THE NIFTY, NIFTY BANK HAS SEEN A SHARP INTRADAY DECLINE ON A MONTHLY EXPIRY DAY

NIFTY:

The NIFTY opened at 19761.80 with a gap up of 45 points. The index could not sustain at the higher levels and started drifting downwards from its opening tick. Prices have recorded its intraday high at 19766.65 in its initial trades and moved lower for the whole day. Minor rallies quickly found resistance and bears used it to add more or take fresh positions. The index recorded its intraday low at 19492.10, saw a minor recovery in the last 15 minutes of trading, and finally closed at 19523.55 near its day’s lows with a loss of 192.90 points or 0.98% down. All the sectoral indices have moved in line with the NIFTY and ended on a negative note. The IT sector led the bears by ending over 2% lower followed by AUTO, FMCG, and MEDIA. The short-term trend is down now as prices have closed below its support level of around 19600. Support is now visible around 19250 while resistance is visible around 19800.

BANK NIFTY:

The BANK NIFTY opened at 44700.35 with a gap up of 100 points. The index Initially moved down, filled the gap, and then bounced up. The rally could not last long and prices have again drifted downwards after recording its Intraday high at 44756.80. The down move lasted till the end, prices recorded its intraday low at 44248.20 and finally closed at 44288.20 with a loss of 312 points. PSU and PVT BANK, both indices, have performed almost the same, saw a sharp intraday decline, and ended with a loss of 1.13% & 0.86% respectively. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while KOTAK BANK contributed the least. The short-term trend is down now as prices have closed below the support level of around 44600. Now, the support is visible around 44000 while the resistance is visible around 45000.

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• On Thursday, Broad-based losses across the market saw benchmark indices slip deeper into losses as the day progressed. At close, the Sensex was down 610.37 points or 0.92 percent at 65,508.32, and the Nifty was down 193.00 points or 0.98 percent at 19,523.50. Losers outnumbered gainers as about 1,524 shares advanced, while 2,007declined, and 136 were unchanged.

• India is likely to ban sugar exports during the upcoming season, starting October 1, government officials told Moneycontrol on September 28. A notification in this regard can be expected in the first week of November, they added.

• Promoter selling is at a six-year high this year, as they have, so far, offloaded Rs 87,000 crore worth of equities included in NSE-500, a Kotak Institutional Equities report showed. A sharp increase in sell-downs was also seen among private equity (PE) or venture capitalist (VC) investors compared to previous years.

• Housing sales across the top seven cities in India hit record high in the third quarter of the calendar year, despite the usually slow monsoon quarter, according to Anarock Property Consultants Pvt. Over 1.2 lakh units were sold in July–September, a 36% rise compared to 88,230 units during the same period last year.

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

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