THE NIFTY AND NIFTY BANK STARTED THE WEEK WITH GAINS

NIFTY:

The NIFTY opened at 19320.65 with a gap up of just 10 points. The index initially moved higher but found resistance quickly and started drifting downward. A decline found support near the previous day’s closing price and then the index started moving higher after recording its intraday low at 19296.30. The rally was slow and steady. Towards the end of trading session, prices started a consolidation process, recorded its intraday high at 19425.95, and finally closed at19393.60 with a gain of 8345 points or 0.43% up. All the sectoral indices have closed with gains today except MEDIA and OIL GAS, METAL and IT led the bulls today by closing over 15% higher followed by REALTY which ended with a gain of nearly 1%. The short-term trend is sideways. We have been tracking support around 19300 which is holding so far. Resistance is visible around 19700. Moreover, the index is also moving within a range of 19250-19500 for the past five trading days. This narrow movement should resolve very soon one way or the other.

BANK NIFTY:

The BANK NIFTY opened at 43952.85 with a gap up of 159 points. The index initially consolidated for about an hour and then broke in the upside after recording its intraday low at 43862. Prices have seen an upside move but saw a down move towards the end after recording its intraday high at 44113.80. The index finally closed at 43961.35 with a gain of 168 points. PSU BANK has underperformed, saw a sharp downside move, and ended with a loss of 0.71% PVT BANK has outperformed, saw a mild upside move, and closed with a gain of 0.48%. Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while HDFC BANK contributed the lowest. the index is roaming around its strong support zone 43500-44000. We may see a sharp move here soon.

TECHNICAL PICKS

DERIVATIVE PICKS

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Upcoming Economic Data

News Updates

• Indian equity indices erased the previous session’s losses and ended higher on August 21, with the Nifty closing just below 19,400 led by buying across the sectors. At close, the Sensex was up 267.43 points or 0.41 percent at 65,216.09, and the Nifty was up 83.40 points or 0.43 percent at 19,393.60.

• Jio Financial Services (JFS) made its debut on the bourses on August 21 as the second-largest listed NBFC after Bajaj Finance. As of the August 18 closing price, Bajaj Finance boasted of a market cap of Rs 4.15 lakh crore. Bajaj Finserv, which has a market cap of Rs 2.32 lakh crore, is more of a financial services holding company than an NBFC.

• Reliance Industries Ltd.’s unit Jio Financial Services will continue to remain in several FTSE indices from Aug. 22. The soon-to-be listed company will also be added to the MSCI Global Standard Index from Aug. 23, according to a notification.

• Titan’s Chief Financial Officer (CFO) Ashok Sonthalia on August 21 said that the company has no immediate plans to list its subsidiary CaratLane in the near future.

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

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