A SHARP UPSIDE RALLY IN THE NIFTY AND NIFTY BANK

NIFTY:

The NIFTY opened at 19598.65 with a gap down of just 13 points. Initially, the index moved down but soon found support and started an upward journey after recording its intraday low at 19550.05.Prices have rallied, saw a minor dip just before the afternoon, and soon resumed its upward journey. This time the momentum was strong and the Index kept on rising till the end. The NIFTY broke above 19700 and recorded its intraday high at 19737. The index finally closed at 19727.05 near its day’s highs with a gain of 116 points or 0.59% up. BANK, FINANCIAL, MEDIA, and REALTY outperformed and ended with a gain of over 1% followed by AUTO and IT. FMCG and PHARMA underperformed and closed with a loss. The short-term trend is up now. Support is now visible around 19400 while resistance is visible around 19800. We should look for buying only as far.

BANK NIFTY:

The BANK NIFTY opened at 44418.05 with a gap down of 50 points. The index initially moved lower but soon found support and moved up after recording its intraday low at 44341.20. Prices have seen a rally and then a decline. The index again found support and moved up. This time, the momentum was very strong and the index kept on rising till the end. Prices have recorded its intraday high at 44915.55 and finally closed at 44855.55 with a gain of 387 points. PSU and PVT BANK both indices have performed almost the same, saw a sharp upside move, and finally ended with a gain of 1.17% &0.95% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while IDFC FIRST BANK contributed the lowest. The index broke out from 44000-44800 trading range suggesting higher levels may be ahead. The short-term trend is up now.

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•Benchmark indices ended higher for the fifth straight session on September 7 with Nifty above 19,700. At close, the Sensex was up 385.04 points or 0.58 percent at 66,265.56, and the Nifty was up 116.00 points or 0.59 percent at 19,727. About 2140 shares advanced, 1420 shares declined, and 124 shares unchanged. •India is expected to remain the fastest-growing major economy in the near term and the country’s policy may tilt towards even faster economic expansion post general elections in 2024, Barclays India said in a report on September 7. •Some of the top microfinance institutions (MFIs) are looking to boost digital loan repayment among their clients. Digital loan repayment, which can be done through the mobile applications or websites of the MFIs, is currently used by only about 10-15 percent of the customers. These MFIs are targeting to grow the number to 70-80 percent in the next 3-5 years. •Norway’s government pension fund manager and an Indian PMS are likely to vote against the proposal to delist ICICI Securities, as clamour over low valuation grows among investors, who believe the stock is ripe for a re-rating, said sources aware of the matter. Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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