THE NIFTY, NIFTY BANK ENDED ON A FLAT NOTE AFTER MOVING VOLATILE DURING THE DAY

NIFTY:

The NIFTY opened at 19737.25 with a gap down of just 14 points. The index initially moved down sharply but bounced up quickly after recording its intraday low at 19691.85. A sharp rally came afterward but found resistance just below 19800 and started the consolidation process. Prices have recorded its intraday high at 19781.30 and eventually broke down. A sharp decline came in the last hour of trading and the index finally dosed at 19731.75 near its opening tick and also the previous day’s closing price with a loss of just 19.30 points or 0.10% down. METAL outperformed, saw a sharp upside move, and closed with a gain of nearly 1% followed by AUTO and OIL GAS. PHARMA, REALTY. FMCG, and MEDIA underperformed and ended with a loss. The short-term trend is sideways again and there is no doubt about that as the index has been moving sideways for almost a month. We have been tracking support is around 19500 while resistance is around 20000.

BANK NIFTY:

The BANK NIFTY opened at 44204.75 without much of a gap. The index initially moved down sharply for the first few minutes of trading but bounced up quickly after recording its intraday low at 44044.40. A sharp rally came which took prices to its intraday high at 44356.95. The index afterward moved very choppily and slid lower almost till the end. Prices have finally closed at 44242.55 with a gain of just 22 points. PSU BANK has outperformed, saw a sharp upside move, and ended with a gain of 0.72%. PVT BANK has underperformed, saw a mild down move, and ended with a loss of 0.15%. 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 sideways. A trading range is now visible on the daily timeframe chart with support around 43800 and resistance around 44800.

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News Updates

• The benchmark indices ended on a negative note in the volatile session on October 16 with Sensex falling 115.81 points or 0.17 percent to end at 66,166.93, while Nifty was down 19.20 points or 0.10 percent to close at 19,731.80. On the back of mixed global cues, the market started on a negative note, dragging Nifty below 19,700 but did recover and witnessed range-bound movement throughout the session.

• HDFC Bank on October 16 reported a net profit of Rs 15,976.11 crore in the July-September quarter, which was up just over 50 percent on-year, in its first report since merger with Housing Development Finance Corp (HDFC). On a sequential basis, net profit rises 33.7 percent. The gross non-performing assets (NPA) of the bank deteriorated to 1.34 percent in the reporting quarter. Similarly, net NPA of the bank stood at 0.35 percent in July-September.

• State-owned Bank of Maharashtra (BoM) on Monday posted a 72 per cent jump in net profit at Rs 920 crore for the September quarter, aided by a decline in bad loans and a rise in interest income. The lender had reported a standalone profit of Rs 535 crore in the year-ago period..

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

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