THE NIFTY, NIFTY BANK EXTENDED GAINS TO CLOSE NEAR ITS DAY’S HIGH

NIFTY:

The NIFTY opened at 19053.40 without much of a gap. Prices have initially moved lower and saw a sharp decline but found support quickly and bounced up. The index recorded its intraday low at 18940 and started a V-shaped reversal. A rally started which lasted till the end. Minor dips in between were used to add or take fresh trades. Prices have recorded its intraday high at 19158.50 almost at the end of today’s trading session and finally closed at 19140.90 with a gain of 93.65 points or 0.49% up. REALTY led the bulls today as the sector closed with gains of 2.14% followed by OIL GAS which ended 1.34% up. AUTO and FMCG underperformed today and closed with a loss. The past few days were very wide which suggests narrow and choppy days may be ahead. We are expecting a process of consolidation in the index. The recent swing low recorded around 18800 should now act as a support level while resistance is visible around 19300.

BANK NIFTY:

The BANK NIFTY opened at 42721.40 with a gap down of 110 points. The index continued its early morning bearish bias and started moving lower from its opening tick. The decline stopped quickly and prices bounced up after recording its intraday low at 42390.50. The index continued moving higher for the whole day and crossed above 43000. Prices have moved further up, recorded its intraday high at 43112.50, and finally closed at 43073.60 with a gain of 242 points. PVT BANK has outperformed today, saw a mild upside move, and closed with a gain of 0.55% PSU BANK has also moved up today and closed with a gain of 0.15%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AXIS BANK contributed the lowest. The short-term trend is sideways now. The recent swing low recorded around 42100 should now act as a support level. Resistance is visible around 43500. We may see a consolidation soon.

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News Updates

• Benchmark indices ended higher for the second consecutive session on October 30 with Nifty around 19,150. At close, the Sensex was up 329.85 points or 0.52 percent at 64,112.65, and the Nifty was up 93.60 points or 0.49 percent at 19,140.90. About 1863 shares advanced, 1741 shares declined, and 192 shares unchanged.

• Engineering and construction conglomerate Larsen & Toubro’s net profit in the second quarter is likely to jump 22 percent year-on-year on the back of strong sales growth and improved execution in the infrastructure segment, analysts said. Net profit is likely to grow to Rs 2,721 crore, according to the estimates of five brokerages. Revenue may rise 17 percent to Rs 50,093 crore in the three months ended September amid improved construction activity.

• GMR Airports Infrastructure Ltd (GIL) on October 30 reported its consolidated net loss reduced to Rs 190 crore in the July-September quarter of the current fiscal year. The company had reported a net loss of Rs 197 crore in the quarter ended September 30, 2022.

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

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