Both the Sensex and Nifty rose for a second session this week on September 10, driven by gains in IT, telecom, power, and healthcare sectors. The Sensex climbed 362 points to 81,921, and the Nifty increased by 105 points to 25,041. Market breadth was positive with 2,473 stocks advancing versus 1,300 declining.
This uptick followed a strong performance in the US, where all major indices gained over 1 percent after their biggest weekly drop since March 2022. Meanwhile, US equity futures were lower as markets brace for key inflation data and interest rate decisions. US recession fears and political risks, including a debate between Trump and Harris, are adding to market caution. The European Central Bank is also expected to cut rates further this week to support the economy.
Markets stayed optimistic for major part of the trading session and Nifty closing above the psychological 25k mark shows that investors continue to be upbeat about the country's strong growth prospects despite global recessionary concerns. Sliding crude oil prices remains a worry as falling demand increases risks of global slowdown.
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The domestic benchmark indices opened higher yesterday and, after initial volatility, demonstrated strong buying interest, with the Nifty closing on a positive note at 25,041.
According to experts, a small positive candle formed on the daily chart, featuring minor upper and lower shadows. Technically, this pattern suggests the formation of a doji-type candle, although not a classical one. Typically, a doji pattern at resistance signals caution for bulls. The short-term trend for Nifty appears to have reversed upwards, and the index is now positioned near the critical resistance level of 25,200. A decisive move above this hurdle could pave the way for further gains toward new all-time highs. Immediate support is at 24,900.
Indian benchmark indices Sensex and Nifty 50 are likely to open higher on September 12, tracking cues from GIFT Nifty trading near 25,095.50, a short while ago this morning.
Indian markets fell nearly 0.5 percent on September 11, tracking global declines ahead of a key United States inflation report and concerns that the Federal Reserve may have delayed easing the monetary policy. Traders also weighed the impact of the US. presidential debate.
The benchmark Sensex fell 398 points (0.49 percent) at 81,523.16, and the Nifty slipped 122.65 points (0.49 percent) to 24,918.45.
GIFT Nifty (Gains)
The GIFT Nifty is trading higher, indicating a strong start for the day. Nifty futures were trading at 25,095.50 at 07:00 am IST.
Asian Equities (Gain)
Asian markets opened higher on Thursday, tracking gains on Wall Street after a volatile session spurred by inflation data.
US Equities (Gain)
All three major US stock indexes closed higher on Wednesday with a boost from the technology sector offsetting investor disappointment at an early morning inflation report, which crushed hopes the Federal Reserve would cut interest rates by 50 basis points next week.
The Dow Jones Industrial Average rose 124.75 points, or 0.31%, to 40,861.71, the S&P 500 gained 58.61 points, or 1.07%, to 5,554.13 and the Nasdaq Composite gained 369.65 points, or 2.17%, to 17,395.53.
US Bond Yield (Gains)
The US 10-year Treasury yields rose 26 bps at 3.66 percent and US 2-year bond yield was up 40 bps to 3.65 percent, in the early trade on Thursday.
(Credit: Moneycontrol.com)
The benchmark indices reacted positively to the 50 bps cut in the federal funds rate, with the Nifty 50 rising 235 points to over 25,600 intraday. However, it could not sustain all of those gains due to profit booking, ending with a 38-point gain at 25,416 on September 19. The index failed to sustain above the upward-sloping resistance trendline, which is crucial for a further upward move towards 25,600. Until then, it may consolidate with support at 25,300, according to experts.
Special Formation: The Nifty 50 formed a bearish candlestick pattern with a long upper shadow on the daily charts, indicating profit booking at higher levels. However, it remained above all key moving averages, with a positive bias in momentum indicators such as the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence).
2) Key Levels For The Bank Nifty
Resistance based on pivot points: 53,273, 53,392, and 53,585
Support based on pivot points: 52,887, 52,767, and 52,574
Special Formation: The Bank Nifty continued to outperform the benchmark Nifty 50, hitting a fresh record high by rising 287 points to close at 53,038. The index formed a bullish candlestick pattern with a long upper shadow on the daily charts, resembling a Shooting Star pattern at the high (which is a bearish reversal pattern), signalling some profit booking at the peak. The index continued its higher highs-higher lows formation for the sixth consecutive session.
Yes, that's why, we have to take a decision with a good market strategy in mind.Originally posted by: mishkil88
Midacap, smallcap stocks were battered yesterday.
Anyway, market is moving on a suspicious intention, on unknown territory.
The benchmark index Nifty 50 recorded a robust rally and ended at a new closing high of 25,791, up 375 points on September 20. The index closed above the rising resistance trendline with a positive bias in the momentum indicators, RSI and MACD, which are key drivers. As a result, the trend remains positive, and the next resistance to watch would be the 26,000 mark in the monthly F&O expiry week, but only after some consolidation, with support at 25,500, according to experts.
Special Formation: The Nifty 50 formed a long bullish candlestick pattern on the daily charts with above-average volumes and maintained a higher highs-higher lows formation for another session. On the weekly timeframe, the index saw a breakout from the last three weeks' congestion zone and recorded a bull candle with a higher high-higher low formation.
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