NIFTY AND NIFTY BANK MOVED VERY VOLATILE AND NARROW

NIFTY:

The NIFTY opened at 20156.45 with a gap up of 53 points. Prices moved sideways after the opening tick and then broke it on the upside after recording its intraday low at 20129.70. Prices have seen a mild up move which faced resistance around 20200. A sharp dip came afterward which found support quickly and prices resumed moving higher with increased momentum. A sharp rally took place followed by a dip towards the end and prices recorded its intraday high at 20222.45. The index finally closed at 2019235 with a gain of 89.25 points or 0.44% up. AUTO outperformed today and gained 1.58% followed by IT, BANK, FINANCIAL, and PHARMA OIL GAS underperformed today and lost nearly 1% followed by FMCG, METAL, and MEDIA. Support is visible around 19700 while there is no visible resistance as prices are trading in uncharted territory. For the time being, we should step aside and avoid trading the index.

BANK NIFTY:

The BANK NIFTY opened at 46122.15 with a gap up of 139 points. The index initially moved sideways which broke on the upside and prices moved higher but soon found resistance and turned down. The decline found support near the early morning lows and prices have seen another upside rally which lasted till the end. The index recorded 46310.40, its intraday low at 46028.75, and finally closed at 46154.05 with a gain of 171 points. PVT and PSU BANK, both indices have performed almost the same today, saw a mild up move and closed with a gain of 0.52% &0.28% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while KOTAK BANK contributed the lowest. Support is visible around 44800 while resistance is visible around 46200. For the time being, we should step aside and avoid trading the index.

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News Updates

• Benchmark indices ended higher on September 15 with Nifty finished near 20,200. At close, the Sensex was up 319.63 points or 0.47 percent at 67,838.63, and the Nifty was up 89.20 points or 0.44 percent at 20,192.30. About 1872 shares advanced, 1649 shares declined, and 145 shares unchanged.

• Hinduja group flagship Ashok Leyland on Friday said it will invest Rs 1,000 crore in Uttar Pradesh to set up a bus manufacturing facility focused on clean mobility. The company has inked a Memorandum of Understanding (MoU) with the Uttar Pradesh government.

• Tata Steel and the UK government have revealed a mutual agreement to invest in Electric Arc Furnace steelmaking at the Port Talbot facility, with a total capital expenditure of £1.25 billion, inclusive of a grant of up to £500 million from the UK government.

• The initial public offering of leading corporate travel company Yatra Online so far has seen muted response from investors on September 15, the first day of bidding. Participants have bought 29.45 lakh equity shares against the offer size of 3.09 crore shares, resulting into a 10 percent subscription.

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

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