THE NIFTY CLOSED ALMOST ON A FLAT NOTE

NIFTY:

The NIFTY opened at 19627.20 with a gap up of 30 points. Initially, the index moved lower and filled the gap. After that, the index started a process of consolidation. The sideways movement broke on the downside and the index has seen a sharp decline. Prices have recorded its intraday low at 19533.10 and then bounced up but could not move much higher. The index found resistance around 19600 and spent the second half in a tight narrow range. The NIFTY finally closed at 19570.85 near yesterday’s closing price with a loss of just 26.45 points or 0.13% down. MEDIA and PHARMA outperformed  followed by BANK and FINANCIAL METAL underperformed and ended with a loss of over 1% followed by AUTO and FMCG. The short-term trend is sideways now. The last few days of narrow price action indicate a phase of contraction and after contraction comes expansion. We may see a sharp move soon here in either direction.

BANK NIFTY:

The BANK NIFTY opened at 44888.95 with a gap up of 55 points. The index initially moved lower, filled the gap, and then found support around the previous days closing price. The index recorded its intraday low at 44817.85 and then bounced up. Prices have seen a sharp rally and recorded its intraday high at 45096.85. After that the index started a consolidation process which lasted till the end. The index finally closed at 44982.90 with a gain of 149 points. PSU BANK has outperformed today, saw a sharp upside move, and ended with a gain of 3.37% PVT BANK has also moved up and ended with a gain of just 0.19%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. The short-term trend sideways now. The last two days of narrow movement suggest a sharp move is about to come in either direction. We should take a trade in the direction of a breakout.

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

Upcoming Economic Data

News Updates

• The Indian benchmark indices erased some of the previous session’s gains to end lower after a volatile session on August 8, as investors turned cautious ahead of the RBI policy outcome. At close, the Sensex was down 106.98 points, or 0.16 percent, at 65,846.50, and the Nifty was down 26.50 points, or 0.14 percent, at 19,570.80. On the back of mixed global cues, the indices opened flat and erased early gains to close with moderate losses.

• At Rs 1.85 lakh crore, mutual funds see highest quarterly inflows in 4 years in April-June The small cap category saw net inflows of Rs 10,937 crore in the first quarter, its highest-ever quarterly numbers, followed by the midcap category at Rs 4,735 crore.

• Adani Ports and Special Economic Zone on August 8 reported a 82.57 percent rise in consolidated net profit to Rs 2,114.72 crore for the quarter ended June 2023 from Rs 1,158.28 crore reported last year. The company’s revenue from operations climbed 23.51 percent to Rs 6,247.55 crore from Rs 5,058.09 crore a year back. The company’s topline saw a positive impact from additional revenue generated by fresh acquisitions.

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

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