Nifty50 closes above 20,000, Bank Nifty gains 398 points

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The Nifty50 closed above the 20,000 mark on September 13, supported by banks. The index closed at 20,070, up 77 points or 0.39%. The BSE Sensex closed at 67,467, up 246 points or 0.37%.

The market breadth was positive with 1,490 stocks advancing and 1,248 stocks declining.

The Bank Nifty was the star performer, rising 398 points to 45,909. The Nifty Midcap 100 and Smallcap 100 indices rose 0.2% and 1% respectively.

The top gainers on the Nifty50 were Punjab National Bank (8.5%), Aarti Industries (5.6%), and ITI (19.4%).

Punjab National Bank has formed a bullish candlestick pattern on the daily charts, indicating the possibility of more upside. The stock is now trading above all its moving averages.

Aarti Industries has also formed a bullish candlestick pattern on the daily charts and is trading above its 100-day EMA.

ITI has been on a sharp uptrend for the past few sessions and has formed a bullish candlestick pattern on the daily timeframe.

Jigar S Patel of Anand Rathi Shares & Stock Brokers recommends buying Punjab National Bank in the zone of Rs 71-72 with an upside target of Rs 90 and a stop-loss of Rs 61.

He also recommends buying Aarti Industries in the zone of Rs 520-528, with an upside target of Rs 620 and a stop-loss of Rs 470.

For ITI, he recommends booking partial profits in the zone of Rs 200-210 and waiting for fresh longs.

The market is expected to continue its upward momentum in the coming sessions, but investors should be cautious of profit-booking at higher levels.


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