NIFTY, NIFTY BANK MOVED HIGHER AND CLOSED WITH GAINS

NIFTY:

The NIFTY opened at 19258.15 without much of a change. The index initially consolidated and soon broke on the upside after recording its Intraday low at 19255.70. Prices slowly inched higher but again formed a consolidation. A breakout came on the upside again and prices rallied sharply this time towards its resistance of 19500. The index found resistance before reaching there and recorded its intraday high at 19458.55. Prices have finally closed at 19435.30 with a gain of181.50 points or 0.94% up. All the sectoral indices have moved up and closed with gains except PHARMA which ended 0.56% lower. METAL led the bulls by gaining 2.88% followed by AUTO, OIL GAS, BANK, and IT. The extremes are 19250 on the downside and 19500 on the upside. Since the range is very narrow, we are expecting a breakout very soon one way or the other. The index is now moving near the higher extreme.

BANK NIFTY:

The BANK NIFTY opened at 43996.10 with a gap down of 64 points. The index initially moved lower but soon found support and then started a consolidation process. Prices have broken on the upside after recording its intraday low at 43830.75 and saw a sharp upside move. Prices have recorded its intraday high at 44568.55 and finally closed at 44403.70 with a gain of 343 points. PSU and PVT BANK, both indices have performed the same, saw a sharp upside move, and closed with a gain of 1.60% &0.96% respectively. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while FEDERAL BANK contributed the lowest. The short-term trend is sideways. We have been tracking a trading range inside 44000-44800 zones. Prices have been moving inside this range for the past eight trading days and the range is still intact.

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News Updates

• Benchmark indices ended higher on September 1 with Nifty above 19,400 amid buying across the sectors barring pharma. At close, the Sensex was up 555.75 points or 0.86 percent at 65,387.16, and the Nifty was up 181.50 points or 0.94 percent at 19,435.30. About 2103 shares advanced, 1456 shares declined, and 108 shares unchanged.

• After pouring a whopping amount into Indian equities in the past three months, foreign investors have slowed down the pace of inflow to Rs 12,262 crore in August on higher crude oil prices and the resurfacing of inflation risks.

• Leading stock exchange BSE has revised the circuit limit of Jio Financial Services, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, to 20 per cent from the existing 5 per cent. The new limits will be effective from Monday, September 4, according to a notification issued by BSE.

• Tata Steel is in advanced talks with the UK government to agree around GBP 500 million in state-backed funding to secure the future of its Port Talbot plant in South Wales, according to UK media reports this weekend.

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

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