Market Summary for September 18, 2023

The Indian stock market saw some profit-booking on September 18, 2023, after a strong rally in the previous week. The Nifty50 index closed at 20,133, down 59 points or 0.29%, while the BSE Sensex index closed at 67,597, down 242 points or 0.36%.

Key Takeaways

• The overall market sentiment remains positive, with the Nifty50 index expected to hold above the 20,000-19,900 support zone.
• The Bank Nifty index has an immediate support zone in the range of 45,800 to 45,700.
• The PSU bank sector is expected to continue its outperformance in the near term.
• The maximum weekly Call open interest (OI) was at the 20,200 strike price, which could act as a key resistance level for the Nifty50 index.
• The maximum Put open interest remained at the 20,100 strike price, which could act as an important support level for the Nifty50 index in the coming sessions.

Actionable Insights

• Investors can look to buy on dips in the Nifty50 and Bank Nifty indices, as long as the key support levels are held.
• Investors can also look at PSU bank stocks for potential outperformance in the near term.
• Investors should keep a close eye on the 20,200 and 20,100 strike prices on the Nifty50 index, as they will play a key role in determining the market direction in the coming sessions.

Additional Notes

• The Indian stock market has been on a tear in recent months, with the Nifty50 index hitting a record high of 20,222 on September 16, 2023.
• The rally has been driven by a number of factors, including strong corporate earnings growth, positive foreign institutional investor (FII) inflows, and a favorable macroeconomic outlook.
• However, the recent profit-booking suggests that investors are taking some caution, ahead of the Federal Reserve’s interest rate decision on September 21, 2023.
• Overall, the Indian stock market remains attractive for investors, with a number of positive factors supporting the rally. However, investors should be mindful of the risks involved, and should carefully consider their investment objectives and risk tolerance before making any investment decisions.

• 22 Sep

  Technical Analysis Report for Nifty and Three Buy Calls

  The Nifty index has been on a strong uptrend in the past three weeks, but it has recently retraced some of those gains. It is now expected to oscillate within the 19,605 to 19,878 range over the next few sessions. Three stocks that look good for buying over the next 2-3 weeks are Havells India, KSB, and Gujarat Ambuja Exports. All three stocks have strong bullish momentum and are trading above their key moving averages.

• 22 Sep

  Maruti Suzuki Stock Gains on Bullish Stance from Global Brokerages

  Maruti Suzuki stock gains on bullish stance from global brokerages Shares of Maruti Suzuki India surged on Friday after global brokerages Citi and Morgan Stanley maintained bullish stance on the counter. Both brokerages cited the company's improving product mix and attractive valuation as key reasons for their optimism. In addition, Maruti Suzuki reported strong sales performance in August 2023, with total domestic sales jumping 14 percent year-on-year and sale of utility vehicles jumping 118 percent year-on-year. Overall, the bullish stance from global brokerages and the company's strong sales performance are providing a boost to Maruti Suzuki stock.

• 22 Sep

  PNB Gilts Hits Upper Circuit on Inclusion of Indian Bonds in JPMorgan Index

  Shares of PNB Gilts hit upper circuit on September 22, 2023, following news that India's inclusion in JPMorgan's bond index is seen driving billions of dollars of inflows. The index provider will add Indian bonds to its widely-tracked emerging market index starting June 28, 2024. PNB Gilts is a primary dealer in government securities and other fixed-income instruments. The inclusion of Indian bonds in JPMorgan's index is expected to attract significant foreign inflows, which is likely to benefit PNB Gilts and other primary dealers in government securities.

• 22 Sep

  Indian Bond Markets to Remain Stable in Near Term After JPMorgan Inclusion

  Indian bond markets are expected to remain stable in the near term after JPMorgan's inclusion of India in its widely tracked emerging market debt index, according to BlackRock's head of Asia Pacific fixed income, Neeraj Seth. Seth expects inflows of around $20 billion to $25 billion into India after the maximum weight threshold is achieved on the GBI-EM index. Given the size of the global government bond market, this is relatively small and is unlikely to have a significant impact on volatility.

• 22 Sep

  Indian market drops on September 22 despite inclusion of Indian bonds in JP Morgan index

  Indian benchmark indices Sensex and Nifty fell for the fourth consecutive day on September 22, despite the inclusion of Indian bonds in the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) global index suite from June 2024. The market is expected to remain volatile in the near term, with key support at 19,600 for Nifty.

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