Nifty50 closes above 20,000 for the first time, Bank Nifty rises 398 points

The Nifty50 rebounded on September 13 after a day of correction, closing above the psychological 20,000-mark for the first time. The index formed a bullish candlestick pattern on the daily charts, but broadly traded within previous day’s trading range.

The Nifty50 opened flat at 19,990 and corrected up to 19,944 amid volatility in morning. The index gained strength in late morning deals and extended the uptrend as the day progressed to hit an intraday high of 20,097. Finally, it settled at 20,070, up 77 points.

Technical analysts said that the index is likely to continue to move up if it manages to get back decisively above 20,100 and holds the same. The immediate support is placed at 19,950 levels.

The Bank Nifty also bounced back after seeing correction in previous session, and closed at 45,909, rising 398 points. The index has formed a long bullish candlestick pattern, which indicates possibility of more upside in the counter.

The broader markets front, the Nifty Midcap 100 and Smallcap 100 indices also rebounded after deep fall in previous session, rising 0.2 percent and 1 percent respectively.

Here are some key takeaways from the article:

• The Nifty50 closed above 20,000 for the first time.
• The index formed a bullish candlestick pattern on the daily charts.
• The immediate support is placed at 19,950 levels.
• The Bank Nifty also bounced back after seeing correction in previous session.
• The broader markets also rebounded after deep fall in previous session.

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