LIFETIME NEW HIGHS ONCE AGAIN IN THE NIFTY INDEX

NIFTY:

The NIFTY opened at 18339.30 with a gap up of 25 points. The index the NIFTY opened at 20110.15 with a gap up of 114 points. The index could not sustain at the higher levels and started drifting downwards from its opening tick. Prices have recorded its intraday high at 20110.35 in its initial trades and moved down to fill the gap. The index moved further down to record its intraday low at 19914.65. The NIFTY then started moving sideways which lasted almost till the end. The index finally closed at 19993.20 near yesterday’s closing prices with a loss of just 3.15 points or 0.02% down.IT outperformed and ended with a gain of over 1% followed by PHARMA. REALTY and MEDIA underperformed today and ended with a loss of over 3% followed by AUTO, OIL GAS, and METAL. The short-term trend is up and there is no doubt about it as the index recorded lifetime new highs at 20110.35. We have seen an up move of more than 700 points in the last eight days. After such a sharp move, prices tend to move sideways or even see a dip. Support is visible around 19700 while resistance is visible around 20100

BANK NIFTY:

The BANK NIFTY opened at 45893.80 with a gap up of 275 points. The index could not sustain at the higher levels and started drifting downwards. Prices have filled the gap in no time and then fall further. A process of consolidation started afterwards which lasted till the end. The index recorded its intraday high at 45893.80, its intraday low at 45322.55, and finally closed at 45490.10 with a loss of 128 points. PSU BANK has underperformed today, saw a sharp downside move, and closed with a loss of 2.38%. PVT BANK has also moved down and ended with a loss of 0.55%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while FEDERAL BANK contributed the lowest. A gap-up opening did not sustain and prices have seen a sharp intraday decline. The short-term trend is still up. Support is visible around 44800 while resistance is visible around 46200 which is very near to the lifetime high.

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News Updates

• Benchmark indices ended with little change in a highly volatile session on September 12 despite selling across the sectors, barring Information Technology. At close, the Sensex was up 94.05 points or 0.14 percent at 67,221.13, and the Nifty was down 3.10 points or 0.02 percent at 19,993.20.
• Raising of funds through corporate bonds fell to a 10-month low in August as yield on these instruments rose due to high inflation print, experts said. According to data from Prime database, companies and banks raised Rs 55,140 crore in August 2023, as compared to Rs 55,924 crore in August, 2022.
• Maharatna company Coal India Limited (CIL) will make a capital investment of nearly Rs 24,750 crore on 61 First Mile Connectivity (FMC) projects over the next couple of years in a bid to boost eco-friendly coal transportation, the company stated in an exchange filing.
• Investors seem be bullish on the EMS IPO as the maiden public issue has subscribed 56.05 times, with investors buying 60.46 crore equity shares against the offer size of 1.07 crore shares on September 12.

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

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