NIFTY MOVED UP AND CLOSED WITH GAINS ABOVE 20000

NIFTY:

The NIFTY opened at 19989.50 without much of a gap. Prices initially moved up then quickly turned down, found support around 19950, and formed a trading range. Prices have recorded its intraday low at 19944.10 and broke on the upside.The NIFTY opened at 19989.50 without much of a gap. Prices initially moved up then quickly turned down, found support around 19950, and formed a trading range. Prices have recorded its intraday low at 19944.10 and broke on the upside. A sharp rally took place with minor dips in between which took the index around 20100 and then the index found strong resistance there. The index spent the second half by moving sideways, recorded its intraday high at 20096.90, and finally closed at 20070 with a gain of 76.80 points or0.38% up. All the sectoral Indices have moved higher and closed with gains except AUTO and IT which ended with minor losses, MEDIA outperformed today and ended with a gain of over 1% followed by BANK, PHARMA. REALTY, and OIL GAS. The short-term trend is up. Support is visible around 19700 while resistance is visible around 20100.

BANK NIFTY:

The BANK NIFTY opened at 45449.35 with a gap down of just 41 points. The index continued moving lower but soon found support and bounced up after recording its intraday low at 45299.40. A sharp rally took place with minor dips in between and prices recorded its Intraday high at 45990.50. The rally lasted almost till the end and the index finally closed at 45899.60 with a gain of 409 points. PSU BANK has significantly outperformed today, saw a sharp upside move, and closed with a gain of 4.23%. PVT BANK has also moved up today and ended with a gain of 0.77%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while ICICI BANK contributed the lowest. The short-term trend is still up. Support is visible around 44800 while resistance is visible around 46200 which is very near to the lifetime high.

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News Updates

• Benchmark indices ended higher on September 13 with Nifty around 20,050. At close, the Sensex was up 245.86 points or 0.37 percent at 67,466.99, and the Nifty was up 76.80 points or 0.38 percent at 20,070. About 2113 shares advanced, 1427 shares declined, and 126 shares unchanged.

• The government on Wednesday approved a foreign investment of up to Rs 9,589 crore in Suven Pharmaceuticals by Cyprus-based Berhyanda Ltd. The approval is for acquisition of up to 76.1 per cent shares of Suven Pharmaceuticals by Berhyanda by way of transfer of shares from existing promoter shareholders and public shareholders through mandatory open offer, an official release said after the meeting of Cabinet Committee on Economic Affairs.

• The Union Oil Minister is comfortable with crude oil prices hovering around $75-$80 per barrel, even as prices touch the $90 per barrel mark in September, the highest in the last 10 months. In an exclusive interview with Moneycontrol, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said oil demand could drop, similar to last year, if crude prices remain elevated.

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

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