THE NIFTY IS STILL TRADING INSIDE A RANGE WHILE NIFTY BANK HAS SEEN A SHARP UPSIDE MOVE

NIFTY:

The NIFTY opened at 19439.20 with a gap up of 43 points. The index could not sustain at the higher levels and started drifting downwards from its opening tick. Prices have filled the gap and then found support around 19400. The index formed a consolidation that broke on the upside after prices recorded its Intraday low at 19366.60.A sharp rally came which took prices to its intraday high at 19472.05. The index again moved range bound toward the end and finally closed at 19444 with a gain of 47.55 points or 0.25% up. BANK outperformed and ended with a gain of over 1% followed by FINANCIAL and MEDIA FMCG and OIL GAS underperformed today followed by METAL and PHARMA. The short-term trend is sideways since the index has been moving very narrowly within 250 points of a trading range for the past seven trading days Inside the 19250-19450 zones. The range is very narrow and it should resolve very soon one way or the other.

BANK NIFTY:

The BANK NIFTY opened at 44064.50 with a gap up of 114 points. The index initially moved lower and filled the gap in no time. However, the index found support there and started a consolidation process which eventually broke on the upside. Prices recorded its intraday low at 4395205 and saw a sharp upside rally. Towards the end, the index again formed a trading range, recorded its intraday high at 44521.65 and finally closed at 44479.90 with a gain of 529 points. PSU and PVT BANK both indices have performed almost the same, saw a sharp intraday rally, and ended with a gain of 1.76% & 1.26% respectively. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. he short-term trend is up now. Stay long and look for buying only Support is visible around 43500-44000 while resistance is visible around 45100.

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• Benchmark indices ended higher on August 23 with Nifty around 19,450 led by metal, bank, capital goods and realty stocks. At close, the Sensex was up 213.27 points or 0.33 percent at 65,433.30, and the Nifty was up 47.50 points or 0.24 percent at 19,444. About 2016 shares advanced, 1487 shares declined, and 156 shares unchanged.

• Linde India shares hit a record of Rs 6,165 apiece on August 23, a day after the industrial gas company announced that it had been awarded a letter of acceptance by Indian Oil Corporation Limited (IOCL) for an air separation unit.

• Billionaire Gautam Adani’s conglomerate clocked a 42 per cent year-on-year growth in pre-tax profit, as businesses ranging from airports to power and sea ports registered impressive growth, the group said on Wednesday.

• Akasa Air’s co-founder Aditya Ghosh spoke to CNBC TV18 about the company’s booming growth and the airline’s plans to expand internationally. When asked about the company’s recent order of 72 aircraft and its plans to scale up its capacity.

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

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