Volatile Movement In The Market, Both Indices Ended With Minor Gains

NIFTY:

The NIFTY opened at 17533.85 with a gap down of just 24 points. After the opening tick, the index started a consolidation process and eventually broke on the upside. The index recorded its intraday low at 17502.85, saw a sharp upside move, and went above 17600. Prices have recorded its intraday high at 17638.70 and saw a minor decline. The NIFTY then started a consolidation process that lasted till the end. Prices have finally closed at 17599.15 with a gain of 42.10 points or 0.24% up. The REALTY outperformed today and dosed with a gain of over 2% followed by AUTO, OIL GAS, PHARMA, and METAL FMCG and IT underperformed and ended with a loss. The short-term trend is up. The index closed higher for the fifth consecutive trading day and gained more than 600 points in those five trading days. After such a sharp move, we may see a brief consolidation or correction. Support is visible around 17200 and the resistance is visible 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 17402.

BANK NIFTY:

The BANK NIFTY opened at 40940.70 with a gap down of just 67 points. The index initially consolidated for the first 45 minutes of trading and then broke on the upside after recording its intraday low at 40820.55. Prices have seen a sharp up move and then again drifted downwards after recording its intraday high at 41274.70. Prices spent the rest of the day moving sideways and finally closed at 41033.25 with a gain of just 26 points. PSU BANK has outperformed today and closed higher by just 0.33% PVT BANK has underperformed and closed unchanged. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while ICICI BANK contributed the lowest. BANK NIFTY traded very volatile today and ended with gains for the sixth consecutive trading day. We have seen increased volatility in the morning due to the RBI policy meeting outcome. 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: 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

• Indian benchmark indices ended on a positive note amid volatility with Nifty around 17,600. At close, the Sensex was up 143.66 points or 0.24% at 59,832.97, and the Nifty was up 42.20 points or 0.24% at 17,599.20. About 2310 shares advanced, 1121 shares declined, and 110 shares unchanged.

• The maiden public issue of Avalon Technologies witnessed a tepid response from investors despite improved equity market conditions. The IPO garnered bids for 1.82 crore equity shares against an offer size of 1.14 crore shares subscribing 1.6 times on April 6, the final day of bidding.

• Repo rate remains unchanged at 6.5%-Decision to pause rate hikes is for this meeting only 3 FY24 GDP growth estimate at 6.5%-Inflation has softened, but remains above tolerance level-Headline inflation expected to moderate in 2023-24.

• According to the April 6 statement of the Monetary Policy Committee (MPC), Consumer Price Index (CPI) inflation is now seen averaging 5.2 percent in 2023-24, 10 basis points lower than the 5.3 percent projection made by the central bank in February.

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

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