NIFTY AND NIFTY BANK CONTINUED MOVING NARROWLY FOR YET ANOTHER SESSION

NIFTY:

The NIFTY opened at 19809.60 without much of a gap. The index initially moved sideways, then broke on the downside, and saw a minor decline for about half an hour. Prices have recorded its intraday high at 19832.85 in its initial trades. The down move found support quickly and then the index formed a consolidation which broke on the downside. Prices have moved down sharply, recorded its intraday low at 19768.85, and saw a minor recovery towards the end. The index finally closed at 19794.70 with a loss of just 7.30 points or 0.04% down. PHARMA and METAL outperformed and ended with a gain of over half percent followed by BANK and FINANCIAL. The IT underperformed and ended with a loss of nearly 1% followed by FMCG and OIL GAS. The NIFTY has been moving very narrowly for the past few trading days suggesting a sharp move is ahead. The short-term trend is up. Support is visible around 19500 while resistance is visible around 19850.

BANK NIFTY:

The BANK NIFTY opened at 43607.35 without much of a gap. Prices initially moved higher but could not go much above and started a consolidation process. The range-bound session broke on the downside and prices moved lower but bounced up again. This time the rally continued till the end. The index recorded its intraday low at 43566.15, its intraday high at 43769.60, and finally closed at 43764.45 with a gain of 176 points. PVT BANK has outperformed, saw a mild up move, and dosed with a gain of 0.39% PSU BANK has underperformed, saw a mild down move and ended with a loss of 0.34% Within the index, in terms of points, HDFC BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. Prices have continued moving narrowly for the past few days suggesting a sharp move is ahead. We should ready to take a trade in the direction of a breakout.

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Upcoming Economic Data

News Updates

 

• Sensex drops 48 points, Nifty ends below 19,800; IT stocks slump while pharma, metal gain. After a volatile day, benchmark indices closed with cuts on November 24 extending the losing run to the second session. IT stocks were among the biggest drags while buying was seen in pharma and metal stocks.The Sensex ended down 47.77 points or 0.07 percent at 65,970.04, and the Nifty slipped 7.30 points or 0.04 percent at 19,794.70. Market breadth favoured losers. About 1,721 shares advanced, 1,849 shares declined, and 114 shares unchanged.

• Mamaearth’s parent company Honasa Consumer share price jumped 11 percent on the November 24 afternoon, extending the rally to the second day. The share has gained 35 percent in the last two days after Jefferies retained the “buy” call on the stock and raised the target price while adding the personal care firm to its model portfolio.

• The action in the primary market continues to keep investors busy on November 24 as well, with investors rushing in for Tata Technologies, Flair Writing Industries, Fedbank Financial Services and Gandhar Oil Refinery on the final bidding day.

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

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