A BIG GAP DOWN OPENING IN NIFTY, NIFTY BANK; BOTH INDICES CLOSED WITH A LOSS

NIFTY:

The NIFTY opened at 19980.75 with a big gap down of 153 points. Initially, the Index moved higher and tried to fill the gap but failed to do so. Prices have found strong resistance around 20050.The index recorded its intraday high at 20050.65 and saw a sharp downside move. Prices have broken the early morning lower, moved further lower, and recorded its intraday low at 19878.85.Prices have spent the last one and a half hours of trading moving sideways and finally closed at 19901.40 near its day’s lows with a loss of 231.90points or 1.15% down. All the sectoral indices moved in line with the NIFTY 50 index and closed in red. BANK, FINANCIAL, METAL, and REALTY led the bears today and ended with a loss of over 1% followed by OIL GAS. The short-term trend is sideways now. The last three days of narrow movement led prices to a sharp decline. Support is visible around 19700 while resistance is now visible around 20200.

BANK NIFTY:

The BANK NIFTY opened at 45493.70 with a big gap down of 457 points. The index initially moved higher but soon found resistance and turned Bank Nifty Watch down after recording its intraday high at 45745.15. Prices have seen a sharp downside move and recorded its intraday low at 45276.40. The Index finally closed at 45442.65 near Its opening tick with a loss of 508 points. PSU and PVT BANK both Indices have performed almost the same today, saw a sharp downside move, and finally closed with a loss of 1.18% & 1.20%respectively. Within the Index, in terms of points, AU BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is sideways now. The last three narrow trading days led to a sharp decline today, Support is visible around 44800 while resistance is visible around 46200.

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• Benchmark indices ended lower for the second consecutive session on September 20 with Nifty around 19,900. At close, the Sensex was down 796 points or 1.18 percent at 66,800.84, and the Nifty was down 231.90 points or 1.15 percent at 19,901.40. About 1510 shares advanced, 2034 shares declined, and 137 shares unchanged.

• Stocks of state-owned utilities NTPC and Power Grid hit an all-time high while JSW Energy was up 5 percent on September 20 on high-volume trade, buoyed by a robust growth outlook for the sector.

• RR Kabel listed on bourses on September 20 at Rs 1,180 with a 14 percent premium over the IPO price of Rs 1,035. The stock was trading at Rs 1,195.90 on the NSE and Rs 1,192.75 on the BSE at 12:50pm.

• Shares of index heavyweight Reliance Industries slumped over 3 percent to a two-month low of Rs 2,355 in early trade on September 20 and dragged the benchmark Nifty 50 below the 20,000 points.

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

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