revenue from operations grew 20 percent year-on-year to Rs 32,048 crore for the March quarter. The annual turnover of the company surpassed Rs 1 lakh crore mark.

• Tech Mahindra is likely to post an 11 percent YoY decline in consolidated net profit at Rs 1,336 crore while increasing 3 percent QoQ when it reports fourth-quarter earnings on April 27, as per a poll of brokerages.

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

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