THE NIFTY AND NIFTY BANK MOVED DOWN FOR YET ANOTHER SESSION

NIFTY:

The NIFTY opened at 18928.75 with a big gap up of 71 points. The index continued its early morning bullish movement and started moving higher from its opening tick. Prices have recorded its intraday low at 18926.65 just below the opening tick in its initial trades and saw a sharp upside move. Minor dips in between found support quickly and prices kept on moving higher. The index recorded its intraday high at 19076.15 and moved sideways towards the end. Prices have closed at 19047.25 with a gain of 190 points or 1.01% up. All the sectoral indices have moved up and closed with a gain led by MEDIA which ended 2.58% higher. The rally was almost equally distributed as most of the sectoral indices gained over 1%. Since the trend is down, we should look for shorting opportunities only. However, we may see a consolidation process here after some wide movement.

BANK NIFTY:

The BANK NIFTY opened at 42708.40 with a gap down of 140 points. The index continued its prevailing downtrend and drifted downward from its opening tick after recording its intraday high at 42716.20. Prices moved down till the afternoon, found support around 42100, and then started a consolidation process. The consolidation lasted till the end, prices recorded its intraday low at 42105.40 and finally closed at 42288.15 with a loss of 560 points. PSU and PVT BANK, both indices have performed almost the same, saw a sharp downside move, and closed with a loss of about 1%. Within the index, in terms of points, AXIS BANK contributed the highest on the upside followed while HDFC BANK contributed the least. The short-term trend is down now as the index has broken down decisively its another support level of around 42500. Prices closed lower for the sixth consecutive trading day. It is possible that we may see a pause or a consolidation soon. However, we should look for shorting opportunity only as far as prices are moving below 42500 levels.

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• benchmark indices snapped the six-day losing streak and closed with gains on October 27. Most sectors contributed to the up move wherein realty, energy and financials were among the top performers. The 50-share NSE Nifty added 190 points or 1.01 percent to 19,047.25. BSE flagship Sensex rose 1.01 percent or 634.65 points to 63,782.80.

• Dr Reddy’s Laboratories on October 27 reported its highest-ever consolidated net profit at Rs 1,480 crore in the July-September quarter, up a 33 percent year-on-year (YoY). The Hyderabad-based pharma firm reported a profit of Rs 1,112.80 crore in the year-ago period. Revenue also came at a record high of Rs 6,880.20 crore, up 9 percent from the Rs 6,305.70 crore in the year-ago quarter.

• Bajaj Finserv on October 27 reported a 24 percent rise in its net profit to Rs 1,929 crore. In a year ago period, the net profit of the company stood at Rs 1,557 crore. In the reporting quarter, consolidated total income of the company rose 25 percent on-year to Rs 26,023 crore, from Rs 20,803 crore in a year ago period. Bajaj Finserv recorded quarterly increase in the customer franchise of 3.58 million and number of new loans booked of 8.53 million in 02 FY24.

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

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