THE NIFTY, NIFTY BANK ENDED LOWER FOR THE SECOND CONSECUTIVE DAY

NIFTY:

The NIFTY opened at 19659.75 without any gap. The index moved up after the opening but quickly turned around and started drifting downwards after recording its intraday high at 19695.70. In the first half of trading the Index remained weak and slowly moved downwards toward 19600. The index found intraday support around 19570 and saw a rebound towards the end of today’s trading session. The NIFTY recorded its intraday low at 19563. 10 and finally closed at 19646.05 near its opening tock and also the previous day’s closing tick with a loss of 13.85 points or 0.07% down. MEDIA and REALTY outperformed today and gained over 1% followed by FMCG and METAL. IT underperformed, lost nearly 1% followed by BANK and FINANCIAL. The short-term trend is sideways now. The index is consolidating within the support around 19500 and resistance around 20000. This 500 points trading range continued for the 11th trading day. For the time being, we should step aside and avoid trading the index. We should wait for prices to break either 19500 support or 20000 resistance first. We will plan our next trade accordingly.

BANK NIFTY:

The BANK NIFTY opened at 45560.90 with a gap down of 214 points. The index initially moved up in its initial trades but turned down quickly. Prices have recorded its intraday high at 45727.75 and saw a sharp decline. Soon the decline took a pause and then the index started a consolidation process. Prices have moved sideways but slowly headed downward. The index recorded its intraday low at 45238.80 and finally closed at 45460.70 with a loss of 314 points. PSU BANK outperformed today, saw a mild upside move, and closed with a gain of 0.30%. PVT BANK has underperformed today, saw a sharp intraday decline and closed with a loss of 0.33%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is sideways now. Support is visible around 45000 while resistance is visible around 46300.

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News Updates

• The Indian equity indices started the August series on a negative note and also ended lower for the second consecutive session on July 28 amid selling seen in the information technology, banking and oil & gas names. At close, the Sensex was down 106.62 points or 0.16 percent at 66,160.20, and the Nifty was down 13.90 points or 0.07 percent at 19,646.

• Marico Ltd. on July 28 reported consolidated net profit at Rs 436 crore for the June quarter of FY24, registering a growth of 15.6 percent from Rs 377 crore in the same quarter of the previous financial year. Total revenue of the company is Rs 2,477 crore, falling 3.1 percent from Rs 2,558 crore in the year-ago quarter, the company said in a regulatory filing.

• Indian Oil Corporation Limited (IOCL) on July 28 reported a consolidated net profit of Rs 14,735 crore in the first quarter of FY2023-24 amid a recovery in marketing margins. The company had reported a net loss of Rs 883 crore in the same period last year on account of high international crude oil prices.

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

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