THE NIFTY AND NIFTY BANK CLOSED HIGHER; AND MOVED VERY VOLATILE AND NARROWLY

NIFTY:

The NIFTY opened at 19770.90 with a big gap up of 96 points. The index held onto its early morning gains and started moving sideways from its opening tick. Prices eventually broke higher, and saw a sharp rally in the afternoon but could not move much higher. The index faced resistance and turned down to form a sideways market. The index recorded its intraday high at 19829.10, its intraday low at 19754.05, and remained range-bound till the end. Prices have finally closed at 19783.40 with a gain of 89.40 points or 0.45% up.1MEDIA, METAL PHARMA, and REALTY sectors led the bulls and ended with a gain of over 1% followed by AUTO and FINANCIAL. FMCG and IT under performed and ended with marginal losses. Support is visible around 19500 while resistance is visible around 19850. The last few days were very narrow suggesting a sharp move is about to come. We should take a trade in the direction of a breakout.

BANK NIFTY:

The BANK NIFTY opened at 43790.95 with a big gap up of 224 points. The index initially moved sideways and then eventually broke on the downside. Prices have seen a sharp decline in the afternoon and filled the gap but recovered quickly. The index again moved sideways towards the end. Prices have first recorded its intraday high at 43790.95 then its intraday low at 43586.45 and finally closed at 43694.95 with a gain of 128 points.10PVT BANK has outperformed, saw a mild up move, and closed with a gain of 0.40%, PSU BANK has underperformed, saw a mild down move, and closed with a loss of just 0.35%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AU BANK contributed the lowest. The short-term trend is sideways. Support is visible around 43400 while resistance is visible around 44400.

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News Updates

• On Tuesday, the Sensex was up 275.62 points or 0.42 percent at 65,930.77, and the Nifty was up 89.40 points or 0.45 percent at 19,783.40. Market opened higher with Nifty above 19,750 amid positive global cues and extended the gains as the day progress, helping Nifty to cross 19,800 and Sensex 66,000, intraday.

• HSBC reduced its Sensex target to 76,130 by December 2024 citing falling household savings, weak rural spending and global worries even as it maintained “overweight” stance on Indian equities. While the new target implies a potential upside of 15.9%, it’s lower than 78,870 earlier, according to a note by HSBC. Indian equities “have had a good run” but the markets have “gone too far in terms of their pricing and expectations”, the brokerage said.

• India’s Jindal Power Ltd, the only company whose expression of interest to take over Go First was accepted by creditors, has decided to not follow through with a bid, three people familiar with the plans said, pushing the insolvent airline closer to liquidation.

• The initial public offering of Indian Renewable Energy Development Agency Ltd. was fully subscribed on first day as non-institutional investors led demand on Tuesday. The offer—first government IPO in 18 months—will continue till Thursday.

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

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