In yet another volatile session, the equity indices ended on a positive note on September 27 with Nifty above 19,700 led by PSU Bank, Capital Goods and Healthcare stocks.
At close, the Sensex was up 173.22 points or 0.26 percent at 66,118.69, while the Nifty was up 51.80 points or 0.26 percent at 19,716.50.
On the back of mixed global cues, the domestic indices opened on a negative note and extended the losses in the first few hours. However, in the afternoon session, the market erased all the losses and closed near the day's high.
Major gainers on the Nifty were Coal India, ITC, Larsen & Toubro, Cipla and LTIMindtree, while losers were Titan Company, Grasim Industries, Hero MotoCorp, SBI and BPCL.
Among sectors, PSU Bank, Capital Goods, FMCG, Realty and Healthcare indices were up 0.5-1 percent, while some selling was seen in the oil & gas names.
The BSE midcap and smallcap indices also added 0.6 percent each.
A long build-up was seen in Power Finance Corporation, REC and Manappuram Finance, while a short build-up was seen in Vedanta, Gujarat Gas and Vodafone Idea.
Among individual stocks, a volume spike of more than 700 percent was seen in Hindustan Copper, Granules India and Indiabulls Housing Finance.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,386.29 | -246.39 | -0.29% |
| Nifty 50 | 26,116.50 | -75.65 | -0.29% |
| Nifty Bank | 59,015.75 | -331.95 | -0.56% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Maruti Suzuki | 16,119.00 | 318.00 | +2.01% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Hindalco | 781.95 | -17.85 | -2.23% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 27656.00 | 102.00 | +0.37% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10205.20 | -180.80 | -1.74% |
Ujjivan Small Finance Bank, Wonderla Holidays, TVS Motor Company, Punjab National Bank, JSW Energy, Vodafone Idea, Federal Bank, Dixon Technologies, Coal India, BL Kashyap And Sons, among others, touched their 52-week high on the BSE. Click to View Full List
Outlook for September 28
Rupak De, Senior Technical analyst at LKP Securities:
The Nifty showed a strong recovery during the day, finding support at the 50EMA. The day concluded with the formation of a bullish engulfing pattern. On the upper side, resistance is situated at 19,750. A clear breakout is necessary to anticipate a substantial rally in the index.
A decisive move beyond 19,750 could potentially push the index towards 19,900. On the downside, support is established at 19,600.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty opened the gap down and witnessed a sharp correction thereafter. Soon it witnessed a recovery, which lasted throughout the day and the Nifty closed in the green up ~51 points. It has managed to close above the 40-day moving average (19,630) and the 61.82 percent Fibonacci retracement level (19,604), which is a sign of strength.
The daily momentum indicator has reached the equilibrium line indicating that the correction has matured, and it can start the new cycle, which is a bullish sign. Thus, both price and momentum indicators suggest that today’s low of 19,554 shall be a short-term bottom and the index is likely to witness a pullback over the next few trading sessions. In terms of levels, 19,600–19,550 is the crucial support zone while 19,880–19,900 shall act as an immediate hurdle zone.
Bank Nifty held on to its 78.6% Fibonacci support (44,360) and witnessed a sharp bounce back. We believe that a short-term bottom is in place and the Bank Nifty is likely to witness a pullback over the next few trading sessions. On the upside we expect the Bank Nifty to pull back towards 45,000 initially and above that potentially towards 45,200.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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