THE NIFTY & NIFTY BANK ENDED ALMOST ON A FLAT NOTE

NIFTY:

The NIFTY opened at 19682.80 without much of a gap. The index initially moved lower but quickly turned around and started moving higher but found strong resistance near early morning highs. Prices have started a range-bound session which lasted till the afternoon. The index eventually broke on the downside but could not move much down and saw some recovery. The NIFTY spent the last two hours of trading sideways, recorded its intraday high at 19699.35, its intraday low at 19637.45, and finally closed at 19664.70 with a loss of 9.85 points or 0.05% down. FMCG, AUTO, METAL, and REALTY outperformed and closed with gains followed by OIL GAS. IT and MEDIA underperformed and ended with a loss followed by BANK & FINANCIAL. The short-term trend is sideways as prices are in the process of consolidation after a sharp decline.

BANK NIFTY:

The BANK NIFTY opened at 44722.50 with a gap down of 36 points. The index saw a sharp decline for the first few minutes and then started moving sideways. That range-bound trading broke on the downside, prices again drifted lower but saw a bounce up. The index spends its last two hours of trading within a narrow range. Prices have recorded its intraday high at 44773.80, its intraday low at 44532.45, and finally closed at 44662.45 with a loss of 96 points. PSU and PVT BANK both indices have performed almost the same, saw a mild down move, and finally ended with a loss of 0.64% & 0.32% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while INDUSIND BANK contributed the least. The short-term trend is sideways. Support is visible around 44600 while resistance is visible around 46200.

TECHNICAL PICKS

COMPANY NAME	CMP	B/S	RATIONALE
FED BANK	147.85	BUY	The stock is about to give a breakout on the intraday and the daily chart. The stock can be bought above 148.50 with a stop loss of 147.10 and a target of 151.25.
PEL	1043.30	SELL	The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 1040.95 with a stop loss of 1055.45 and a target of 1012.00.

DERIVATIVE PICKS

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News Updates

• Benchmark indices ended on a flat note in the volatile session on September 26. At close, the Sensex was down 78.22 points or 0.12 percent at 65,945.47, and the Nifty was down 9.80 points or 0.05 percent at 19,664.70. About 1791 shares advanced, 1756 shares declined, and 122 shares unchanged.

• JPMorgan Chase chairman and CEO Jamie Dimon has asked investors to prepare for higher oil prices, rising rates and trade disruptions, as geopolitical crises continue to send aftershocks through the globe.

• The BSE SME IPO index fell after the BSE and NSE said that stocks in the small and medium enterprises will come under the framework of Additional Surveillance Measures (ASM) and trade-to-trade settlement to curb volatility in such shares.

• Dixon Technologies rallied 4 percent high on September 26 buoyed by high volume trade and a positive brokerage outlook. At the bourses nearly 9 lakh shares of the company exchanged hands against a monthly average of 4 lakh shares.

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

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