THE NIFTY AND NIFTY BANK MOVED DOWN FOR YET ANOTHER SESSION AND CLOSED LOWER

NIFTY:

Markets opened at 19554.25 without much of a gap. The index initially moved lower sharply for the first five minutes of trading and then saw, the NIFTY a mild down move till the afternoon. Prices have recorded its intraday high at 19557.75 in its initial trades and found support around 19450. The index then formed a range and continued moving almost till the end. Towards the end of trading session, prices saw a sharp decline, recorded its intraday low at 19412.75, and finally closed at 19428.30 with a loss of 114.80 points or 0.89% down. All the sectoral indices have seen a down move and closed lower. MEDIA and PHARMA led the bears and ended with a loss of over 1% followed by BANK, FINANCIAL, and FMCG. The short-term trend is sideways as the index has been moving range bound for the past few trading days. We have been tracking support around 19300 and resistance around 19700.The index is now trading very near its support levels. The NIFTY ended lower for the third consecutive week on the weekly timeframe chart.

BANK NIFTY:

The BANK NIFTY opened at 44568.15 without much of a gap. The index initially moved down sharply for the first five minutes of trading and then started moving sideways. Prices recorded its intraday high at 44571.25 and traded within a tight narrow range which eventually broke on the downside. Prices have seen a sharp decline towards the end, recorded its intraday low at 44120.90, and finally closed at 44262.55 with a loss of 282 points. PSU BANK has outperformed today, saw a sharp upside move, and ended with a gain of 1.25%. PVT BANK has underperformed today, saw a sharp downside move, and finally closed with a loss of 0.99%. Within the index, in terms of points PNB contributed the highest on the upside while HDFC BANK contributed the lowest. On the weekly timeframe chart, the index closed lower for the third consecutive week. If the current decline is a correction, then it should find support around 43500-44000 levels

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• Benchmark indices ended lower for the second consecutive session on August 11 with Nifty below 19,450. At close, the Sensex was down 365.53 points or 0.56 percent at 65,322.65, and the Nifty was down 114.80 points or 0.59 percent at 19,428.30. About 1491 shares advanced, 1988 shares declined, and 136 shares unchanged.

• FSN E-Commerce Ventures, which operates beauty and personal care (BPC) company Nykaa, saw its profits fall by about 27 percent on a year-on-year (YoY) basis in Q1FY24 to Rs 3.3 crore on dragged by a slowdown in discretionary spends during the quarter.

• The commerce ministry is projecting a near-350 percent jump in disbursals to Rs 13,000 crore, significantly higher than the Rs 2,900 crore given out so far, Rajesh Kumar Singh, Secretary to the Department for Promotion of Industry and Internal Trade (DPIIT), said at a briefing on August 11.

• The commerce ministry is projecting a near-350 percent jump in disbursals to Rs 13,000 crore, significantly higher than the Rs 2,900 crore given out so far, Rajesh Kumar Singh, Secretary to the Department for Promotion of Industry and Internal Trade (DPIIT), said at a briefing on August 11.

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

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