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All quiet on domestic front, market to take cues from global news flow: Experts

With no major domestic economic data expected during the week, markets may be dominated by global news flows such as another interest payment on Evergrande’s bonds, says Samco Research

September 27, 2021 / 07:50 AM IST
The market gained 1.5 percent in the week ended September 24, with the Sensex marking yet another milestone of 60,000 on the back of supportive domestic and global factors. For the week, the Sensex added 1,032.58 points (1.75 percent) to close at 60,048.47, while the Nifty50 rose 268.05 points (1.52 percent) to end at 17,853.20 levels. The broader indices, however, underperformed the benchmarks. The BSE midcap index added 0.59 percent, while the smallcap index ended flat.
The market gained 1.5 percent in the week ended September 24, with the Sensex marking yet another milestone of 60,000 on the back of supportive domestic and global factors. For the week, the Sensex added 1,032.58 points (1.75 percent) to close at 60,048.47, while the Nifty50 rose 268.05 points (1.52 percent) to end at 17,853.20 levels. The broader indices, however, underperformed the benchmarks. The BSE midcap index added 0.59 percent, while the smallcap index ended flat.
Rohit Singre, Senior Technical Analyst at LKP Securities | For upcoming session, index has shifted its support zone to 17,750-17,650, so any dip near mentioned support zone will be again fresh buying opportunity with keeping stop out level below 17,650 zone & if said levels are held we may see the index march towards 18k mark, resistance is still placed around 17,900-18,000 zone where traders can lock some of their long gains.
Rohit Singre, Senior Technical Analyst at LKP Securities | For the upcoming session, the index has shifted its support zone to 17,750-17,650, so any dip near it will be again a fresh buying opportunity, with stop out level below 17,650. If the level is held, the index can march towards 18,000. Resistance is still at around 17,900-18,000 where traders can lock some of their long gains.
Samco Research | The volatility seen in the markets this week may seep into the forthcoming week as well given the monthly expiry towards the latter half. Considering the increased concerns around chip shortage and the resultant dampened sales prospects, monthly sales numbers of the automobile sector are sure to grab eyeballs to determine a future trend in auto stocks. With no major domestic economic data expected in the following week, markets may be dominated by global news flows such as another interest payment on Evergrande’s bond due next Wednesday. Thus, in the current volatile markets, investors must carefully invest only in fundamentally sound stocks as markets are fickle and unpredictable.
Samco Research | The volatility seen in the previous week may seep into this week as well, given the monthly expiry towards the latter half. Considering the increased concerns around chip shortage and the resultant dampened sales prospects, monthly sales numbers of the automobile sector are sure to grab eyeballs to determine the trend in auto stocks. With no major domestic economic data expected in the following week, markets may be dominated by global news flows such as another interest payment on Evergrande’s bond. In the current volatility, investors should stick to fundamentally sound stocks as markets are fickle and unpredictable.
Mohit Nigam, Head - PMS, Hem Securities | Markets have sustained above 17,850 levels and we expect this momentum to continue which may lead to 18,000 levels in near term and 17,650 may act as immediate support in Nifty 50. Overall we believe that market trajectory continues to be positive and any significant dip should be utilized to invest in quality stocks for good returns.
Mohit Nigam, Head - PMS, Hem Securities | The Nifty have sustained above 17,850 and we expect this momentum to continue, which may take the index to 18,000 in the near term and 17,650 may act as immediate support. The overall market trajectory continues to be positive and any significant dip should be utilised to invest in quality stocks.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities | For the Nifty, 17775-17700 could be the important support levels. On the flip side, 18000 and 18200 could act as a major resistance level. Contra traders can take a long bet near 17700 with a strict 16650 support stop loss, while partial profit booking is advisable between 18100 to 18200 level. Meanwhile, the Bank Nifty has maintained a higher bottom formation. The key support levels are placed at 37200 followed by 36800. The structure suggests a further upside if it succeeds to trade above 37200.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities | For the Nifty, 17,775-17,700 could be the important support levels. On the flip side, 18,000 and 18,200 could act as major resistance levels. Contra traders can take a long bet near 17,700 with a strict 16650 support stop loss, while partial profit booking is advisable between 18,100 to 18,200. Meanwhile, the Bank Nifty has maintained a higher bottom formation. The key support levels are placed at 372,00 followed by 36,800. The structure suggests a further upside if it moves above 37,200.
Rakesh Patil
first published: Sep 27, 2021 07:49 am

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