THE RALLY CONTINUED; NIFTY ENDED NEAR THE 18000 MARK

NIFTY:

The NIFTY opened at 17813.10 without any gap. The index started moving higher from its opening tick and recorded its intraday low at 17797.90. Prices have seen a sharp intraday rally throughout the day. Minor dips in between found support quickly and the index went above 17900 to record its intraday high at 1793160. The NIFTY finally closed at 17915.05 near its day’s highs with a gain of 101.45 points or 0.57% up. All the sectoral indices have moved up today and closed with gains except FMCG which ended with a minor loss. The REALTY and IT outperformed today and gained over 1% followed by AUTO and METAL. The short-term trend is up and the index has crossed and dosed well above the 17800 resistance level. Support is now shifted around 17600 while a strong resistance zone is visible around the 18100-18200 range.

BANK NIFTY:

The BANK NIFTY opened at 42753.90 with a gap down of 113 points. The index recovered quickly and bounced up after recording its intraday low at 42736.60. The index started a consolidation process afterward, moving sideways until the end. Prices have recorded its intraday high at 43043.40 and finally dosed at 42962.10 with a gain of 96 points. PSU and PVT BANK both indices have performed almost the same today, saw an upside move, and closed with a gain of 0.26% &0.60% respectively Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while AXIS BANK contributed the lowest. Support is now visible around 42000 which is also the recent swing low while resistance is visible around 43000. The index is now trading very near the resistance level. As far as prices are trading above 42000, we should look for buying only on any dip or consolidation breakout.

TECHNICAL PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended higher with Nifty above 17900 on April F&O expiry day. At close, the Sensex was up 348.80 points or 0.58 percentat 60,649.38, and the Nifty was up 101.40 points or 0.57percentat 17,915. About 1,970 shares advanced, 1,421 declined, and 126 were unchanged.

• Wipro on April 27 reported a 0.4 percent YoY decline in its consolidated net profit for the quarter ended March 2023 (Q4FY23) at Rs 3075 crore, as against Rs 3,087 crore a year ago. The company had reported a profit of Rs 3,053 crore in the last quarter.

• Tech Mahindra’s net employee addition for the full fiscal year of FY23 was significantly down by 95.93 percent with an addition of 1,227 employees, as compared to 30,119 in FY22. This was in line with the industry-wide trend of slowdown in hiring after a year-long rally of record employee addition in the previous fiscal.

• Godrej Consumer Products confirmed on April 27 that it will acquire Raymond’s consumer care business in an all-cash deal for Rs 2,825 crore. The deal is expected to be completed by May 10.

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

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