NIFTY ENDED FLAT AFTER THREE DAYS OF HIGHER CLOSING; NIFTY BANK OUTPERFORMED

NIFTY:

The NIFTY opened at 19404.05 with a minor gap down of just 7 points. The index moved down sharply for the first five minutes of trading and then formed a consolidation which eventually broke on the upside. Prices have rallied but could not sustain higher and again moved down very sharply in the afternoon. However, the index again found support and turned up. This time, the rally lasted till the end. The index first recorded its intraday low at 19329.10, then its intraday high at 19423.50, and finally closed at 19406.70 near its day’s high and last closing price with a loss of just 5.05 points or 0.03% down. PHARMA outperformed and closed with a gain of 1.32% followed by OIL GAS. REALTY underperformed and closed with a loss of 1.34% followed by MEDIA. The IT ended almost on a flat note. The short-term trend is up now which was sideways before. The support is visible around 19200 while resistance may emerge around 19500.

BANK NIFTY:

The BANK NIFTY opened at 43598.85 with a gap down of just 30 points. Prices initially moved lower, found support quickly, turned up but moved down again very sharply. The index found support again in the afternoon and started a V-shaped reversal. This time the rally continued till the end. Prices have first recorded its intraday low at 43283.85 then its intraday high at 43799.35, and finally closed at 43780.15 with a gain of 152 points. PSU and PVT BANK both indices have performed almost the same, saw a mild upside move, and finally closed with a gain of 0.46% & 0.39% respectively. Within the index, in terms of points, SBIN contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is up now. Support is visible around 42500 while resistance is visible around 44000.

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• After finishing previous three trading session on a positive note, the Indian equity indices ended marginally red in a volatile session on November 7. At close, the Sensex was down 16.29 points or 0.03 percent at 64,942.40, and the Nifty was down 5.05 points or 0.03 percent at 19,406.70.

• Indian Railway Catering and Tourism Corporation Ltd. reported a net profit at Rs 294.67 crore for the September quarter of FY24 on November 7, registering a increase of 30.36 percent from Rs 226.03 crore in the same quarter of the previous financial year. Total revenue of the company is Rs 995.31 crore, rising 23.51 percent from Rs 805.80 crore in the year-ago quarter, the company said in a regulatory filing.

• Oil fell below $80 a barrel for the first time in more than two months as fresh doubts on whether the Federal Reserve has finished tightening outweighed Saudi Arabia and Russia’s supply cuts.

• FSN E-Commerce Ventures, which operates beauty and personal care (BPC) company Nykaa, saw its net profit increase by 50 percent to Rs 7.8 crore in Q2FY24 from Rs 5.2 crore in Q2FY23 , led largely by its beauty and personal care (BPC) business which witnessed a strong demand during its flagship sale event in July.

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

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