HDFC
BANK LEADS LOSSES AS SENSEX ENDS FLAT IN RED; NIFTY AROUND 17650
Today nifty trimmed opening gains and
ended in red amid high volatility & the Sensex index settled 49 points
lower at 59,197, while the Nifty ended flat at 17,656. Sector-wise, the Nifty
Private Bank and FMCG indices were the hardest hit, each down 0.5%, while oil
& gas, energy and metals stocks were bought. Bharti Airtel, NTPC, Apollo
Hospitals, Cipla, SBI Life, RIL were the top Nifty winners, each up over 1%. On
the other hand, laggards included Tata Consumer Products, Bajaj Twins, UPL,
Britannia, Kotak Bank and M&M, falling as low as 2.4%. In the broader
market, the MidCap Index was up 0.5% and the SmallCap Index was up 0.1%.
A RISE IN VOLUME IS WITNESSED IN THE AUTOMOBILE
INDUSTRY
The automotive industry recorded higher
volumes in August 2022 compared to August 2021. Improving chip availability
supported growth in certain segments to some extent compared to last year.
August 2022 volumes are also expected to be boosted by channel inventory
build-up ahead of the holiday season. In August 2022, the domestic two-seater
and domestic passenger car segments saw double-digit volume growth
year-on-year. The commercial vehicle segment also recorded a high volume
increase compared to August 2021. The domestic tractor industry is expected to
have grown in single digits year-on-year in August 2022. In terms of exports,
the two-wheeler segment remained under pressure.
Today Sensex & nifty was in positive trend.If you are holding
long positions then continue to hold with daily closing stoploss
of sensex 58,494 Fresh short positions can
be initiated if Sensex closes below 58,494 levels &
nifty can hold with daily closing stoploss of 17,452 Fresh short
positions can be initiated if Nifty closes below 17,452 levels.
NIFTY Support 17574
- 17492 - 17397
NIFTY Resistance 17751 - 17846 - 17928
BANKNIFTY Support 39463 - 39259 - 38953
BANKNIFTY Resistance 39972 - 40278 - 40482
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