Taking Stock: Nifty closes above 25,750 for first time, Sensex jumps 1,360 pts; realty index up 3%

Market Today

Bulls tightened their hold on Dalal Street on September 20 as the Indian benchmark indices extended gains for the second consecutive session to hit fresh all-time highs amid positive global cues and buying across the sectors.

At close, the Sensex was up 1,359.51 points or 1.63 percent at 84,544.31, and the Nifty was up 375.20 points or 1.48 percent at 25,791.

On September 20, BSE Sensex and Nifty hit fresh highs of 84,694.46 and 25,849.25, respectively.

For the week, both the benchmarks rose 2 percent each.

Also Read - Sensex, Nifty hit record highs; here's a look at what's driving the rally

All the sectoral indices ended in the green with auto, bank, capital goods, healthcare, FMCG, power, telecom, metal and realty rising 1-3 percent.

Biggest gainers on the Nifty were M&M, ICICI Bank, JSW Steel, Bharti Airtel and L&T, while losers included Grasim Industries, SBI, IndusInd Bank, TCS and Bajaj Finance.

Broader markets, BSE midcap and smallcap indices, rose 1 percent each.

260 stocks touched their 52-high on the BSE, including, Asahi India, Max Healthcare, JSW Energy, Cholamandalam Financial Holdings, Lloyds Metals, Shyam Metalics, Home First. HFCL, Mankind Pharma, Zomato, JSW Steel, ICICI Bank, Fortis Healthcare, United Spirits, PB Fintech, Bharti Airtel, Bajaj Holdings, Quess Corp, Havells India, among others. Click to view full list

Outlook for September 23

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After showing a range bound action with volatility in the last five sessions, Nifty witnessed an excellent upmove on Friday and closed the day higher by 375 points. Nifty opened on a positive note and showed sustainable upside in the early to mid-part of the session. A sharp knee jerk action of afternoon was followed by a sustainable upside bounce and reach new all-time highs at 25849 levels.

A long bull candle was formed on the daily chart, which indicates a decisive upside breakout in the market of the last 4-5 sessions range movement. The Nifty has broken above the range as well as the trend line resistance around 25500 levels.

Nifty on the weekly chart formed a reasonable bull candle that has surpassed the congestion area of the last three weeks around 25300-25500 levels and closed higher.

The short-term trend of Nifty is sharply positive. Having surged up in one session on Friday, there is a possibility of consolidation/breather pattern in the short term, before moving up further. Next upside targets as per Fibonacci extension to be watched around 26250. Immediate support is at 25650.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty opened on a positive note and witnessed a volatile trading session. Intraday volatility was very high however the Nifty managed to hold on to crucial support levels and closed the day in the green up ~375 points. On the daily charts we can observe that the Nifty is moving towards the upper end of the rising channel placed at 26000 which is also our short-term target. Support is placed in the zone of 25500 – 25450.

Bank Nifty has closed above the previous all-time high of 53350 and is now heading toward 55000 in the short term. Intermediate pullbacks or intraday dips should be used as a buying opportunity. The support zone is placed at 52800 – 52700.

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