NIFTY AND NIFTY BANK BOTH INDICES HAVE SEEN A SHARP INTRADAY DECLINE

NIFTY:

The NIFTY opened at 19535.15 with a gap up of 91 points. The index continued its bullish momentum and moved higher for the first hour of trading but could not reach 19600.The index found resistance and then started drifting downwards in a V-shaped manner. The decline lasted till the end, the index erased all the gains and reached negative territory. Prices recorded its intraday low at 19369 and finally closed at 19386.70 near its day’s low with a loss of 57.30 points or 0.29% down.IT outperformed and ended with a gain of over half percent followed by FMCG and MEDIA. PHARMA and OIL GAS underperformed today followed by METAL and AUTO. The short-term trend is still sideways. We have seen a failed breakout attempt from a narrow trading range inside 19250-19500. This indicates further sideways movement.

BANK NIFTY:

The BANK NIFTY opened at 44704.20 with a gap up of 225 points. The index continued its bullish move and saw a sharp upside move. Prices have found resistance before reaching 45000 and started moving lower after recording its intraday high at 44949.90. The decline lasted till the end and erased almost all the gains. Prices have recorded its intraday low at 44433.75 and finally closed at 44461.10 with a loss of just 18 points. PSU BANK underperformed, saw a sharp downside move, and ended with a loss of 0.65%. PVT BANK moved sideways and ended on a flat note. Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is sideways. Support is visible around 43500-44000 while resistance is visible around 45100.

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• India’s benchmark stock indices opened higher and declined after midday to snap three days of gain on Thursday. Healthcare sector dragged, whereas I.T. shares advanced in trade. Sensex slipped below 65,300 level, whereas Nifty dropped below 19,400 mark. Nifty Smallcap 100 and Midcap 100 index hit fresh highs intra-day. The S&P BSE Sensex was down 181 points, or 0.28%, at 65,252.34, while the NSE.

• Jio Financial Services share price hit 5 percent lower circuit for the fourth session on August 24. It has been on a decline since its listing as passive funds are selling shares, pre-empting its exit from the Nifty and Sensex.

• Most analysts are positive on Vishnu Prakash R Pungulia (VPRPL) as it launched its initial public offering (IPO) on August 24. The IPO for the integrated infrastructure company will be open till August 28. It is priced in the Rs 94-99 per share range.

• A proposal to mandate the use of green hydrogen as feedstock by “hard-to-abate sectors” such as refineries and fertiliser is soon going to be tabled before the union cabinet, minister for power and new and renewable energy RK Singh said on August 24.

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

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