Tag: Bank Nifty

Indian equity markets closed in the green on September 22, 2023, supported by buying in select banking and automobile stocks. Sectors such as pharma, information technology, and metals were the major drags. Options data suggests a sideways to positive momentum in the near term.

The pharmaceutical sector is experiencing bearish sentiment on September 22, with profit-booking pressure and short positions in several individual stocks, including Glenmark, Cipla, Alkem, and Dr Reddy's. Analysts believe that the Nifty Pharma Index could see further weakness if it breaks below the 14700-14800 support zone. On the other hand, Aurobindo Pharma is seen as a moderately bullish stock, with strong resistance at the 900 strike price and strong support at the 850 and 860 strike prices. Traders should be cautious and monitor the market closely for any further developments.

The Indian equity markets opened at fresh record highs on September 14, tracking positive cues from Asian markets. Investors shrugged off concerns over the slightly higher-than-expected US consumer price index for August. The Sensex and Nifty 50 retraced from their early highs but were still trading in the green at noon. The outlook for the market remains positive in the near term, as investors continue to focus on domestic factors such as strong corporate earnings and economic growth. However, the market is likely to remain volatile in the medium term, as investors assess the impact of the rising inflation on global growth.

Tata Steel shares surged 3% on September 14 as the company is close to securing £500 million in government funding to safeguard the future of its Port Talbot plant in South Wales. The deal is still subject to final negotiations, but it is a positive step for both Tata Steel and the UK steel industry.

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, with the immediate support 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 Indian stock market opened in the green on September 12, but the broader markets witnessed an increased rush to book profits as the day progressed. The Sensex and Nifty ended flat, amid heightened volatility. Analysts believe that the bulls are firmly in control and the market is likely to remain volatile in the near term, but the overall trend is positive. Investors should focus on buying quality stocks on dips.

Nifty 50 touched a new all-time high of 20,000, led by strong buying from foreign investors, domestic institutional investors, and retail investors. Analysts believe that the market is overbought and there could be a pullback in the near term, but they are bullish on the long-term trend and expect the index to reach 21,500 in the coming months.

Indian stock markets opened in positive territory on September 11, 2023, amid the mixed global cues. The Nifty hit a seven-week high of 19,800 last week, and analysts believe that the index is likely to march towards the 20,000 milestone in the coming days, provided it holds the 19,700-19,800 support level.