NIFTY, NIFTY BANK MOVED DOWN ON A MONTHLY EXPIRY DAY

NIFTY:

The NIFTY opened at 19375.55 with a gap up of just 28 points. The index initially moved down then turned up and then formed a consolidation which eventually broke downside. Prices have recorded its intraday high at 19388.20 just above the opening tick and saw a sharp intraday decline. The index started moving sideways again in the afternoon session. The NIFTY again broke on the downside, saw a sharp decline, and recorded its intraday low at 19223.65. The index finally closed at 19253.80 with a loss of 93.65 points or 0.48% down. REALTY again outperformed followed by IT. OIL GAS underperformed, shed more than 1% followed by FMCG, BANK, and FINANCIAL. AUTO ended almost on a flat note. The short-term trend is sideways. Wait for prices to close beyond the 19250-19500 trading range.

BANK NIFTY:

The BANK NIFTY opened at 44265.85 with a gap up of 57 points. The index initially moved sideways but soon found resistance and then started drifting downwards after recording its intraday high at 44399.65. Prices have seen a steep decline, found support in the afternoon session, and then started a consolidation process. The index remained range-bound till the end, recorded its intraday low at 43895.05, and finally closed at 44060.75 with a loss of 148 points. PSU BANK underperformed today, saw a sharp intraday decline, and finally closed with a loss of 133%. PVT BANK has also moved down and ended with a loss of 0.40%. Within the index, in terms of points, IDFC FIRST BANK contributed the highest on the upside while AXIS BANK contributed the lowest. The short-term trend is sideways. A very strong support zone is visible around 43500-44000. Resistance is now visible around 44800. In fact, we now have a trading range inside 44000-44800 zones.

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• Benchmark indices broke three-day winning streak and ended lower with Nifty around 19,250 on August F&O expiry day. At close, the Sensex was down 255.84 points or 0.39 percent at 64,831.41, and the Nifty was down 93.70 points or 0.48 percent at 19,253.80. About 1805 shares advanced, 1703 shares declined, and 142 shares unchanged.

• The Indian economy likely grew at the fastest pace in four quarters in April-June, with economists expecting GDP to have grown by 7.7 percent on a year-on-year basis, according to a Moneycontrol survey.

• The bumper listing gains of Aeroflex Industries, which manufactures environment-friendly metallic flexible flow solution products, left analysts mixed on its future outlook. Some analysts see more gains in the counter while others believe that the valuations have already caught up.

• Shares of Maruti Suzuki India Limited darted up over 2 percent to Rs 10,043 on August 31, the highest since its listing, ahead of the release of monthly sales figures. Investors also cheered global brokerage J.P. Morgan’s analysis that placed India’s leading automobile manufacturer on the positive catalyst watch.

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

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