INDICES FOUND SUPPORT AFTER TWO DAYS DIP; SAW A MILD UP MOVE, AND ENDED WITH GAINS

NIFTY:

The NIFTY opened at 19666.35 with a gap up of just 20 points. The index initially moved down for the first 5 minus of trading but found support quickly and turned up. Prices have recorded its intraday low at 19597.60 and started moving higher. The index has seen a mild up move for the whole day and crossed above19700 very comfortably. The index rallied further up and recorded its intraday high at 19772.75. Prices have finally closed at 19753.80 near its day’s highs with a gain of 107.75 points or 0.55% up. All the sectoral indices have closed higher today except FMCG which ended lower by 0.62 %. METAL, IT, AUTO, and OIL GAS outperformed and gained over 1%. The short-term trend is sideways now but the bias is bullish. We should look for a buying opportunity.

BANK NIFTY:

The BANK NIFTY opened at 45546.35 with a gap up of 86 points. The index initially moved lower, filled the gap, and then bounced up quickly after recording its intraday low at 45359.75. Prices then saw a mild up move throughout the day, recorded its intraday high at 45694.90, and then started a consolidation process. Prices finally closed at 45629.70 with a gain of 169 points. PSU and PVT BANK both indices have performed almost the same today, saw a mild up move, and closed with a gain of 0.32% & 0.42% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while KOTAK BANK contributed the lowest. The short-term trend is sideways now. We have been tracking support around 45000 while resistance is around 46300. The support is now shifting upward around 45300

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• Benchmark indices ended on a positive note on July 31 with Nifty around 19,750. At close, the Sensex was up 367.47 points or 0.56% at 66,527.67, and the Nifty was up 107.80 points or 0.55% at 19,753.80. About 2163 shares advanced, 1414 shares declined, and 187 shares unchanged.

• GAIL (India) on July 31 reported a decline of 45 percent in consolidated net profit in the first quarter of financial year 2023-24. The consolidated net profit of the country’s largest gas distributor stood at Rs 1,793 crore in the reporting quarter, compared to Rs 3,251 crore in the same period last year.

• Agrochemical company UPL Ltd posted a net profit of Rs 166 crore for the April-June quarter, sharply down 81.1 percent from Rs 877 crore at the same period in the previous fiscal. The net profit also lagged the Street’s expectation of Rs 262 crore.

• Adani Green Energy on July 31 reported a consolidated net profit of Rs 323 crore for the quarter ended June 2023, up 50.93 percent from Rs 214 crore last year. The company’s total revenue stood at Rs 2,404 crore, up 41.32 percent from Rs 1,701 crore reported last year.

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

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