VOLATILE MOVEMENT CONTINUED IN THE NIFTY

NIFTY:

The NIFTY opened at 19581.20 without much of a gap. Initially, the index moved sideways for the first two hours of trading and eventually broke on the downside. Prices have seen a sharp intraday decline and moved below 19500. The Index found strong support there and bounced up after recording its intraday low at 19491.50.Prices saw a sharp rally toward the end, recorded its intraday high at 19636.45, and finally closed at 19611.05 near its day’s highs with a gain of 36.15 points or 0.18% up. FMCG outperformed and closed with a gain of 1% followed by PHARMA and OIL GAS. REALTY and METAL underperformed and closed with a loss followed by BANK. The index broke the 19250-19500 range and closed above 19500 for the second consecutive day confirming the breakout. We should look for buying only as far as the NIFTY is moving above the 19500 level.

BANK NIFTY:

The BANK NIFTY opened at 44494.65 with a gap down of 49 points. The index initially consolidated for about the first two hours and then broke on the downside. Prices have seen a sharp decline, found support around 44250, and then turned up. The index recorded its intraday high at 44577, its intraday low at 44207.25, and finally closed at 44468.55 with a loss of 75 points. PSU BANK underperformed, saw a sharp downside move, and closed with a loss of 1%. PVT BANK also moved down and ended with a loss of 0.43%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while ICICI BANK contributed the lowest. The short-term trend is sideways. We have been tracking a trading range inside 44000-44800 zones. Prices have been moving inside this range for the past two weeks and the range is still intact.

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

Upcoming Economic Data

News Updates

• Indian benchmark indices ended on a positive note for the fourth consecutive session on September 6 with Nifty above 19,600. At close, the Sensex was up 100.26 points or 0.15 percent at 65,880.52, and the Nifty was up 36.10 points or 0.18 percent at 19,611. About 1869 shares advanced, 1659 shares declined, and 142 shares unchanged.

• Adani Total Gas Ltd., has received a work order for a 500 tonne per day bio-CNG plant in Ahmedabad from the local city body. The work order received from the Ahmedabad Municipal Corp. is to design, build, finance, and operate the plant on a public-private partnership model, the company said in an exchange

• TCS Ltd. has entered into a strategic partnership with the digital unit of Jaguar Land Rover Plc as part of the carmaker’s “reimagine” strategy. India’s largest IT services company will help the luxury unit of Tata Motors Ltd. accelerate the modernisation of its digital estate and build a new technology architecture.

• Reliance Retail Ventures Ltd. has entered into a joint venture with Alia Bhatt’s kids and maternity-wear brand, Ed-a-Mamma, for a 51% stake. The deal marks a significant step forward in promoting sustainable fashion for the younger generation, the retail arm of Reliance Industries Ltd. said in a statement on Wednesday.

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

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