CHOPPY AND NARROW TRADING IN NIFTY, NIFTY BANK

NIFTY:

The NIFTY opened at 19822.70 with a gap up of just 11 points. Prices have recorded its intraday high at 19843.30 just above the opening tick and started drifting downwards. The down move was sharp but not in terms of point. The index recorded its intraday low at 19772.65 and then bounced up. The rally found resistance in the afternoon and prices again moved down. The NIFTY kept sliding lower until the end but could not break early morning lows. The index finally closed at 19794 near yesterday’s closing price with a loss of just 17.35 points or 0.09% down. MEDIA outperformed, saw a sharp upside move, and closed with a gain of 3.02% followed by OIL GAS, AUTO, and METAL. IT underperformed and ended with a loss of 1.67%. Support is now visible around 19500 while the resistance may emerge around 20000 levels.

BANK NIFTY:

The BANK NIFTY opened at 44571.55 with a gap up of 52 points. The index initially moved higher but found resistance quickly and started drifting downwards after recording its intraday high at 44693.05. Prices did not move much on the downside and soon started a consolidation process. The index recorded its intraday low at 44530.05 in its initial trades and remained inside its morning range for the whole day to finally end at 44570.85 with a gain of just 51 points. PSU BANK has underperformed, saw a mild downside move, and ended with a loss of just 0.09%. PVT BANK has outperformed, saw a mild up move, and closed with a gain of 0.24%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while SBIN 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.

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News Updates

• Indian benchmark indices ended lower with Nifty below 19,800 in the volatile session on October 12. At close, the Sensex was down 64.66 points or 0.10 percent at 66,408.39, and the Nifty was down 17.30 points or 0.09 percent at 19,794. About 2086 shares advanced, 1459 shares declined, and 125 shares unchanged.

• According to Nuvama Institutional Equities, Polycab’s entry will bring inflows worth $194 million into the stock. Paytm’s parent One97 Communications could see $167 million of funds flow, while it may be $170 million for Macrotech Developers , $172 million for Tata Communications and $174 million for Tata Motors DVR.

• India’s central bank is expected to accelerate a key process of vetting IDBI Bank’s potential buyers and complete it by October end, helping speed up the sale of a majority stake in the lender, two government sources said. The federal government, which owns 45.48% of IDBI Bank, and the state-owned Life Insurance Corp of India, which holds 49.24%, together plan to sell 60.7% of the lender.

• Ray Dalio, a prominent billionaire investor, has voiced his concerns over the high valuation of US stocks and the potential political and economic risks that the United States could face. He has warned against growing debt levels, political disagreements, and geopolitical uncertainties.

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

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