NIFTY, NIFTY BANK CLOSED WITH DECENT GAINS

NIFTY:

The NIFTY opened at 19241 with a big gap up of 108 points. Prices initially moved sideways and then started moving up but found resistance very quickly just below 19300. Prices could not break higher and started moving downward after recording its intraday high at 19276.25. Prices broke down early morning lows but could not go much down. The index recorded its intraday low at 19210.90 and moved sideways in the last 30 minutes of trading. Prices finally closed at 19230.60 just below the opening tick with a gain of 97.35 points or 0.51% up. All the sectoral indices have moved higher today and closed with gains. The REALTY outperformed today and dosed with a gain of 2.54% followed by MEDIA, BANK, and OIL GAS. The short-term trend is sideways. Support is visible around 18800 while resistance is visible around 19300.

BANK NIFTY:

The BANK NIFTY opened at 43318.30 with a big gap up of 285 points. The index recorded its intraday low at 43221 within the first ten minutes of trading and started moving higher. However, prices have found resistance very quickly and then started moving sideways. The consolidation continued till the end, prices recorded its intraday high at 43416.10 and finally closed at 43306.95 with a gain of 273 points. PSU and PVT BANK both indices have performed almost the same today, saw a mild upside move, and closed with a gain of 0.62% & 0.67% respectively. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. The short-term trend is sideways now. Support is visible around 42100 while resistance is visible around 43500.

TECHNICAL PICKS

DERIVATIVE PICKS

 

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Upcoming Economic Data

Domestic                                                                                                                                                  International
INR: Thomson Reuters IPSOS PCSI (MoM) (Nov) on 10th November, 2023 INR: Manufacturing Output (MoM) (Sep) on 10th October, 2023	USD: Fed Chair Powell Speaks on 8th November, 2023 USD: Crude Oil Inventories on 8th November, 2023

News Updates

• Indian benchmark indices ended higher for the second consecutive session on November 3 with Nifty above 19,200. At close, the Sensex was up 282.88 points or 0.44 percent at 64,363.78, and the Nifty was up 97.30 points or 0.51 percent at 19,230.60. About 2215 shares advanced, 1351 shares declined, and 124 shares unchanged.

• Adani Enterprises on November 2 reported its consolidated net profit at Rs 227.82 crore, down 50.57 percent from Rs 460.94 crore in the same quarter last year. Zomato recorded a second consecutive quarter of net profit in the September quarter at Rs 36 crore, while revenue rose 71 percent to Rs 2,848 crore in a period when the broader e-commerce sector is reeling under the pressure of high inflation and muted demand. During the same quarter last year, Zomato had posted a net loss of Rs 302 crore while its revenues stood at Rs 1,661 crore.

• Titan Company Ltd. on November 3 reported a consolidated net profit of Rs 916 crore for the September quarter of FY24, registering an increase of 9.7 percent from Rs 835 crore in the same quarter of the previous financial year.The company reported a 21.16 percent rise in profit from Rs 756 crore in the previous quarter.

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

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