Markets remained lackluster throughout the trading session on Tuesday mainly on the back of the NSE technical glitch as a lot of F&O stock prices were not refreshing.
The analysis of fund flows clearly points out a shift in focus from broader markets to Nifty 50 & Bank Nifty and they are expected to be the key drivers in the next leg of up move.
In fact, both Nifty and Bank Nifty have thrown up impulse up move for recent recovery during lows of May 2022 and next leg of Wave (3) should easily force Nifty beyond 18000 in a quick span of time. Lackluster and dull movement is often a sign of accumulation hence one needs to remain alert for taking aggressive long positions.
Meanwhile, RBI will probably raise the benchmark interest rate by 50 basis points to 4.9% today, according to 17 of 41 economists in a Bloomberg survey. The poll returned a varied number of predictions, with the rest expecting hikes ranging from 25 bps to 75 bps.
Nifty 50 Index & Spread of Nifty 50-Nifty 500 Index(3 Day closing)
Nifty 50 Index
Positive Read Through
- Gail seeks cargo for June delivery to India’s Dahej, Hazira’
- Adani Power To buy 100% of Support Properties for Rs 2.8b and 100% of Eternus Real Estate for Rs 3.29b
- PNB Housing Finance To meet on June 14, to consider Rs 20B NCDs issue
- PNB To participate in PNB Housing’s proposed rights issue for up to Rs 5b after receiving SEBI approval
- HOEC begins oil production and gas sales from wells located in Mumbai offshore.
- SBI says no major asset quality issues are expected in FY23
- India Pesticides- 1st phase of backward integration of Pretilachlor commissioned
- SBI Life- New business premium up 136% YoY vs private companies growth at 114%
- ICICI Pru- new business premium up 77% YoY
Negative Read Through
- HDFC Life- new business premium up 60% YoY
- Max Life- new business premium up 62% YoY
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 99/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.