The Nifty ended flat while Nifty Bank closed with minor gains

NIFTY:

the NIFTY opened at 22045.05 with a gap up of 116 points. The index could not sustain at the higher levels and saw a sharp dip after recording its intraday high at 22053.30 in its initial trades. The decline filled the gap and prices moved further on the downside but found support just above 21850. The index recorded its intraday low at 21860.15 and started moving higher. The rally could not sustain long and prices have moved sideways towards the end. The index finally closed at 21930.50 near its yesterday’s closing price without much of a change. IT underperformed and ended with a loss of 1.25% while AUTO moved sideways and closed without any change. The rest of the sectoral indices closed with gains led by REALTY and MEDIA. The short-term trend is up now. Support is now visible around 21700 while resistance may emerge around 22100 which is very near the lifetime highs. Prices have attempted to reach the resistance levels but failed to do so. The long-term trend is sideways now while the long-term momentum reached the strength zone yesterday.

BANK NIFTY:

The BANK NIFTY opened at 45944.60 with a gap up of 170 points. The index initially moved sideways and eventually broke on the downside after recording its intraday high at 46062.85 in the first 15 minutes of trading. Prices have seen a sharp decline which found support around 45700 and the index started a consolidation process afterward. Prices recorded its intraday low at 45620.50, saw a minor recovery, and finally closed at 45916.40 with a gain of 142 points. PSU BANKS have significantly outperformed, saw a sharp upside move, and ended with a gain of 2.86% PVT BANKS have underperformed, moved very little, and ended with a minor loss of 0.07%. Within the index, in terms of points, SBIN contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend continues to be sideways as prices are moving range bound within a wide trading range with support around 44500 and resistance around 46500. In the first half, prices saw a decline while in the second half, moved sideways. The intraday range was again normal of about 442 points.

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Indian benchmark indices ended on a flat note in the highly volatile session on February 7 ahead of RBI policy outcome. At close, the Sensex was down 34.09 points or 0.05 percent at 72,152.00, and the Nifty was up 1.10 points or 0.01 percent at 21,930.50. About 1932 shares advanced, 1339 shares declined, and 60 shares unchanged.

• Paytm stock rose 10 percent on January 7 to hit the upper circuit, extending the previous session’s gains, staging a recovery after falling around 42 percent in three straight sessions in the aftermath of RBI’s curbs on its payments bank unit. The rally came as around 21 lakh shares, or 0.3 percent equity, worth Rs 103 crore changed hands. The details of the buyer and seller are not yet known.

• Oil and Natural Gas Corporation (ONGC) signed a cooperation agreement with TotalEnergies to carry out methane emissions detection using the French company’s Airborne Ultralight Spectrometer for Environmental Applications (AUSEA) technology. Mounted on a drone, the AUSEA gas analyser, developed by TotalEnergies and its R&D partners, consists of a dual sensor capable of detecting methane and carbon dioxide emissions, while at the same time identifying their source.

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

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