VOLATILE MOVEMENT IN THE NIFTY, NIFTY BANK

NIFTY:

The NIFTY opened at 19674,70 without any gap. The index initially moved lower but found support quickly and turned up after recording its intraday low at 19627. Prices have seen a sharp intraday rally which lasted almost till the end. Prices have seen a consolidation in the afternoon which eventually broke on the upside and prices have kept on moving higher. The index recorded its intraday high at 19875.25 and saw a sharp decline in the last 30 minutes of trading. Prices have finally closed at 19765.20 with a gain of 89.75 points or 0.46% up. The IT again outperformed today and closed with a gain of 2.69% followed by OIL GAS, REALTY, AUTO, PHARMA, and MEDIA. BANK and FMCG have underperformed today and closed with minor losses. The short-term trend is up. Support is now visible around 19500 while resistance is visible around 19850. Prices have found resistance around this level today and turned down. We may see a process of consolidation within these two levels.

BANK NIFTY:

The BANK NIFTY opened at 44251.70 with a minor gap up of 36 points. The index initially moved lower and then turned up. A rally took place which found resistance in the afternoon. Prices have started a consolidation process which eventually boke on the downside. The index has seen a sharp decline in the last 30 minutes of trading. Prices have recorded its intraday high at 44420.95, its intraday low at 44064.15, and finally closed at 44137.55 with a loss of 78 points. PSU BANK has underperformed today, saw a mild down move, and closed with a loss of 0.24%. PVT BANK has also moved down but ended with a loss of just 0.03%. 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 up. Fresh support is now visible around 43700 while resistance may emerge around 44800.

TECHNICAL PICKS

DERIVATIVE PICKS

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Upcoming Economic Data

News Updates

• Benchmark indices ended higher for the second consecutive session on November 16 with Nifty around 19,750. At close, the Sensex was up 306.55 points or 0.47 percent at 65,982.48, and the Nifty was up 89.70 points or 0.46 percent at 19,765.20. About 1964 shares advanced, 1665 shares declined, and 109 shares unchanged.

• Siemens AG will buy 18 percent stake in Siemens India for 2.1 billion euros at around Rs 3,380 per share, according to a report by CNBC TV-18. The stake will be bought from Siemens Energy. Following the news, shares of Siemens also soared around 3 percent. At 12.13 pm, shares of Siemens were trading 2.5 percent higher at Rs 3,501 on the NSE.

• State-run Oil and Natural Gas Corporation Limited (ONGC) expects commencement of oil production from its Krishna Godavari basin latest by November-end, the company’s management said in a conference call. Moreover, oil explorer ONGC said gas production from KG-DWN-98/2 block in Bay of Bengal would be ramped up by May or June of 2024.

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

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