THE NIFTY, NIFTY BANK IS MOVING VERY RANDOMLY WITH ONE DAY UP AND ONE DAY DOWN MOVEMENT

NIFTY:

The NIFTY opened at 19581.20 with a gap up of 58 points. The Index could not sustain at the higher levels and started drifting downwards from its opening tick. Prices have filled the gap, found strong support there, and started moving higher. A sharp rally took place and the Index went above 19700 to record its intraday high at 19726.25.The index found resistance there and saw a sharp decline in the last hour of trading. Prices have finally closed at 19638.30 just above the opening tick with a gain of 114.75 points or 0.59% up. All the sectoral indices have moved higher and closed with gains except IT which ended with minor loss. PHARMA MEDIA, and METAL led the bulls followed by OIL GAS. The boundaries are not confirmed yet. The short-term trend is again sideways. Support is now visible around 19250 while resistance is visible around 19800. On the weekly timeframe chart, the NIFTY closed with a loss but near the opening price. The next week may be wide and we may see a directional move. As of now, we should step aside and avoid trading the Index. Wait for a decisive breakout with a clear sense of direction.

BANK NIFTY:

The BANK NIFTY opened at 44445.35 with a gap up of 157 points. The index initially moved down but quickly turned around. Prices have started moving higher after recording its intraday low at 44344.90. Multiple sharp dips came but prices kept on rising and recorded its intraday high at 44755.05. The index has seen a sharp decline in the last hour of trading and finally closed at 44603.15 with a gain of 315 points. PSU BANK outperformed, saw a sharp upside move, and closed with a gain of 1.63%. PVT BANK has also moved up and closed with a gain of 0.73%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while AU BANK contributed the least. The support is visible around 44000 while the resistance is visible around 45000. Since the movement is very random and prices are also very volatile, so, it is wise for us to step aside and avoid trading the index. Wait for a decisive breakout with a clear sense of direction.

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• Benchmark indices ended higher on September 29 with Nifty above 19,600. At close, the Sensex was up 320.09 points or 0.49 percent at 65,828.41, and the Nifty was up 114.80 points or 0.59 percent at 19,638.30. About 2246 shares advanced, 1256 shares declined, and 152 shares unchanged.

• The Reserve Bank of India (RBI) on September 30 extended the deadline for public to exchange or deposit Rs 2000 notes at bank branches till 7 October following a review.

• The October 2 holiday on account of Gandhi Jayanti falling on a Monday has given another extended weekend opportunity to travellers, resulting in a more than 40 percent spike in flight searches. Majority of the travellers are planning a four-five days long family holiday, noted Aloke Bajpai, Co-founder & Group CEO, ixigo, an online travel platform.

• The government order said the Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Gupta as the CBDT Chairman on a contract basis, with effect from 1.10.2023 till 30.06.2024.

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

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