NIFTY, NIFTY BANK MOVED VERY CHOPPILY AND NARROW

NIFTY:

The NIFTY opened at 19542.15 with a big gap down of 82 points. The Index bounced up quickly after recording its intraday low at 19815.70 in its initial trades and filled the gap. However, the rally could not last long and the index turned down after recording its intraday high at 19593.80 in the morning trades. Prices kept on sliding lower at a slow pace for almost the whole day. The index moved sideways and even narrower towards the end and finally closed at 19542.65 almost at its opening tick with a loss of 82.05 points or 0.42% down. All the sectoral indices have moved down and closed with a loss. OIL GAS, METAL, FMCG, PHARMA, and REALTY led the bears and ended with a loss of more than 1% followed by MEDIA and AUTO. The short-term trend is sideways and there is no doubt about that as the index has been moving sideways for almost a month. We have been tracking support is around 19500 while resistance is around 19850.

BANK NIFTY:

The BANK NIFTY opened at 43584.25 with a big gap down of 168. The index bounced up quickly after recording its intraday low at 43567.45 and filled the gap within half an hour. Prices then moved sideways and eventually broke higher. However, the index could not sustain there and moved down after recording its intraday high at 43877.50. Prices moved sideways again toward the end and finally closed at 43740.65 with a loss of just 12 points. PSU BANK has underperformed, saw a sharp intraday decline, and ended with a loss of 1.57%. PVT BANK has outperformed, saw a mild up side move, and closed with a gain of 0.06%. Within the index, in terms of points, KOTAK BANK contributed the highest on the downside followed by SBIN. BANK NIFTY moved very choppy and narrowly as the index traded within a range of 310 points. Prices have moved sideways during the day after opening with a gap down. The short-term trend remained sideways. Prices have broken down the 43800 support level but still hovering around, Fresh support is now visible around 43500 and resistance around 44700.

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• Benchmark indices ended lower for the third consecutive session on October 20 with Nifty around 19,550. At close, the Sensex was down 231.62 points or 0.35 percent at 65,397.62, and the Nifty was down 82.00 points or 0.42 percent at 19,542.70. About 1333 shares advanced, 2234 shares declined, and 141 shares unchanged.

• Indian banks increased their investments in securities issued by the central and state governments by over 19 percent year-on-year (YoY) in October, according to Reserve Bank of India data. Experts said rising bond yields made such investments attractive for these investors. A higher statutory liquidity ratio (SLR) for banks, in line with rising deposits, also played a role, they said.

• Britain on Friday reaffirmed its position against the decisions taken by India that resulted in 41 Canadian diplomats’ departing the country earlier this week amid a dispute over the murder of a Sikh separatist leader in Canada.

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

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