Nifty and Bank Nifty Show Resilience with Steady Gains

NIFTY:

The Nifty 50 index had a stable day. It started at 19,525.05 and found support from the previous day’s closing price. Throughout the day, it didn’t move too much, with the highest point being 19,545.15 and the lowest at 19,432.80. Eventually, the day ended positively, closing at 19,528.80 with a gain of 93.50 points. Coal India performed the best, while M&M had the smallest gain. This shows that the index remained steady and mostly moved upwards during the day. For traders, it’s essential to keep in mind that the support level is at 19,300, and resistance is at 19,800. It’s advisable to consider trading above the previous high.

BANK NIFTY:

Bank Nifty exhibited a stable performance. It commenced trading at 44,647.65, finding support from the previous closing. Throughout the day, it navigated within a range, reaching a high of 44,656.05 and a low of 44,310.95. Ultimately, the day concluded positively, with Bank Nifty closing at 44,578.30, marking a gain of 142.20 points. Notably, IDFC First Bank emerged as the top gainer, while AU Small Finance Bank had the smallest gain. This performance highlights the index’s resilience and its ability to maintain an upward trajectory during the trading session. For traders, it’s crucial to note that the support level stands at 44,000, with resistance at 45,000. It’s advisable to consider trading above the previous high.’

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• The benchmark indices ended higher for the second consecutive session on September 4 with Nifty comfortably finishing above 19,500 amid buying across the sectors. At close, the Sensex was up 240.98 points or 0.37 percent at 65,628.14, and the Nifty was up 93.50 points or 0.48 percent at 19,528.80.

• Coal India topped the Nifty50 league as the best performer with a 5 percent surge on September 4 after the company posted a 13 percent on-year growth in production at 52.3 million tonnes in August.

• Bharti Airtel said on September 4 that it will procure 23,000 MWh of renewable energy for its data center subsidiary, Nxtra, by the fourth quarter of the current fiscal year 2023-2024, with an aim to reduce its carbon footprint.

• Rail Vikas Nigam Limited hit an all-time high of Rs 163.45 on September 4 after the company on September 2 announced that it has bagged orders worth Rs 604.19 crore from the Madhya Gujarat Vij Company.

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

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