THE NIFTY, NIFTY BANK MOVED UP AFTER ONE DAY OF SHARP INTRADAY DECLINE

NIFTY:

The NIFTY opened at 18723.30 with a gap up of 35 points. The index continued its early morning bullish momentum and moved higher towards 17800 but found resistance before reaching there. Prices recorded its intraday low at 187 10.50 in its early trades and formed a consolidation that lasted the whole afternoon. The range eventually broke on the upside. Prices have rallied sharply, recorded its intraday high at 18864.70, saw a minor dip towards the end, and finally closed at 18826 with a gain of 137.90 points or 0.74% up. BANK, FINANCIAL, and MEDIA outperformed today and closed with a gain of over 1% followed by FMCG and PHARMA. IT and REALTY underperformed today and closed with a loss. The short-term trend is up and there is no doubt about it as the index is trading near the current swing highs and also near the lifetime highs recorded at 18887.60. Support is now visible around 18650 while resistance may emerge around the lifetime high.

BANK NIFTY:

The BANK NIFTY opened at 43583.35 with a gap up of 130 points. The index continued its bullish momentum and started moving higher after recording its intraday low at 43536.95 in its initial trades. Prices formed a consolidation in the afternoon that broke on the upside. The index has seen a down move in the last hour of trading after recording its intraday high at 44083.25 and finally closed at 43906.55 with a gain of 453 points. PSU and PVT BANK, both indices have performed almost the same today, saw a sharp intraday rally, and closed higher by 1.46% & 1.29% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside followed by ICICI BANK. After two days of sharp fall, the BANK INDEX bounced up and dosed with some impressive gains. a trading range extended with support around 43400 and resistance around 44500. We should look for buying only.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended on a strong note on June 16 with Nifty above 18,800. At close, the Sensex was up 466.95 points or 0.74% at 63,384.58, and the Nifty was up 137.90 points or 0.74% at 18,826. About 2050 shares advanced, 1388 shares declined, and 116 shares unchanged.

• The grounding of Wadia-group-backed Go First has now become another opportunity that the country’s largest airline, IndiGo, used well, as it managed to record its highest-ever domestic market share of 61.4 percent in May.

• An Indian delegation is currently in Taiwan, engaging with executives of Taiwanese contract manufacturer Foxconn to showcase India as an appealing destination for electric vehicle (EV) manufacturing, as per the Economic Times report on June 17.

• India and the United States are set to collaborate on the production of fighter jet engines. Under the arrangement, General Electric and Hindustan Aeronautics Limited (HAL) will transfer approximately 80 percent of the jet engine technology by value.

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

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