THE DECLINE CONTINUED FOR THE SECOND DAY

NIFTY:

The NIFTY opened at 19064.05 with a gap down of just 15 points. Prices initially moved sideways and then broke the range on the downside after recording its intraday high at 19096.05. The index has seen a sharp fall and then started a consolidation again. The range again broke on the downside and prices have seen another leg of decline. A minor rally came and prices again turned down toward the end. Prices have seen a sharp fall in the last 30 minutes of trading and recorded its intraday low at 18973.70. The index finally closed at 18989.15 with a loss of 90.45 points or 0.47% down. REALTY outperformed and closed with gains of 1.55% followed by MEDIA, PHARMA, and OIL GAS, Rest of the sectoral indices have closed lower led by METAL, IT, and AUTO. The recent swing low recorded around 18800 should now act as a support level. Resistance is visible around 19300.

BANK NIFTY:

The BANK NIFTY opened at 42694.25 with a gap down of 133 points. The index continued its bearish momentum and started moving lower after the opening tick. However, prices found support quickly and turned up but faced strong resistance and again turned down. This random movement continued for the whole day. In this process, the index recorded its intraday high at 42815.15, its intraday low at 42589.65, and finally closed at 42734.15 with a loss of 93 points. PSU BANK has outperformed, saw a mild upside move, and closed with a gain of 0.32% PVT BANK has underperformed, saw a mild down move, and closed with a loss of 0.47%. Within the index, in terms of points, SBIN contributed the highest on the upside while AXIS BANK contributed the lowest. The recent swing low recorded around 42100 should now act as a support level. Resistance is visible around 43500. A narrow-range day has given us a trading opportunity.

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DERIVATIVE PICKS

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News Updates

• Benchmark indices ended lower for the second straight session on November 1 with Nifty below 19,000. At close, the Sensex was down 283.60 points or 0.44 percent at 63,591.33, and the Nifty was down 90.40 points or 0.47 percent at 18,989.20. About 1549 shares advanced, 1892 shares declined, and 129 shares unchanged.

• Ambuja Cements reported its consolidated net profit at Rs 792.96 crore, registering a growth of 750.99 percent – nearly nine fold – compared to Rs 93.18 crore in the same quarter last year. Its revenue from operations stood at Rs 7,423.95 crore, up 4.10 percent from Rs 7,131.39 crore in the corresponding quarter last fiscal, the Adani Group company said in an exchange filing.

• Pharma major Sun Pharma on November 1 reported a 5 percent year-on-year rise in consolidated net profit to Rs 2,375.5 crore for the July-September quarter of the current financial year, beating estimates. The company had reported a profit of Rs 2,262.22 crore in the same period last year. Revenue came in at Rs 12,192 crore, up 11.3 percent from the year-ago quarter numbers of Rs 10,952.3 crore.

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

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