The Nifty Traded Very Narrow and Choppy

NIFTY:

The NIFTY opened at 17634.90 with a gap up of 35 points. After the opening tick, the index started moving down but found support soon and started a consolidation process, Prices have seen a breakout on the upside and the index rallied sharply Prices have found resistance just below 17700 and started drifting downwards sharply Prices have recorded its intraday high at 17694.10, intraday low at 17597.95, and finally closed at 17624.05 near the previous day’s closing price with again of just 24.90 points or 0.14% up. The REALTY continued its outperformance for the second day and ended with a gain of over 4% followed by AUTO, BANK, FINANCIAL, and FMCG underperformed and ended with a loss. The short-term trend is up as the NIFTY has been closing higher for the past 6 trading days.

BANK NIFTY:

The BANK NIFTY opened at 41116.15 with a gap up of 83 points. The index could not sustain at the higher levels and started drifting downwards In the afternoon, prices have made an attempt to recover but failed to do so. The index again fell sharply in the second half. Prices have recorded its intraday high at 41139.85 in its initial trades, intraday low at 40727.25 towards the end, and finally closed at 40796.45 with a loss of 237 points. 41033.25 with a gain of just 26 points. PSU and PVT BANK both indices have performed almost the same, saw a sharp intraday decline, and closed lower with a loss of 0.63% &0.51% respectively. Within the index, in terms of points, BANDHAN BANK contributed the highest on the upside while ICICI BANK contributed the lowest. BANK NIFTY traded very volatile today and ended with a loss after six days on consecutive higher closes. The last three days were very narrow and prices are making a bearish pattern on the lower timeframe chart (30 minutes). Tomorrow, we should look for a shorting opportunity on an intraday basis.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: CPI (YoY) (Mar)  on 12th April, 2023 INR: Industrial Production (YoY) (Feb) on 12th April, 2023	USD: CPI (YoY) (Mar) on 12th April, 2023 USD: FOMC Meeting Minutes on 12th April, 2023

NEWS UPDATES

• Benchmark indices ended on flat note in the highly volatile session on April 10. At close, the Sensex was up 13.54 points or 0.02 percentat 59,846.51, and the Nifty was up 24.80 points or 0.14 percentat 17,624. About 1,965 shares advanced, 1,568 shares declined, and 146 shares were unchanged.

• Tamil Nadu Governor RN Ravi on April 10 approved a bill to ban online gambling, including online rummy and poker with stakes in the state, dealing a blow to the nascent but fast-growing skill gaming sector.

• Weather forecasting company Skymet anticipates ‘below normal’ monsoon in India with 94 percent of the long period average (LPA) rainfall of 868.6mm for four months from June to September 2023. In its earlier foreshadow released on January 4, Skymet assessed the monsoon to be sub-par and now retains the same..

• Real estate developer Godrej Properties has reported a 19 percent jump in sales volumes for the fourth quarter in terms of area from 4.42 million square feet (sq ft) to 5.25 million sq ft, while the same for the full financial year surged 40 percent from 10.84 million sq ft to 15.21 million sq ft.

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

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Corporate Action

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