| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 80,426.46 | -733.22 | -0.90% |
| Nifty 50 | 24,654.70 | -236.15 | -0.95% |
| Nifty Bank | 54,389.35 | -586.85 | -1.07% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Larsen | 3,729.50 | 85.10 | +2.34% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| M&M | 3,396.50 | -133.50 | -3.78% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Infra | 9039.90 | -38.65 | -0.43% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 33702.00 | -846.30 | -2.45% |
Nifty at 20,000 is part of a journey and not a destination. Sitaron se aage jahan aur bhi hai. Where yesterday Sensex was, today Nifty is. Where today Sensex is, tomorrow Nifty will be there for the long term investors. However, in a momentum market one has to be cautious.
The Nifty opened gap up and traded with a positive bias throughout the day to close with gains for the seventh consecutive trading session. It closed with gains of ~180 points and in the process touched a new all-time High of 20008.15. On the daily charts we can observe that the ascend has been steep and swift indicating bulls have an upper hand in the recent rally. The correction witnessed during August has been overcome within seven trading sessions of September. Momentum indicators on the daily and hourly time frame are in sync with the price action. Thus, we can expect the positive momentum to continue. On the upside, we expect Nifty to target levels of 21000 from short term perspective. In terms of levels, 19865 – 19810 is the crucial support zone while 20200 – 20250 shall act as an immediate hurdle zone.
Bank Nifty has also witnessed positive price action and is on the way to retest the recent swing high of 46400. The index has been a laggard and hence a divergence is visible among the sectoral indices. Sooner rather than later it is likely to align with the Benchmark and we expect the positive price action to continue. Momentum indicators on the daily and hourly time frames are in sync with the price action and hence we are likely to a sustained upmove.
Nifty advanced for the seventh straight day to log the best stretch of gains in 11 weeks and touched the all-time high level of 20,000 on Sept 11. At close, Nifty was up 0.89% or 176.4 points at 19996.4. Volumes on the NSE were on the higher side compared to recent average. Midcap index rose more than the Nifty even as the advance decline ratio rose to 1.23:1.
Asia stock markets started to turn positive later on Monday in a burst of risk appetite even though investors in China sold off shares in property developers, remaining unconvinced by authorities' efforts to revive activity in the mainland real estate market. European stocks traded higher on Monday after the latest inflation data from China fuelled optimism about easing deflationary pressures in the world's second-largest economy.
The head of the Bank of Japan hinted at an eventual shift away from negative interest rates. China had its smallest drop in factory prices in five months. The producer price index fell 3.0% from a year earlier, in line with expectations, after a drop of 4.4% in July.
Net investments into actively managed equity schemes in India increased more than 2.65 times month-on-month to Rs 20,245.3 crore in August. SIP contribution to mutual funds industry in August stood at Rs 15,813.5 crore, compared with Rs 15,242.7 crore in July.
Nifty made a bull candle on Sept 11 and showed an upside breakout. However, the markets seem overbought and as per fibonnaci numbers, Sept 12 could be a turn down day after Nifty rose for 7 straight up sessions. On upmoves Nifty could face resistance at 20090, while 19867 could provide support in the near term.
Markets made a robust start to the week and gained nearly a percent, in continuation of the prevailing trend. On the benchmark front, Nifty finally tested the new milestone of “20,000” and settled almost at the day’s high as well. The majority of the sectors contributed to the move wherein metal and auto were among the top gainers. The broader indices traded in tandem and rose over a percent each.
We may see some consolidation around the current levels after reclaiming the record high but the tone is likely to remain positive. While all the sectors are contributing to the move, we feel the performance of banking would play a crucial role in making a sustained up move from hereon. At the same time, participants should maintain caution in stock selection, especially in the midcap and smallcap space.
What is really impressive about India’s Nifty reaching this all-time high level is that it has been driven mainly by local flows in recent months, while FPI flow has been relatively subdued, partly due to limited global interest in Asia funds given the weak outlook for China which has a very high weightage in the region.
Following a gap up opening, the Nifty continued higher and crossed all-time high levels of 19991.85, as well as setting new all-time high levels above 20000 and closing all-time high levels of 19996.35. The last all-time high for the Nifty was seen on July 20, 2023, after which it corrected to 19223, taking 30 trading days till August 31, 2023. Following the drop, the Nifty took only 7 trading days to reach a new all-time high, indicating that Indian markets are on a strong bull run.
The market has traded Positive with the Sensex gaining 0.79 percent and closed at 67127.08 and Nifty was up by 0.89 percent intraday and closed at 19996.35 levels whereas Bank Nifty was up by 0.92 percent and settled at 45570.70.
Expect Nifty Media all the sectors ended in green. In Nifty stocks, Adani Ports, Adani Enterprise and Power Grid Corp were the top gainers while Coal India, ONGC and L&T were the prime laggards.
INDIA VIX was positive by 5.19 percent intraday and settled at 11.34.
Index has a support around 19800-19900 zone. Coming to the Open Interest (OI) Data, on the call side, the highest OI observed at 20000 followed by 20100 strike prices while on the put side, the highest OI is at 19900 strike price. On the other hand, Bank nifty has support at 45150-45300 while resistance is placed at 45750-45900 levels.
India's resilient growth compared to global macroeconomic headwinds has given investors the confidence to maintain bullish bets and propelled benchmark Nifty past the 20K mark. The 7th consecutive session of gains has come despite persisting selling by foreign institutional investors and other vagaries like inflation, rising dollar, spiking US treasury yields and interest rate hike concerns. While undertone appears bullish, the market seems to be in an overbought position and hence caution may prevail going ahead.
Technically, for the short-term period benchmark Nifty is holding a strong formation. On daily charts, the index has formed a bullish candle and on intraday charts it is consistently forming a higher high and higher low series formation, which is largely positive.
For the trend following traders, 19935 could act as a key support level, above which the index could move up till 20100-20175. On the flip side, below 19935, traders may prefer to exit from long positions and below the same, we could see a one quick intraday correction till 19850-19825.
Nifty marks it's new high and reaches the magical figure of 20000 on the back of broad-based buying in our domestic market. We have clearly outperformed our global peers by a fair margin and reaching this milestone on our own, displays the overall inherent strength.
We continue to remain sanguine and expect the market to continue this northward move. However, one should avoid being complacent and adopt proper money management from here on.
Bulls continue to lead the way as the benchmark index surged to a historic high, breaching the 20,000 mark for the very first time. This impressive rally followed a breakout from a descending channel that occurred last week. Looking ahead, market sentiment is expected to remain upbeat as long as the Nifty stays above the 19,900 level.
On the upside, we can identify an immediate resistance zone between 20,100 and 20,200. If there is a convincing breakthrough above 20,200, it could pave the way for the Nifty to advance towards the 20,500 mark.
The domestic markets began the day on a positive note, bolstered by the historic consensus achieved at the G20 summit, which instilled confidence among investors. Higher-than-expected loan growth data and strong profitability along with lower NPA in PSU banks attracted investor interest. Additionally, expectations of easing inflation, driven by a decline in vegetable prices, fuelled optimistic sentiment, leading to a market rally.
The return of China from deflation, growth in new bank loans, and reduced concerns about US rate hikes have paved the way for the domestic markets to reach new all-time highs.
20k on the Nifty may just be a number but its history, nevertheless. While we may keep talking about valuations and liquidity, the fact is that a lot is changing in India and maybe the markets are collectively seeing this golden decade ahead very differently from the cynics.
Strong momentum remained in the Indian markets and Nifty50 commenced the week on a firm note around 19,900. In the presence of a follow-up buying, the Index kept compounding its gains throughout the day to breach the psychological barrier of 20,000 and finally settled at 19,996.35 with gains of 176.40 points.
Except for Media, rest all the sectors participated in the rally. With gains of more than 1.10%, Mid and Smallcap indices extended their streak of outperformance.
On the daily chart, the Nifty has formed a strong bullish candle and is all set to give a breakout from the Rounding Bottom formation which indicates a continuation of the current underlying trend.
