A BIG GAP DOWN OPENING IN NIFTY, NIFTY BANK

NIFTY:

The NIFTY opened at 19674.75 with a big gap down of around 100 points. The index initially moved higher and filled the entire gap within the first five minutes of trading. The rally continued but soon prices started facing resistance and then turned down after recording its intraday high at 19806. A down move started which lasted till the end. The index gave up all the gains but could not move below early morning lows which was recorded around 19667.45. The index finally dosed at 19731.80 with a loss of 33.40 points or 0.17% down. PHARMA, FMCG, and AUTO outperformed and closed with a gain of over half a percent followed by REALTY. BANK and OIL GAS underperformed and ended with a loss of over 1% followed by FINANCIAL. The short-term trend is still up. Support is now visible around 19500 while resistance is visible around 19850.

BANK NIFTY:

The BANK NIFTY opened at 43656.25 with a big gap down of around 481 points. The index initially moved higher but soon found strong resistance and started drifting downwards after recording its intraday high at 43872.85. Prices have seen a mild down move for the whole day, recorded its intraday low at 43513.85, and finally closed at 43545.35 with a loss of 592 points. PSU BANK has again underperformed, saw a sharp down move, and closed with a loss of 2.39% PVT BANK has also moved down and ended with a loss of 1.30%. Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while SBIN contributed the lowest. The short-term trend is now sideways which was up before. Fresh support is now visible around 43400 while resistance may emerge around 44400.

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• Benchmark indices ended lower in the volatile session on November 17 with Nifty below 19,750. At close, the Sensex was down 187.75 points or 0.28 percent at 65,794.73, and the Nifty was down 33.40 points or 0.17 percent at 19,731.80. About 1926 shares advanced, 1654 shares declined, and 138 shares unchanged.

• The bustling primary market is set to simmer in the week beginning November 20 with six companies ready to mop up around Rs 7,400 crore. The IPOs next week include Tata Technologies, the first Tata Group firm to go public almost 20 years, and Indian Renewable Energy Development Agency, the first government offering since LIC in May 2022.

• The Reserve Bank of India’s (RBI) decision to increase risk weight for consumer credit is likely to reduce the capital adequacy of the company by around 4 percent, SBI Card said in a statement on November 17. On November 16, the RBI increased the risk weight on the consumer credit exposure of commercial banks and NBFCs by 25 percentage points.

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

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