THE NIFTY AND NIFTY BANK MOVED VERY VOLATILE

NIFTY:

The NIFTY opened at 19605.55 with a gap down of just 27 points. Prices initially moved lower and then started moving sideways which eventually broke on the down side. The index recorded its intraday high at 19623.60 and saw a sharp decline of more than 100 points. Prices found support around 19500 and then started moving sideways. The index spent most of its time moving sideways and recorded its intraday low at 19495.40. Prices have finally closed at 19543.10 with a loss of 89.45 points or 0.46% down. MEDIA outperformed and gained over 6% followed by METAL and OIL GAS. BANK, FINANCIAL, FMCG, and PHARMA under performed and ended with a loss. The short-term trend is sideways. The index is going through a process of consolidation after a sharp decline. Support is visible around 19300 while resistance is visible around 19700.

BANK NIFTY:

The BANK NIFTY opened at 44797.65 with a gap down of 84 points. The index initially consolidated and then moved higher. Prices came into positive territory and then moved down after recording its intraday high at 44980.35. The index has seen a sharp decline and then started moving sideways which lasted till the end. Prices have recorded its intraday low at 44418.40 and finally closed at 44544.20 with a loss of 337 points. PSU and PVT BANKS have performed almost the same today, saw a sharp downside move, and finally closed with a loss of 0.81% &0.64% respectively. Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while ICICI BANK contributed the lowest. The short-term trend is sideways. We have been tracking support around 44000 and resistance around 45500. The resistance has now shifted to 45100.

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• Indian benchmark indices ended lower in the volatile session on August 10 with Nifty below 19,550. At close, the Sensex was down 307.63 points or 0.47 percent at 65,688.18, and the Nifty was down 89.40 points or 0.46 percent at 19,543.10. About 1649 shares advanced, 1851 shares declined, and 132 shares unchanged.

• The public issue of TVS Supply Chain Solutions received bids for 90.51 lakh equity shares on debut on August 10 against an IPO size of 2.51 crore shares, with a subscriptions of 36 percent. Retail investors have bought 1.56 times the allotted quota which is 10 percent of the IPO size, while the portion set aside for high net-worth individuals, which is 15 percent of issue size, was bought 12 percent.

• The Reserve Bank of India on August 10 said that banks have to maintain a 10 percent incremental cash reserve ratio (ICRR) from August 12 as part of the central bank’s efforts to drain excess liquidity from the banking system following the withdrawal of the Rs 2,000 currency note.

• The Reserve Bank of India (RBI) on August 10 said it proposes to increase UPI-Lite limit to Rs 500 from Rs 200 earlier.

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

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