NIFTY AND NIFTY BANK BOTH INDICES STARTED THE WEEK WITH GAINS

NIFTY:

The NIFTY opened at 19298.35 with a gap up of 33 points. The Index initially moved lower for the first 15 minutes of trading, found support around 19250, and then moved up. Prices have recorded Its Intraday low at 19249.70 and saw a sharp Intraday rally. Prices have moved above 19350 and recorded its intraday high at 19366.85. The index then started a consolidation process. The NIFTY moved lower in the last one and half hours of trading and finally closed at 19306.05 near Its opening tick with a gain of 40.25 points or 0.21% up.IT, FMCG, and OIL GAS underperformed and closed with a loss. BANK, AUTO, PHARMA and REALTY outperformed and closed with decent gains. The short-term trend is sideways. For the time being, we should step aside and avoid trading the index. Wait for prices to close beyond the 19250-19500 trading range.

BANK NIFTY:

The BANK NIFTY opened at 44253.65 with a gap up of 80 points. The Index initially started moving sideways for about an hour and then broke on the upside. Prices have seen a sharp intraday rally for the most part of the day and again moved sideways towards the end. The Index recorded its intraday low at 44201.45, its intraday high at 44610.40, and finally closed at 44507.75 with a gain of 334 points. PSU and PVT BANK both Indices have performed almost the same today, saw a mild upside move, and finally closed with a gain of 0.75% &0.61% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while BANDHAN BANK contributed the lowest. The short-term trend is sideways. A very strong support zone is visible around 43500-44000. Resistance is visible around the 44500-45000 zone.

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News Updates

• The equity indices broke a two-day losing streak and ended higher on August 28 with Nifty at 19,300 amid buying across the sectors barring FMCG and Information Technology. At close, the Sensex was up 110.09 points or 0.17 percent at 64,996.60, and the Nifty was up 40.20 points or 0.21 percent at 19,306.

• Jio Financial Services will enter the insurance segment to offer life, general, and health insurance products, said Reliance Industries’ chairman Mukesh Ambani on August 28.

• Bharat Forge shares hit an all-time on August 28 at Rs 1,056.80 after Kalyani Rafael Advanced Systems announced an order win worth Rs 287.51 crore. Kalyani Rafael Advanced Systems is a joint venture between the former’s subsidiary Kalyani Strategic Systems and Israel’s Rafael Advanced Systems. The said order win is for supplying missile systems to the Ministry of Defence.

• Reliance Industries Chairman Mukesh Ambani announced the Jio True5G developer program at the company’s 46th Annual General Meeting on August 28. This program combines its 5G network, edge computing, and a plethora of applications and services.

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

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