NIFTY AND NIFTY BANK CONTINUED MOVING NARROWLY AND STARTED THE WEEK ON A NEGATIVE NOTE

NIFTY:

The NIFTY opened at 20155.95 with a gap down of 37 points. Initially, the index moved lower for the first ten minutes of trading, found support. and started moving higher. Prices have seen a sharp rally and came into positive territory but soon faced resistance around 20200. The index consolidated there and then broke on the downside. The NIFTY moved down afterward after recording its intraday high at 20195.35, kept on sliding lower till the end, recorded its intraday low at 20115.70, and finally closed at 20133.30 with a loss of 59.05 points or 0.29% down. AUTO outperformed today and gained nearly one percent followed by FMCG. MEDIA, METAL, and REALTY underperformed today and closed lower by more than 1% followed by OT, BANK, and FINANCIAL. The short-term trend is up and there is no doubt about it as the index is trading around its lifetime new highs. However, for the past three trading days, the momentum became very weak.

BANK NIFTY:

The BANK NIFTY opened at 46100.95 with a gap down of 53 points. The index initially moved sideways which broke on the upside and prices moved higher but soon found resistance and turned down. The decline was sharp and soon prices erased all the gains. The index kept on sliding lower for the rest of the day. Prices have recorded its intraday high at 46252.95, its intraday low at 45906.90, and finally closed at 45950.70 with a loss of 204 points. PSU BANK significantly outperformed, saw a sharp upside move, and closed with a gain of 3.39%. PVT BANK saw a mild downside move and closed with a loss of 0.83%. Within the index, in terms of points, BANK BARODA contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is up. Support is visible around 44800 while resistance is visible around 46200.

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News Updates

• Indian benchmark indices ended lower, with the Sensex falling 241.79 points or 0.36 percent at 67,596.84, and the Nifty ended at 20,133.30, down 59 points or 0.29 percent.

• Bajaj Auto Limited jumped 1.4 percent to Rs 5,198 on September 18, extending gains for the third straight session, after Managing Director Rajiv Bajaj said the company plans a major upgrade of its popular Pulsar bike range. The stock has rallied over 7 percent in the last three days.

• Shares of public sector banks continued to rally for the fourth session on September 18, driving the Nifty PSU Bank index up 4 percent in the 10th session in the last 12 days. Strong credit growth, relatively lower valuations, and commendable work on the asset quality front helped the surge in the banking index.

• Anup Jain and Rajeev Suri, the Managing Partners of Orios Venture Partners, said on September 18 via LinkedIn that they are departing from the venture capital (VC) firm to embark on a new venture of their own, adding to the growing list of high-profile exits from VC firms in recent times.

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

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