NIFTY, NIFTY BANK STARTED THE WEEK ON A POSITIVE NOTE

NIFTY:

The NIFTY opened at 19345.85 with a big gap up of 115 points. Prices initially moved sideways, eventually broke on the upside but soon started drifting downward. The decline found support quickly and prices again resumed moving higher. The index continued moving higher till the end with some minor dips in between and crossed above 19400 comfortably. The index first recorded its intraday low at 19309.70, then its intraday high at 19423, and finally closed at 19411.75 near its day’s high with a gain of 181.15 points or 0.94% up. All the sectoral indices have moved higher today and closed with gains. METAL, PHARMA, OIL GAS, and REALTY outperformed today and closed with a gain of over 1% followed by BANK and FINANCIAL. The index has broken out its resistance level around 19300 decisively. Fresh support is now visible around 19200 while resistance may emerge around 19500.

BANK NIFTY:

The BANK NIFTY opened at 43627.75 with a big gap up of 321 points. The index could not sustain at the higher levels and started drifting downwards. However, the decline found support quickly and prices have resumed its up move and kept on rising till the end. The index recorded its intraday high at 43648.70, its intraday low at 42415.20, and finally closed at 43628 with a gain of 322 points. PVT BANK has outperformed today, saw a sharp upside move, and closed with a gain of 0.97%. PSU BANK has underperformed today, saw a sharp downside move, and closed with a loss of 1.09%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while BANK BARODA contributed the lowest. Support is now visible around 42500 while resistance is visible around 44000. We may see a process of consolidating here soon.

TECHNICAL PICKS

DERIVATIVE PICKS

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Upcoming Economic Data

News Updates

• India’s benchmark stock indices rose ahead of closing after trading higher for the third day through Monday. Energy, metal and realty sectors rose whereas PSU banks and consumer durables were under pressure. Nifty 50 was trading above 19,300 level, whereas Sensex was beyond 64,700 mark.

• Fitch Ratings on November 6 revised India’s medium-term growth estimate upward by 70 basis points to 6.2 percent from 5.5 percent. The positive adjustment contrasts with the US credit rating agency’s reduction in the estimate for 10 emerging markets (EMs), primarily due to the influence of China, which now averages at 4 percent on a GDP weighted-average basis.

• Titan Company Ltd is confident of carrying forward its stellar July-September performance into the next quarter, with festival and wedding seasons driving demand.

• FSN E-Commerce Ventures, which operates beauty and personal care (BPC) company Nykaa, saw its net profit increase by 50 percent to Rs 7.8 crore in Q2FY24 from Rs 5.2 crore in Q2FY23 , led largely by its beauty and personal care (BPC) business which witnessed a strong demand during its flagship sale event in July.

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

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