A GAP-UP OPENING WAS SUSTAINED

NIFTY:

The NIFTY opened at 19843.20 with a big gap up of 112 points. The index could not sustain at the higher levels and saw a sharp dip for the first five minutes of trading. Prices then started moving sideways inside a narrow range which eventually broke on the downside in the afternoon. A sharp decline came followed by some recovery towards the end. The index first recorded its intraday high at 19849.75 just above the opening tick, then its intraday low at 19775.65, and finally closed at 19811.50 near its opening tick with a gain of 79.75 points or 0.40% up. All the sectoral indices have closed with gains led by OIL GAS & FINANCIAL which ended with a gain of more than half percent followed by FMCG and BANK. AUTO and REALTY ended almost flat. The short-term trend is sideways and there is no doubt about that as the index has been moving sideways for almost a month. We have been tracking support is around 19500 while resistance is around 19850.

BANK NIFTY:

The BANK NIFTY opened at 44589.80 with a big gap up of 347 points. Prices could not sustain at the higher levels and started drifting downward. The index started a consolidation process in the afternoon which broke on the downside. Prices have recorded its intraday high at 44589.85, its intraday low at 44336.95, and finally closed at 44441.30 with a gain of 199 points. PSU and PVT BANK, both indices have performed almost the same, saw a mild upside move, and closed with a gain of 0.54% & 0.35% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. The short-term trend is sideways. A trading range is now visible on the daily timeframe chart with support around 43800 and resistance around 44800.

TECHNICAL PICKS

DERIVATIVE PICKS

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Upcoming Economic Data

News Updates

• Benchmark indices ended higher on October 17 with Nifty above 19,800 amid buying across the sectors. At close, the Sensex was up 261.16 points or 0.39 percent at 66,428.09, and the Nifty was up 79.70 points or 0.40 percent at 19,811.50. About 2102 shares advanced, 1451 shares declined, and 142 shares unchanged.

• Bajaj Finance on October 17 reported a net profit of Rs 3,551 crore for the July-September quarter of the current financial year, up 28 percent from the same quarter of the previous year, missing estimates. Analysts had predicted a 30 percent year-on-year increase in net profit at Rs 3,626 crore for India’s leading non-banking finance company.

• Titan Company approved a proposal to raise up to Rs 2,500 crore through the issuance of rated, listed, redeemable, unsecured Non-Convertible Debentures (NCDs) on a private placement basis.

• Dabur India has received intimation of tax ascertained as being payable under Section 74(5) of CGST Act, 2017 wherein GST short-paid or not-paid amounting to Rs. 320.6 crore has been advised to be paid by the company.

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

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