Nifty50 Closes Above 19,800, Broad-based Rally Continues
The Nifty50 index closed above the 19,800 level on Friday, its highest level since July 2022. The index gained 1.96% to close at 19,825.05. The broader market also rose, with the BSE Midcap and Smallcap indices rising 1.45% and 1.91%, respectively.
The rally was broad-based, with all 15 sectors ending in the green. The market was supported by strong buying in heavyweights such as Reliance Industries, Infosys, and HDFC Bank.
The rally was also driven by positive global cues. US stocks closed higher on Thursday, boosted by strong earnings from major companies. Asian markets were also trading higher on Friday morning.
Technically, the Nifty is now eyeing the 20,000 milestone. The index has been consolidating in a range between 19,500 and 20,000 for the past few weeks. A break above 20,000 would confirm the start of a new uptrend.
However, investors should not become complacent and wait for dips to initiate fresh longs. The immediate support for the index is 19,700, followed by 19,600-19,500.
- The Nifty50 index closed above the 19,800 level for the first time since July 2022.
- The rally was broad-based, with all 15 sectors ending in the green.
- The market was supported by strong buying in heavyweights such as Reliance Industries, Infosys, and HDFC Bank.
- Technically, the Nifty is now eyeing the 20,000 milestone.
- Investors should not become complacent and wait for dips to initiate fresh longs.
Here are two buy calls for the short term:
- CDSL: The stock has been forming a cup and handle pattern on the daily chart. The pattern is considered a bullish reversal pattern. The stock is currently trading above its 50-day and 200-day moving averages, which are considered to be trend-following indicators. The stock has a stop-loss of Rs 1,218 and a target of Rs 1,395.
- Rain Industries: The stock has been rising on the back of strong volume. The stock is currently trading above all its moving averages. The stock has a stop-loss of Rs 172 and targets of Rs 190-192.
Overall, the market undertone is positive and investors can adopt a “buy on dips” strategy. However, they should closely monitor global developments and the domestic overview for the immediate trend setup.
- 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
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- 22 Sep
Indian Bond Markets to Remain Stable in Near Term After JPMorgan Inclusion
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- 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.