The Upside Rally Continued & Indices Ended With Gains

NIFTY:

The NIFTY opened at 17422.30 with a gap up of just 24 points. The index continued its bullish momentum and started rising after recording its intraday low at 17402.70 in its initial trades. Prices continued its upward journey throughout the day with minor dips in between. Those dips were used to take or add long positions and prices have crossed above 17500 comfortably. The index recorded its intraday high at 17570.55 and finally closed at 17557.05 near its day’s highs with a gain of 159 points or 0.91% up. All the sectoral indices have gained today except the AUTO which ended with a loss of 0.55%. FINANCIAL. FMCG, and IT outperformed today and ended with a gain of over 1%. We were tracking a breakout from the 16850-17200 trading range with a pattern target around 17550. Prices have met the target today. However, the pattern is still intact suggesting we may see higher levels. Support is now visible around 17200 which was around 17000 before. The resistance around 17500 has broken today and the next resistance may emerge around 17800. We should look for buying opportunities only as far as the index is moving above the 17200 support level. The first sign of a likely reversal will emerge when the index breaks below the last two days of low which is now recorded around 17312.

BANK NIFTY:

The BANK NIFTY opened at 40972,30 with a gap up of 157 points. The index could not sustain at the higher levels and started drifting downwards. However, prices found support soon, formed a consolidation, and broke it on the upside after recording its intraday low at 40802.65. Prices have seen a modest up move and then again went into a consolidation process after recording its intraday high at 41071.15. The index finally closed at 41007.30 with a gain of 192 points. PVT BANK has outperformed today, saw a modest rally, and closed higher by 0.27% PSU BANK has underperformed today, saw a sharp intraday decline, and closed lower by 0.79% Within the index, in terms of points, HDFC BANK contributed the highest on the upside while FEDERAL BANK contributed the lowest. BANK NIFTY continued moving higher and closed with gains for the fifth consecutive trading day. However, the intraday range was again very narrow today as the index moved within a range of just 269 points narrower than the previous trading day Support is now visible around the 40000 marks while resistance is visible around 41500. The short-term trend is up. We should look for buying only as long as the index is moving above the 40000 level.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Interest Rate Decision on 06th April, 2023 INR: Cash Reserve Ratio on 06th April, 2023	USD: Initial Jobless Claims on 06th April, 2023 USD: Nonfarm Payrolls (Mar) on 07th April, 2023

NEWS UPDATES

• Benchmark indices ended higher on April 5 with Nifty closing around 17550. At close, the Sensex was up 582.87 points or 0.99% at 59,689.31, and the Nifty was up 159.00 points or 0.91% at 17,557. About 2540 shares advanced, 911 shares declined, and 106 shares unchanged.

• Rajiv Jain, one of the biggest names in emerging-market investing, cut across the grain last month when he bought almost $2 billion worth of Adani Group stock. Now, the chief investment officer of GQG Partners Inc has grand predictions for his bet on the embattled Indian conglomerate: a return in excess of 100 percent.

• Shares of Nykaa owner FSN E-Commerce Ventures gained over 8 percent on Wednesday after block deals totalling 5.54 million shares worth Rs 75.5 crore.

• Four companies namely Zaggle Prepaid Ocean Services, Cyient DLM, Healthvista India, and Rashi Peripherals have received green signal from the capital markets regulator Securities and Exchange Board of India (SEBI) to go ahead with their IPO plans.

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

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