The Nifty Continued With Positive Momentum

NIFTY:

The NIFTY opened at 17759.55 with a gap up of just 37 points. The index initially moved lower but then quickly turned around and saw a sharp Intraday rally. Prices have recorded its intraday low at 17717.25, moved more than 50 points up, and then started a consolidation process. That consolidation eventually broke on the upside. The NIFTY rallied again and crossed above 17800 to record its intraday high at 17825.75. Prices have finally closed at 17812.40 near its day’s highs with a gain of 90.10 points or 0.5 1% up. The PHARMA outperformed today and gained over 2% as the DIVISLAB ended with almost 10% gains followed by the IT and AUTO sectors MEDIA and FMCG underperformed today and ended with a loss. The NIFTY extended a positive tone for the eighth successive session and gained nearly half a percent. After the flat start, the index inched gradually higher as the day progressed and settled closer to the day’s high. The intraday range was very narrow as prices have moved within a range of just 108 points. We have been tracking a support level of around 17200 and a resistance level of around 17800. The support is now shifted at 17400 while the index closed just above the resistance. The short-term trend is up. We should look only for the buying.

BANK NIFTY:

The BANK NIFTY opened at 41426 with a gap up of just 41 points. The index initially consolidated and then started moving higher after recording its intraday low at 41332. Prices have seen a steady up move throughout the day but the momentum was not very strong. The index recorded its intraday high at 41610.15 and finally closed at 41577.20 with a gain of 192 points. PSU BANK has underperformed today and dosed with a loss of 0.64% whereas PVT BANK has outperformed today and dosed with a gain of 0.49% Within the index, in terms of points, HDFC BANK contributed the highest on the upside while SBIN contributed the lowest. The intraday range was very narrow today as the index moved within a range of just 278 points and recorded an NR7 day. We have been tracking support around 40000 and resistance around 41500. Prices have come dose to the resistance level. The short-term trend is up as the index has rallied almost 2000 points in the past two weeks. We should look for buying only on any dip or intraday consolidation breakout.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Thomson Reuters IPSOS PCSI (MoM) (Apr) on 14th April, 2023 INR: WPI Inflation (YoY) (Mar) on 14th April, 2023	USD: PPI (MoM) (Mar) on 13th April, 2023 USD: Retail Sales (MoM) (Mar) on 14th April, 2023

NEWS UPDATES

• Benchmark indices ended in the green for the eight straight session on April 12 with Nifty above 17800. At close, the Sensex was up 235.05 points or 0.39% at 60,392.77, and the Nifty was up 90.10 points or 0.51% at 17,812.40. About 2013 shares advanced, 1390 shares declined, and 115 shares unchanged.

• Keshub Mahindra, chairman emeritus of Mahindra & Mahindra, passed away at the age of 99 on April 12, INSPACe chairman Pawan K Goenka confirmed on his Twitter handle.

• FMCG major Nestle India on Wednesday declared an interim dividend of Rs 27 for 2023 for the entire issued share capital.

• Leading wine producer Sula Vineyards Ltd on April 11 said sales volume from its own brands crossed 1 million cases in FY23. Besides, sales volumes in elite & premium wines went past the 5 lakh cases mark for the first time, it said in a sales update for Q4 & FY23 submitted to the bourses after market hours.

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

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