NIFTY, NIFTY BANK MOVED VERY VOLATILE AND NARROW

NIFTY:

The NIFTY opened at 19564.65 with a gap up of 36 points. The index initially moved down for the first five minutes of trading and filled the gap. However, the index bounced up afterward. A rally started but found resistance quickly before crossing above 19600. The index recorded its intraday high at 19587.05 and started drifting downward to record its intraday low at 19525.75.Prices have seen another up move in the last two hours of trading but could not cross above the early morning highs. The index finally closed at19574.90 near its opening tick with a gain of 46.10 points or 0.24% up. MEDIA outperformed, saw a sharp upside move, and closed higher by 3.19% followed by PHARMA and REALTY. BANK, FINANCIAL, and AUTO underperformed and closed with a minor loss. We have been tracking a trading range inside 19250-19500 zones. This range finally broke on the upside giving us a pattern target around 19750. However, after a breakout, we did not see a sharp move which puts a question mark on the breakout.

BANK NIFTY:

The BANK NIFTY opened at 44625.05 with a gap up of 41 points. The index initially moved down then turned up and then found strong resistance. Prices have moved down after recording its Intraday high at 44668.70 and saw a mild decline. The Index found support around 44400 and then saw a mild recovery after recording its intraday low at 44401.70. Prices have finally closed at 44543.85 with a loss of just 41 points. PSU BANK outperformed today, saw a mild upside move, and closed with a gain of 0.74%, PVT BANK also moved up today but ended with a marginal gain of just 0.06%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while HDFC 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 ten trading days and the range is still intact.

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News Updates

• Benchmark indices ended higher for the third consecutive session on September 5 with Nifty above 19,550. At close, the Sensex was up 152.12 points or 0.23 percent at 65,780.26, and the Nifty was up 46.10 points or 0.24 percent at 19,574.90. About 2052 shares advanced, 1501 shares declined, and 140 shares unchanged.

• Ratnaveer Precision Engineering IPO remained on investors’ radar as they put in bids for 21.19 crore equity shares, which were 17.98 times the issue size of 1.17 crore on September 5, the second day of bidding.

• IDBI Bank has challenged the National Company Law Tribunal (NCLT) order that approved the mega merger between Zee Entertainment Enterprises Ltd and Culver Max Entertainment, which was earlier known as Sony Pictures Network India, a regulatory filing showed on September 5.

• The Central Bureau of Investigation (CBI) has arrested K B Singh, executive director (projects) of Gas Authority of India Ltd (GAIL), along with four others in connection to an alleged Rs 50 lakh bribery case, CNBC TV-18 reported on September 5.

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

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