The Nifty Moved Very Narrowly Today, Closed Lower For The Third Consecutive Trading Day

NIFTY:

The NIFTY opened at 17653.35 without much of a gap. Prices started a process of consolidation. The index moved inside a range of just 50 points for the first half. The NIFTY recorded its intraday high at 17666.15 in the afternoon. Prices have moved down after a breakdown below 17600. The index recorded its intraday low at 17579.85. Prices have recovered a few points in the last hour of trading and finally closed at 17618.75 with a loss of 41.40 points or 0.23% down, The IT and MEDIA underperformed today, led the bears, and closed with a loss of over one and a half percent. METAL outperformed today and ended with a gain of over half a percent. The short-term trend is still up. We have mentioned a support level of around 17500 and a resistance level of around 17800. The trend will be up as far as the index moves above 17500. Look to buy above 17700 or sell short 17550.

BANK NIFTY:

The BANK NIFTY opened at 42280.10 with a gap up of just 26 points. The index initially consolidated and then broke it on the downside after recording its intraday high at 42339.90. Prices have moved down towards 42000, found support there, and tuned up after recording its intraday low at 42022.15. The index finally closed at 42145.85 with a loss of 109 points. PSU BANK has underperformed today and closed with a loss of 0.84%. PVT BANK has also moved down today but ended with a loss of just 0.28%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. The short-term trend is up. Support is now visible around 41000. Resistance is now visible around 43000. The index is consolidating after a sharp upside move. Look to buy above 42400 or sell short below 42000.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

NEWS UPDATES

• Benchmark indices ended lower in the volatile session on April 19. At close, the Sensex was down 159.21 points or 0.27 percent at 59,567.80, and the Nifty was down 41.40 points or 0.23 percent at 17,618.80. About 1,768 shares advanced, 1,650 shares declined, and 117 shares were unchanged..

• Mankind Pharma shares managed to attract single-digit premium in the grey market on the day of price band announcement and ahead of the IPO launch. The expensive valuations and only offer for sale portion in the IPO may be reasons for low premium, experts said.

• India has surpassed China in population and is now the most populous country in the world, according to a United Nations Population Fund (UNFPA) report titled ‘The State of World Population Report, 2023’.

• The Directorate General of Civil Aviation (DGCA) released, the domestic traffic volumes in the month of March, on April 19. The country saw 128.93 lakh air passengers take to the skies last month. In Q1 CY23, 375.04 lakh passengers took domestic flights, making it the best Q1 ever.

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

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