RALLY CONTINUED FOR THE SECOND DAY; BOTH INDICES ENDED THE WEEK ON A POSITIVE NOTE

NIFTY:

The NIFTY opened at 19774.80 with a gap up of 47 points. Initially, the index moved sideways, filled the gap, and found strong support around yesterday’s closing price. Prices have started moving higher after recording its intraday low at 19727.05 and crossed above 19850. The index found resistance there and saw a sharp dip after recording its intraday high at 19867.15.The index spent its last 45 minutes of trading moving narrowly and sideways. Prices have finally closed at 19819.95 with a gain of 92.90 points or0.47% up. REALTY outperformed and ended with a gain of over 2% followed by OIL GAS. BANK, AUTO, and FINANCIAL also did well today. MEDIA, PHARMA, FMCG and IT underperformed and ended with a loss. The short-term trend is up. Support is now visible around 19600 while resistance is visible around the lifetime highs recorded at 19991.85 or we can round off it to 20000. We should look for buying only as far as the NIFTY is moving above the 19500 level.

BANK NIFTY:

The BANK NIFTY opened at 44953.65 with a gap up of 98 points. The index initially moved sideways within a narrow range for about two hours and then eventually broke higher after recording its intraday low at 44812.15. Prices have rallied sharply for the rest of the day with a sharp dip towards the end. The index recorded its intraday high at 45383.35 and finally closed at 45169.55 with a gain of 314 points. PSU and PVT BANK both indices have performed almost the same, saw a mild upside move, and finally ended with a gain of 0.32% &0.56% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while IDFC FIRST BANK contributed the lowest. BANK NIFTY continued moving higher for the second consecutive trading day and closed with gains. The short-term trend is up. On the weekly chart, the index closed higher for the third consecutive week. It is possible that the up move may continue for the next week also. We should look for buying only

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• The market continued its winning streak for the sixth straight session on September 8 to close near its two-month high amid buying across sectors barring healthcare, once again shrugging off weak global cues. At close, the Sensex was up 333.35 points, or 0.50 percent at 66,598.91, and the Nifty was up 93 points, or 0.47 percent, at 19,820.

• In a boost to India’s artificial intelligence and semiconductor chip ambitions, global chip design major NVIDIA and local oil-to-telecom conglomerate Reliance Industries on September 8 announced a partnership to develop an indigenous foundation large language model trained on the nation’s diverse languages and tailored for generative AI applications.

• The central bank said that the amounts impounded under the I-CRR would be released in stages so that system liquidity is not subjected to sudden shocks and money markets function in an orderly manner. The central bank will release 25 percent of the I-CRR maintained on September 9, 2023.  Another 25 percent will be released on September 23,2023. The rest 50 percent of the I-CRR maintained will be released on October 7, 2023.

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

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