| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 81,773.66 | -153.09 | -0.19% |
| Nifty 50 | 25,046.15 | -62.15 | -0.25% |
| Nifty Bank | 56,018.25 | -221.10 | -0.39% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Titan Company | 3,565.60 | 147.40 | +4.31% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Tata Motors | 681.55 | -16.50 | -2.36% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 35232.20 | 522.75 | +1.51% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 26522.40 | -411.15 | -1.53% |
The Bank Nifty index has remained in a consolidation phase, marked by the bulls defending the 45,500 level while the bears have established a hurdle around 45,000. To establish a trending move, the index must break out of this range on either side, providing a clear direction for the market. Currently, the index is trading below its 20-day moving average (20DMA), and a decisive move above this level could trigger positional buying on the long side, potentially changing the landscape of this consolidation phase.
Nifty closed lower on September 26 after opening marginally higher. It remained in a narrow band of 62 points through the day before closing 0.05% or 9.9 points lower at 19664.7. Volumes on the NSE were the lowest since July 03. Smallcap index ended in the positive even as the advance decline ratio closed at 0.95:1.
European and Asian stocks retreated on Tuesday, as mounting fears of rates staying elevated for longer sent jitters through risk assets globally and pushed the dollar to a 10-month high. In Asia, investors continue to consider the state of the property sector in China after it emerged that property group Evergrande said it was struggling to organise a process to restructure its debt, prompting weakness in basic resources.
In the first six months of FY24, peak power demand in India touched an all-time high of 239.97 GW on September 1. Yet, August witnessed the highest average power demand of 216 GW as it turned out to be the driest August in a century. Even in September, the first 24 days have seen an average power demand of 211 GW, more than 204 GW witnessed in May and on par with 211 GW in June.
Nifty made a small body on September 26 with no predictive value for the way ahead. A move beyond the 19601-19734 band could result in accelerated move in that direction.
Nifty remained largely range-bound throughout the day as traders appeared uncertain. However, the short-term sentiment remains bearish as Nifty closed below the 21EMA. Looking ahead, the trend is expected to stay bearish as long as Nifty remains below the 19750 level. A support level is established at 19600, below which the index may decline further towards 19250.
The Nifty opened on a flat note and consolidated in a narrow range throughout the day to close marginally in the red down ~10 points. On the daily charts we can observe that the Nifty consolidated within the range (19734 – 19601) of the previous trading session and thus formed an Inside bar pattern which makes the extremes of the range crucial levels to watch out for. A breach of this range on either side shall lead to a move in that direction. We are expecting this range to break on the upside. A pullback is expected till 19773 – 19800 where 40 hourly moving averages is placed and above that it can stretch higher till 19880 – 19900 which is the gap area formed on 21st September. On the flipside, a breach below 19600 can lead to a fall till 19440. In terms of levels, 19600 – 19620 is the crucial support zone while 19780 – 19800 shall act as an immediate hurdle zone.
Bank Nifty also consolidated within a narrow range today and closed in the red, down 140 points. Considering the oversold nature of the Bank Nifty we are expecting a pullback over the next few trading sessions. On the upside the pullback is likely towards 45000 – 45200. On the hourly charts the momentum indicator has a positive crossover which is a buy signal and the positive divergence suggest that the momentum on the downside is weakening.
Trading remained flat as headwinds from the global market and continued selling by FIIs kept domestic investors under vigil. While bargain hunting was visible in small-cap stocks due to the recent correction and favourable valuation compared to large and mid-caps, IT indices slid due to the fear of one more rate hike by the FED and a consequent reduction in spending.
Markets traded dull and ended unchanged amid mixed cues. After the flat start, the Nifty oscillated in a narrow range and finally settled at 19964.70 levels. Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein FMCG and auto posted modest gains. The broader indices too showed a similar trend wherein midcap closed flat while smallcap rose nearly half a percent.
The marginal rebound on the global front combined with oversold positions is capping the downside however the tone is still bearish. A decisive move above 19750, which coincides with 20 EMA, may prompt some recovery. Amid all, we reiterate our view to stay stock-specific and avoid aggressive positions.
Indian equities started the day on a flat note and throughout the session, the Index remained rangebound to settle at 19,664.70 with a loss of 9.85 points. Among the sectors, FMCG was the top performer followed by Auto and Metal; on the flip side, Media, PSU Bank, and IT were the laggards.
After DOJI, Nifty50 has made a Spinning Top candlestick pattern at its strong support area of 19,600-19,635. A firm close above 19,790 is a must to start another round of rally.
Markets witnessed a listless trading session and lingered in negative territory for most part of the trading session due to weak Asian and European cues. Traders resorted to selective profit-taking ahead of the next week's RBI policy outcome, while external factors like strength in dollar index and rising treasury yields continue to dampen sentiment.
Technically, the Nifty has formed an inside body candle indicating continuation of a range bound trend in the near future. For day traders, 19735 would be the immediate resistance level while 19620 could act as a key support zone. Above 18735, the index could move up till 19780-19800. On the other hand, below 19620 the market could slip till 19550-19520.
ICE Make Refrigeration share price locked at 5 percent upper circuit as the company announced its ambitious plan for growth at its 14th Annual General Meeting in Ahmedabad. The company is set to invest a significant sum of Rs. 200 crore to expand its production capacity in the next 3 years.
Indian rupee ended lower at 83.23 per dollar versus previous close of 83.14.
: Benchmark indices ended on a flat note in the volatile session on September 26.
At close, the Sensex was down 78.22 points or 0.12 percent at 65,945.47, and the Nifty was down 9.80 points or 0.05 percent at 19,664.70. About 1791 shares advanced, 1756 shares declined, and 122 shares unchanged.
Eicher Motors, Nestle India, Bajaj Auto, Hero MotoCorp and ONGC were among the top gainers on the Nifty, while losers included IndusInd Bank, Tech Mahindra, Cipla, Kotak Mahindra Bank and Adani Enterprises.
On the sectoral front, except bank, pharma and IT, all other indices ended in the green with FMCG index up 0.5 percent.
The BSE midcap index ended on a flat note, while the Smallcap index added 0.3 percent.
-Buy rating, target raised to Rs 9,500 per share
-To convene board meet on October 5 for approval to raise equity capital despite 23 percent tier-1 ratio
-Company’s growth aspirations have increased given benign conditions, new launches
-Bake in capital of Rs 8,000 crore & raise AUM and EPS growth estimate
