BOTH INDICES HAS SEEN A SHARP INTRADAY DECLINE AND CLOSED LOWER

NIFTY:

The NIFTY opened at 18600.80 without much of a gap. The index the NIFTY opened at 21018.55 with a gap up of just 21 points. The Index initially moved higher but soon found resistance and started a consolidation process which broke on the downside. Prices have seen a sharp decline but again formed a trading range. The index broke down again and resumed its down move. The decline lasted almost till the end with a minor recovery in the last 30 minutes of trading. The index recorded first its intraday high at 21037.90, then its intraday low at 20867.15, and finally closed at 20906.40 with a loss of 90.70 points or 0.43% down. The MEDIA and METAL outperformed and closed with a gain. The rest of the sectoral indices ended with a loss. REALTY and OIL GAS led the bears and ended with a loss of over 1%. The NIFTY has been moving sideways and inside a narrow range of almost 250 points from the last five trading days. A breakout from this range may give us a tradable move. We should take a trade in the direction of a breakout.

BANK NIFTY:

The BANK NIFTY opened at 47421.70 with a gap up of 122 points. The index could not sustain at the higher levels and started drifting downwards after recording its intraday high at 47454. The gap was filled, prices moved further down, and then saw a sharp recovery. The index again moved down and this time the decline lasted till the end. Prices have recorded its Intraday low at 47004.05 and finally closed at 47063.80 with a loss of 236 points. PVT BANK’s have underperformed, saw a sharp intraday decline, and finally closed with a loss of 0.55%. PSU BANKs have outperformed. The Index moved sideways and ended with a gain of 0.02%. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is up. The support is visible around 46500 which is also the recent swing low. The resistance is visible around the lifetime highs recorded at 47588 or we can round off it to 47600.

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News Updates

• Indian equity indices ended lower in the volatile session on December 12 with Nifty around 20,900. At close, the Sensex was down 377.50 points or 0.54 percent at 69,551.03, and the Nifty was down 90.70 points or 0.43 percent at 20,906.40.

• Six years after making a big-bang entry into Axis Bank, private equity major Bain Capital is all set to sell a further stake in the private sector lender via a fresh block deal worth $444 million, multiple industry sources in the know told Moneycontrol.

• India’s headline retail inflation rate surged to 5.55% in November, according to data released by the Ministry of Statistics and Programme Implementation, thanks to the combination of an unfavourable base effect and rise in prices of key food items. The Consumer Price Index (CPI) inflation print in October was 4.87 percent.

• Nuvama’s strategists predict Shriram Finance Ltd may enter Nifty50 in March 2024, possibly replacing UPL. This change could bring $217 million inflow to Shriram and $114 million outflow from UPL. The official list for the Nifty 50 rejig will be announced in late February 2024. Additionally, Nuvama suggests a medium to high chance for Canara Bank to replace Bandhan Bank in the March 2024 review.

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

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