THE NIFTY CLOSED HIGHER FOR THE SECOND DAY

NIFTY:

The NIFTY opened at 19767 with a gap up of 78 points. The index continued its bullish momentum and moved further on the higher side after recording its intraday low at 19756.95. A sharp rally came and prices crossed above 19800. However, the index found resistance just below 19850 and saw a down move. The decline could not last long and prices found support around 19800. The NIFTY spent the rest of the day within the 19800-19850 zone, recorded its intraday high at 19839.20, and finally closed at 19811.35 with a gain of 121.50 points or 0.62% up. All the sectoral indices have closed with a gain for the second consecutive trading day led by AUTO, FMCG, MEDIA, REALTY, and OIL GAS as they have closed with a gain of nearly 1%. The index has started making a bullish pattern of Higher Highs and Higher Lows. Support is now visible around 19500 while the resistance may emerge around 20000 levels. We should look for buying only on any intraday dip or consolidation breakouts.

BANK NIFTY:

The BANK NIFTY opened at 44554.9 with a gap up of 176 points. The index initially moved higher but found resistance quickly and started drifting downwards after recording its intraday high at 44710.55. The index kept on sliding lower for almost the whole day, recorded its intraday low at 44411.40, and finally closed at 44519.85 with a gain of 141 points. PSU BANK has underperformed, saw a sharp downside move, and ended with a loss of 0.73 %. PVT BANK has outperformed, saw a mild up move, and closed with a gain of 0.51%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while BANK BARODA contributed the lowest. “The short-term trend is sideways. A trading range is now visible on the daily timeframe chart with support around 43800 and resistance around 44800.”

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News Updates

• Benchmark indices ended higher for the second consecutive session on October 11 with Nifty above 19,800 supported by buying across the sectors barring PSU Bank. At close, the Sensex was up 393.69 points or 0.60 percent at 66,473.05, and the Nifty was up 121.50 points or 0.62 percent at 19,811.30. About 2275 shares advanced, 1283 shares declined, and 132 shares unchanged.

• Funds flow into Systemic Investment Plans (SIPs) reached an all-time high of Rs 16,402 crore in September, beating the earlier record of Rs 15,814 crore posted last month, according to the data from the Association of Mutual Funds in India (AMFI).

• MCX touched a 52-week high of Rs 2,179.45 on October 11 after the company’s announcement of shifting to a new platform excited investors. The stock was trading 3.28 percent up at Rs 2,168.75 at 11.49 am on the National Stock Exchange.

• The government may consider offloading only 3.5 percent of its 29.5 percent stake in Hindustan Zinc Limited (HZL) via the offer for sale (OFS) route in the initial tranche, as investor interest remains grim and retaining 26 percent will enable the continuation of some rights as a shareholder, a government official said.

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

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