THE NIFTY AND NIFTY BANK STARTED THE WEEK ON A FLAT NOTE

NIFTY:

The NIFTY opened at 19731.15 without any gaps. The index initially moved down but soon turned around and started moving higher to find resistance quickly around 19750. Prices have recorded its intraday high at 19756.45 and then started drifting downwards. A sharp decline came but prices could not move much lower and then started a consolidation process. The range-bound session lasted almost till the end and prices have recorded its Intraday low at 19670.50. The index finally closed at 19694 with a loss of just 37.80 points or 0.19% down. The AUTO and MEDIA sectors led the bears and ended with a loss of over half percent followed by METAL and FMCG. The IT sector outperformed and closed with a gain of half a percent. The short-term trend is still up. Support is now visible around 19500 while resistance is visible around 19850. Prices have been moving in the middle of this trading range for the past two days.

BANK NIFTY:

The BANK NIFTY opened at 43591.50 with a minor gap up of just 46 points. The index initially moved lower but soon found support and bounced up after recording its intraday low at 43450.05. A sharp rally took place but found resistance sooner, forming a range that eventually broke the downside. The index moved sideways afterward. Prices have recorded its intraday high at 43724 and finally closed at 43566.45 with a gain of just 21 points. PSU BANK has outperformed, saw a mild up move, and closed with a gain of 0.10%. PVT BANK has underperformed, saw a mild down move, and closed with a loss of just 0.10%. Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while AXIS BANK contributed the lowest. We have been tracking a support level of around 43400 while resistance is around 44400.

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News Updates

• Benchmark indices ended lower for the second consecutive session on November 20 with Nifty around 19,700. At close, the Sensex was down 139.58 points or 0.21 percent at 65,655.15, and the Nifty was down 37.80 points or 0.19 percent at 19,694. About 1784 shares advanced, 1864 shares declined, and 146 shares unchanged.

• State-run oil marketing companies (OMCs) shares have witnessed an uptick recently on account of a sharp fall in crude oil prices. On November 20, shares of OMCs, including Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL), surged 14.40 percent, 13 percent, and 22.5 percent, respectively, from Oct 20.

• The Nifty Pharma index scaled a new all-time high, trading in the green in 14 out of 17 sessions backed by strong earnings for the September quarter. Since October 26 till date, the index has risen nearly 9 percent while the benchmark Sensex and Nifty gained 4.5 percent each.

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

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