THE NIFTY MOVED VERY VOLATILE ; CLOSED ALMOST ON A FLAT NOTE

NIFTY:

The NIFTY opened at 18550.85 with a gap up of 65 points. The index could not sustain at the higher levels and started drifting downwards towards 18500.Prices have filled the gap, found support there, and bounced sharply. The index rallied and found resistance near the opening tick. Another leg of a decline came and prices became sideways afterward. The index recorded its intraday high at 18573.70, its intraday low at 18478.40, and finally closed at 18534.10 near its opening tick with a gain of46.35 points or 0.25% up. All the sectoral indices have moved up and ended with gains except IT and OIL GAS. REALTY and METAL outperformed today by gaining over 1% followed by AUTO, MEDIA, and PHARMA. The intraday range was very narrow as prices have moved within a range of less than 100 points. This narrow movement suggests a sharp move is about to come. The short-term trend is sideways now. We should look at buying in the next week.

BANK NIFTY:

The BANK NIFTY opened at 43821.05 with a minor gap up. The index initially consolidated and then broke on the upside after recording its intraday low at 43666.60. Prices have seen a sharp intraday rally and almost reached its lifetime highs. The index faces resistance there and formed a trading range. Prices have remained range bound till the end, recorded its intraday high at 44151.70, and finally closed at 44045,15 with a gain of 251 points. PSU and PVT BANKS both indices have performed almost the same today, saw a sharp intraday rally, and finally dosed with a gain of 1.13% &0.77% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside followed by BANK BARODA. The short-term trend is still up as prices are moving near the top of an ongoing up move. Prices have almost reached its lifetime highs which were recorded at 44151.80. Support is now visible around 43000. Resistance is not visible as the index is almost at its lifetime highs. We should look for buying only on any dips or breakouts.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Nikkei Services PMI (May) on 5th June, 2023 INR: Interest Rate Decision on 8th June, 2023	USD: Nikkei Services PMI (May) on 5th June, 2023 USD: ISM Non-Manufacturing PMI (May) on 5th June, 2023

NEWS UPDATES

• Benchmark indices ended with marginal gains in the highly volatile session on June 2. At close, the Sensex was up 118.57 points or 0.19% at 62,547.11, and the Nifty was up 46.30 points or 0.25% at 18,534.10. About 2115 shares advanced, 1333 shares declined, and 124 shares unchanged.

• Infosys CEO Salil Parekh’s salary falls 21% to Rs 56.44 crore in FY23, Salil Parekh made 627 times the median remuneration — Rs 9 lakh — of the IT services company’s employees but he was still not the highest paid. Infosys president Mohit Joshi earned Rs 57.32 crore in FY23. He leaves the company on June 9 to take over as Tech Mahindra CEO.

• Tata Group plans Rs 13,000-crore lithium-ion cell facility in Gujarat, The initial manufacturing capacity of the plant would be 20 gigawatts hours.

• Zydus Lifesciences has informed stock exchanges that its animal health drug manufacturing facility in the Ahmedabad Special Economic Zone (SEZ) has cleared an inspection by the United States Food and Drug Administration (USFDA).

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

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