BOTH INDICES MOVED VERY NARROW AND VOLATILE

NIFTY:

The NIFTY opened at 19733.35 with a gap up of 53 points. The index continued its early morning bullish momentum and started moving higher from its opening tick. A rally took prices above 19800 and then the index found resistance around that level. Prices have started a consolidation process and spent the end four hours around the 19800 level. The index eventually broke down from that range. Prices have recorded its intraday high at 19825.60, its intraday low at 19716.70, and finally closed at 19778.30 with a gain of 97.70 points or 0.50% up. All the sectoral indices have closed with gains except AUTO which ended with minor losses. The FMCG and REALTY outperformed today and ended with a gain of over 1% followed by MEDIA, PHARMA, and OIL GAS. The short-term trend is up. Support is visible around 19500 while psychological resistance is visible around the historic 20000 mark.

BANK NIFTY:

The BANK NIFTY opened at 45935.15 with a gap up of 97 points. The index initially moved down, filled the gap, and then found an intraday support around 45800 Prices bounced up after recording its intraday low at 45804.70 and then saw a mild upside move throughout the day. Within the rally, prices have seen multiple dips which were eventually bought into. The index recorded its intraday high at 46096.60 and finally closed at 46043.40 with a gain of 205 points. PSU BANK outperformed today, saw a sharp upside move, and closed with a gain of 1.50%. PVT BANK has also moved up today and closed with a gain of 0.68% Within the index, in terms of points, AXIS BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The index also made a pattern of INSIDE DAY. This pattern appears when the current day’s range is within the previous day’s range. The pattern signaled a contraction which should lead to an expansion.

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News Updates

• Benchmark indices ended higher on July 26 with Nifty above 19750. At close, the Sensex was up 351.49 points or 0.53% at 66,707.20, and the Nifty was up 97.70 points or 0.50% at 19,778.30. About 1854 shares advanced, 1591 shares declined, and 155 shares unchanged.

• Bajaj Finance on July 26 reported a 32.4 percent rise in its consolidated net profit to Rs 3,436.89 crore in the first quarter of the current financial year, beating brokerages estimate of Rs 3,287 crore. This was on the back of increase in net interest income amid rise in new loans booked, and growth on commercial lending and loan against securities..

• Asirvad Microfinance, the subsidiary of listed NBFC Manappuram Finance , has commenced work on an IPO (initial public offer) to raise around Rs 1,500 crore and has mandated 3 investment banks for the deal, multiple industry sources with knowledge of the matter told Moneycontrol.

• Punjab National Bank (PNB) on July 26 reported a 307 percent rise in net profit at Rs 1255.41 crore for the April-June quarter of FY24 as against Rs 308.44 crore a year ago.

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

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