The Nifty Moved Down For Yet Another Session

NIFTY:

the NIFTY opened at 17766.60 with a gap up of 60 points. The index could not sustain at the higher levels and started drifting downward after the opening tick. Prices have recorded its intraday high at its opening tick, filled the gap quickly, and fell further on the downside. The index then started a consolidation process. That consolidation broke on the downside and prices have moved down to record its intraday low at 17610.20. However, the index has seen some recovery in the last hour of trading and finally closed at 1766015 with a loss of 46.70 points or 0.26% down. The PHARMA and REALTY outperformed today, led the bulls, and closed with a gain of over 1% followed by METAL and IT.FMCG, MEDIA, and OIL. It was again a volatile day today in the NIFTY index. Prices have seen sharp intraday moves on both sides of the market and closed lower for the second consecutive trading day. However, the short-term trend is still up. The index respected the 17800 level as resistance and turned down. Support is now visible around 17500. We should look only for buying opportunities only as far as prices are trading above 17500.

BANK NIFTY:

The BANK NIFTY opened at 42406.95 with a gap up of 190 points. The index initially consolidated and slowly inched upward How the momentum was weak and prices started drifting downwards after recording its intraday high at 42500.70. The index cleared all the gains, mowed sharply, and recorded its intraday low at 42114.35. Prices have finally closed at 42254.25 with a gain of just 38 points. PSU BANK has outperformed today and closed with a gain of 0.76 %. PVT BANK has also moved up today but ended with a gain of just 14. The index, in terms of points, INDUSIND BANK contributed the highest on the upside while ICICI BANK contributed the lowest. As mentioned in our previous letter, the short-term trend is up. Support is now visible around 41000. Resistance is now visible around 40000 We should look for buying only on any dip or intraday consolidation breakout as far as the index is trading above 41000 support levels.

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: Crude Oil Inventories on 19th April, 2023 USD: Initial Jobless Claims on 20th April, 2023

NEWS UPDATES

• Benchmark indices ended lower on April 18 with Nifty below 17,700. At close, the Sensex was down 183.74 points or 0.31 percent at 59,727.01, and the Nifty was down 46.60 points or 0.26 percent at 17,660.20. About 1,841 shares advanced, 1,602 shares declined, and 115 shares were unchanged.

• Domestic air passenger traffic climbed by 21.4 percent year-on-year in March 2023, as per the data released by the Directorate General of Civil Aviation on April 18. The total passenger footfall on domestic flights during the month was recorded at 12.89 million, as compared to 10.62 million in the year-ago period.

• Tata Steel Ltd. is in talks to raise as much as $400 million, according to people familiar with the matter, in what could become the company’s first green loan. The debt could have a tenor of about five years and the proceeds would be used for capital expenditure, said the people, who declined to be named because the matter is private. The lenders include Bank of America Corp., HSBC Holdings Plc, JPMorgan Chase & Co. and Mitsubishi UFJ Financial Group Inc.

• The Indian real estate sector received $45 million private equity (PE) investments in the first quarter (Q1) of 2023, according to a report by Savills India, an international property consulting firm.

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

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