Date: 13th September 2023
Technical Overview – Nifty 50
NIFTY50 on 13th Sept witnessed a flat opening and registered an intraday low at 19,944.10 levels in the first 15 mins of the trade and post that index found support near 9 EMA and moved higher. The prices on the intraday chart traded with a bullish bias in a higher low formation and neglected its previous day’s bearish sentiments.
The Benchmark index on the daily chart is holding above its horizontal trend line which is placed at the 20,000 mark. The index on the weekly chart indicates a strong bullish market as prices have completed their retracement near the trend line support.
In the last hour, Short-Unwinding from PUT Writers and Short-Buildup (SB) on the CALL side continues. The momentum oscillator RSI (14) has rebounded sharply from the 40 levels and presently closed above 70 levels with a bullish crossover. The MACD indicator has shifted higher above its line of polarity with a bullish crossover.
The technical landscape continues to be positive as long as Nifty trades above the 19,900 mark. Technically speaking, immediate bullish targets or resistance are seen at Nifty’s next psychological 20,200 mark.
Technical Overview – Bank Nifty
The Bank Nifty on the weekly expiry day witnessed a flat opening and registered an intraday low at 45,299.40 levels in the first 30 mins of the trade and post that banking index found support near 9 EMA and moved higher. The prices on the intraday chart traded with a bullish bias in a higher low formation and neglected its previous day’s bearish sentiments.
The Banking Index on the daily chart has engulfed its previous day’s bearish candle and has formed a tall bullish candle suggesting bulls are at the driving seat.
The broader trend for the Banking index remains bullish as prices are trading in a higher high higher bottom formation. The momentum oscillator RSI (14) is steady above 60 levels with a bullish crossover. The MACD indicator has shifted higher above its line of polarity with a bullish crossover.
The technical landscape continues to be positive as long as Bank Nifty trades above the 45,300 mark. Technically speaking, immediate bullish targets or resistance are seen at Bank Nifty’s next psychological 46,400 mark.
- Domestic stock barometers experienced a rebound on Wednesday. Tracking mixed global signals, the market initially stumbled but found its footing as the session progressed.
- The Nifty 50 index started the day with a low of 19,944.10 but managed to close above the 20,050 level, its record closing high.
- The rally was supported by the metal, oil & gas, and banking shares.
- The broader indices too took a breather and ended in the green.
- Markets in Europe and Asia declined on Wednesday as investors awaited key U.S. inflation data.
- Chinese property stocks logged strong gains as embattled developer Country Garden clinched more extensions on its debt payments.
- US stocks ended lower on Tuesday as Oracle shares tumbled more than 13% after a weak forecast and surging oil prices deepened worries about persistent price pressures ahead of crucial inflation readings this week. Oracle shares dived to their lowest since June after the cloud-services provider forecast current-quarter revenue below targets and narrowly missed first-quarter expectations.
- Investors are awaiting August consumer price index data due on Wednesday and producer prices reading scheduled for Thursday to gauge the outlook for U.S. interest rates. Investors will also monitor the European Central Banks policy decision on Thursday, when it is seen holding rates after nine consecutive hikes.
Stocks in Spotlight
- Aarti Drugs Shares traded 3% higher partly recouping the last two trading sessions’ 6 percent loss, amid soft trading volumes. No key trigger was immediately known for the move in the pharmaceutical stock. As many as 3.3 lakh shares of Aarti Drugs were traded on the exchanges till the afternoon, a little below the 4 lakh average volume of the last 20 trading days.
- Coal India Shares traded 3.3% higher in today’s session. The surge comes after the company’s plans to make a capital investment of nearly Rs 24,750 crore on 61 First Mile Connectivity (FMC) projects over the next couple of years to boost eco-friendly coal transportation. The projects, which will be set up in three phases, will have a combined capacity of 763.5 million tonnes per annum (MTPA) on completion.
- Indiabulls Housing Finance Shares traded 12% higher after 22.5 lakh shares of the company changed hands in a transaction worth Rs 40.8 crore. The stock snapped its four-day losing streak. The number of shares exchanged amounts to 0.5 percent of the total equity, CNBC-TV18 reported. The buyers and sellers could not be immediately ascertained.
News from the IPO world🌐
- SAMHI Hotels, Zaggle Prepaid IPOs to open on Thursday
- EMS IPO subscribed 25.6x so far on Day 3
- Yatra Online fixes price band at Rs 135-142 for its Rs 775 crore-IPO
Day Leader Board
Nifty 50 Top Gainers
Nifty 50 Top Losers
|Top Sectors||Day change (%)|
|NIFTY PSU BANK||4.23%|
|NIFTY OIL & GAS||0.96%|
Advance Decline Ratio
|Advance/Declines||Day change (%)|
Numbers to track
|Indices Name||Latest||% 1D||% YTD|
|Dow Jones (US)||34,646||(0.1) %||4.6 %|
|10 Year Gsec India||7.2||-0.40%||4.90%|
|WTI Crude (USD/bbl)||89||1.8 %||15.5 %|
|USD/INR||89.02||7.3 %||7.7 %|
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