THE NIFTY CLOSED WITH MINOR GAINS WHILE NIFTY BANK CLOSED LOWER

NIFTY:

The NIFTY opened at 19784 without any gap. The index initially moved higher but found resistance before reaching 19850 and turned down after recording its intraday high at 19825.55. A sharp decline took place which took prices almost 19700. However, the index could not breach its and bounced up sharply after recording its Intraday low at 19703.85 in the afternoon. The index has seen a sharp recovery towards the end and erased all the losses. Prices have finally closed at 19811.85 above its opening tick and near Its intraday highs with a gain of just 28.45 points or 0.14% up. AUTO, IT, and PHARMA outperformed and closed with a gain of over half percent followed by FMCG and OIL GAS. METAL and MEDIA underperformed and closed with a loss of nearly one percent followed by REALTY and BANK. The short-term trend is still up. Support is visible around 19500 while resistance is visible around 19850. The index is now moving very near to its resistance level. We may see a breakout very soon one way or the other.

BANK NIFTY:

The BANK NIFTY opened at 43663.60 with a minor gap down of just 31 points. The index initially moved downwards after recording its intraday high at 43692.50 in its initial trades. A sharp decline came which took prices below 43300. However, the index found strong support there, formed a trading range, and eventually broke higher. The index has seen some recovery towards the end after recording its intraday low at 43230.95 and finally closed at 43460.95 with a loss of 234 points. PSU BANK has underperformed, saw a sharp down move, and closed with a loss of 1.11%. PVT BANK has also moved down and ended with a loss of 0.64%. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. The short-term trend is now down. Prices have broken down 43400 supports but ended above this level. So, the 43400 level is still acting as a support while resistance is visible around 44400.

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• Benchmark indices ended higher with Nifty above 19,800. At close, the Sensex was up 92.47 points or 0.14 percent at 66,023.24, and the Nifty was up 28.40 points or 0.14 percent at 19,811.80. About 1581 shares advanced, 1981 shares declined, and 133 shares unchanged.

• The initial public offer (IPO) of Tata group firm, Tata Technologies, is off to a flying start with the issue being subscribed over three times within the first few hours of opening on November 22. A day before the issue opened for institutional and individual buyers, the anchor quota of the IPO of the global engineering services firm raised a total of Rs 791 crore from 67 investors through the anchor book.

• State-run Gandhar Oil Refinery’s 198-crore initial public offering (IPO) was fully subscribed on day 1, with bids coming in for 89 million shares as against a total of 21 million offered shares. The public issue was subscribed by a total of 4.2 times (x) led by retail and non-institutional investors (NIIs), as of 3:15 pm. While NIIs booked 5.56x of the public issue, retail investors booked 5.23x, data suggested.

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

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