Nifty50 Forms Spinning Top Pattern, Bears in Command
The Nifty50 closed at a new high of 20,103 on September 14, but formed a Spinning Top pattern, indicating indecisiveness in the market after the recent rally. The index is likely to consolidate in the short term unless it gives a decisive close above 20,200 levels.
The Spinning Top pattern is formed when the real body of the candle is small, with a long upper and lower shadow. This indicates that there was a lot of volatility in the market, but the bulls and bears were evenly matched.
The Nifty50 opened higher at 20,128 and climbed up to 20,168, but saw some profit taking after an initial hour of trade and turned volatile. The index saw some recovery in last hour of trade amid consolidation and closed with 33 points gains.
The broader markets also closed higher, with the Nifty Midcap 100 and Smallcap 100 indices gaining 1.2 percent and 1.3 percent, respectively.
The Bank Nifty formed a Doji pattern, which is similar to a Spinning Top pattern. This indicates that the bulls and bears are evenly matched in the banking sector.
The next key level for the Nifty50 is 20,200. If the index manages to close above this level, it could resume its upward momentum. However, if the index fails to close above 20,200, it could consolidate in the range of 19,900-20,200 levels.
The broader markets are also likely to consolidate in the near term. The next key level for the Nifty Midcap 100 is 17,500 and the next key level for the Nifty Smallcap 100 is 15,500.
Overall, the market is likely to remain volatile in the near term. Investors should wait for a clear trend to emerge before making any major investment decisions.
- 22 Sep
NBCC shares trade higher on Rs 100 crore work order from SAIL
NBCC shares were trading 3 percent higher on September 22 after the company announced having bagged a work order worth Rs 100 crore from SAIL. This is the fourth order-win announced by the company in this month, the total value of the same being Rs 450 crore. NBCC is a public sector undertaking engaged in the business of construction and real estate development. The company specializes in providing project management, consultancy and engineering services for civil construction, infrastructure development, and real estate projects.
- 22 Sep
Glenmark Pharma stock falls on stake sale in Glenmark Life Sciences
Glenmark Pharma stock fell after the company announced it would sell a 75% stake in its subsidiary Glenmark Life Sciences to Nirma. Analysts expect the stake sale to benefit Glenmark Pharma, as it will transition from a net debt position to a cash surplus position. This is expected to have a positive impact on the company's return ratios over the next two to three years.
- 22 Sep
Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus
Berger Paints shares surged 6% to hit a 52-week high after turning ex-bonus on the record date for the issue of bonus shares in the ratio 1:5. The company posted a net profit of Rs 326.3 crore in the April-June quarter of FY24, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year. The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.
- 22 Sep
Market Update for September 22, 2023
IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure
- 22 Sep
Lux Industries Shares Down 3% After Income Tax Raid
Lux Industries shares fell 3% on September 22 after news emerged that the Income Tax department had conducted searches at the company's premises in Kolkata and alleged a tax evasion of Rs 200 crore. The company has confirmed the searches and is extending full support.