Market Summary for September 22, 2023

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Market Summary for September 22, 2023

Indian equity markets opened on a neutral note on September 22, 2023, tracking weak global cues. However, the indices recovered later to close in the green, supported by buying in select banking and automobile stocks. The Sensex gained 0.18% to close at 66,350.54, while the Nifty rose 0.13% to end at 19,767.30.

Sectors such as pharma, information technology, and metals were the major drags, while banks and automobiles saw a rebound. RBL Bank, Berger Paints, and Bandhan Bank saw a long build-up, while Glenmark, Cipla, and Alkem saw a bearish setup.

Options data suggests a sideways to positive momentum in the near term. The market is expected to find the next crucial support zone at 44,400 levels and is likely to have a daily range of 44,200-45,000 levels.

Overall, the market is expected to remain sideways to positive in the near term, supported by buying in select sectors. However, investors should be cautious as global cues remain adverse.


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