THE UPSIDE RALLY CONTINUED IN NIFTY, NIFTY BANK

NIFTY:

The NIFTY opened at 18124.80 with a gap up of 89 points. The index recorded its intraday low at 18101.75 in its initial trades and saw a sharp upside move. However, the upside move could not go much higher and started facing resistance. The index formed a trading range and kept on moving sideways till the end. Prices have recorded its intraday high at 18180.25 in the afternoon and finally closed at 18147.65 with a gain of 82.65 points or 0.46% up. All the sectoral indices have moved up and closed with gains except FMCG, PHARMA, and REALTY which ended with a marginal loss. The METAL, IT, and OIL GAS outperformed and gained over 1% followed by AUTO and MEDIA. On the daily timeframe chart, we have been following a pattern of Bullish Head & Shoulder with a pattern target around 18800. We should look for buying only as long as prices are trading above 17800 support.

BANK NIFTY:

The BANK NIFTY opened at 43395.05 with a gap up of 169 points. The index recorded its intraday low at 43269.40 in its initial trades and saw an upside move. However, prices could not move much higher and formed a narrow trading range. The index continued moving sideways till the end, recorded its intraday high at 43483.85 and finally closed at 43305.35 with a gain of 79 points. PSU and PVT BANKS both indices have performed almost the same, saw a mild up move, and dosed higher by 0.59% &0.36% respectively. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while KOTAK BANK contributed the lowest. The DOJI indicates indecision amongst the traders and that will resolve very soon one way or the other. Since the index has seen a sharp upside move in recent days so we are expecting a dip or a brief consolidation. The short-term trend is up. Support is now visible around 42500 while resistance is visible around 43500. The index came close to this level. As far as prices are trading above 42500, we should look for buying only on any dip or consolidation breakout.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Sensex closes 240 points higher , Nifty ended 83 points up. All the sectoral indices closed green except Nifty FMCG and Pharma. Nifty Metal and Energy index was the top gainer which gained 1.4% and 1.3%, respectively. At closing, Sensex ended 0.4% or 242.27 points to 61,354.71 points while Nifty closed 0.46% or 82.65 points to 18,147.65 points.

• Bajaj Auto reported a 95 percent jump in sales in the domestic market. TVS Motor saw domestic sales surge 29%, while Suzuki recorded 23% year-on-year growth. Hero MotoCorp, however, disappointed on all counts.

• BharatPe has acquired a 51 percent stake in Mumbai-based non-banking financial company (NBFC) Trillion Loans, which sells a range of secured and unsecured loans to small businesses and credit products such as auto, gold and education loans to retail customers.

• Go First on May 2 announced that it has filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT), Delhi.

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

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