VOLATILE AND NARROW MOVEMENT CONTINUED IN THE NIFTY & NIFTY BANK

NIFTY:

The NIFTY opened at 19784 with a gap up of just 31 points. The index could not able to move further up and started a consolidation process which eventually broke on the downside. Prices have recorded its intraday high at 19795.60 in its initial trades and saw a sharp decline which found support around 19700. The index moved sideways till the end. Prices have recorded its intraday low at 19704.60 and finally closed at 19733.55 with a loss of 20.25 points or 0.10% down. The IT outperformed and gained over 1% followed by METAL and PHARMA The REALTY underperformed today and lost 1.77% followed by OIL GAS and FMCG. The short-term trend is still sideways. A narrow trading range is now visible inside the 19550-19850 zones. For the past 12 trading days, prices have been moving within this range and also made a failed attempt to break it. We may see a breakout very soon here.

BANK NIFTY:

The BANK NIFTY opened at 45740 with a gap up of 111 points. The index could not move further up and started a consolidation process ss which eventually broke on the downside. Prices have recorded its intraday high at 45782.75 in its initial trades and saw a mild down move. The decline found strong support around 45500 and then went into a consolidation process. That consolidation lasted till the end, prices recorded its intraday low at 45471.05 and finally closed at 45598.05 with a loss of 31 points. PSU BANK underperformed, saw a sharp downside move and ended with a loss of 0.52%. PVT BANK outperformed today but closed with minor gains. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while SBIN contributed the lowest. It was a volatile day where prices have seen sharp intraday moves in both directions. The short-term trend is sideways now with support around 45300 while resistance is around 46300. This 1000 points of trading range should resolve very soon one way or the other.

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News Updates

• Benchmark indices ended with marginal losses in the volatile session on August 1. At close, the Sensex was down 68.36 points or 0.10% at 66,459.31, and the Nifty was down 20.30 points or 0.10% at 19,733.50. About 2032 shares advanced, 1437 shares declined, and 156 shares unchanged.

• Multiplex chain PVR Inox on August 1 reported a net loss of Rs 44.1 crore in the first quarter of fiscal 2024 against a net profit of Rs 68.3 crore in the year-ago period, hit by a below-average performance of Hindi films, a slow recovery in footfalls and cinema advertising revenue.

• The government’s Goods and Services Tax (GST) collections climbed 10.8 percent on-year in July to Rs 1.65 lakh crore, the Ministry of Finance said on August 1. At Rs 1.65 lakh crore, the July GST collections is the third-highest of all time and is 2.2 percent higher that what was collected in June.

• India, the world’s second largest gold consumer, saw gold demand decline by seven percent to 158.1 tonnes during the April-June quarter due to record high prices in the domestic market, according to the World Gold Council (WGC).

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

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