Date: 11th September 2023
Technical Overview – Nifty 50
It was a historic day for the Indian Benchmark Index where prices recorded their life high at 20,000 levels and closed with a massive gain of 176 points or 0.89% higher. The Index witnessed a gap-up opening following its global peers and continued to trade higher throughout the day and witnessed a horizontal trend line breakout in the final hour of the trade which helped prices to cross 20,000 levels.
The Nifty on the daily chart has given a falling channel pattern breakout and prices are trading convincingly above the upper band of the pattern. Similarly, on the weekly chart index has completed its throwback near its trend line support and post that continues to move higher.
The momentum oscillator RSI (14) has rebounded sharply from the 40 levels and presently closed at 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 19,800 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 daily chart has witnessed a triangle pattern breakout and Index is trading above the upper band of the range. The prices have also witnessed a bullish golden cross where 9 EMA has crossed above 21 EMA on the daily chart.
On the weekly time frame, the Banking index is trading in a rising wedge pattern and presently has taken support near the lower band of the pattern. Bank Nifty closed in the green for the third straight week and the index closed above its immediate resistance levels of 45,500 levels.
The momentum oscillator RSI (14) has rebounded sharply from the 40 levels and presently closed at 65 levels with a bullish crossover. The MACD indicator has shifted higher above its line of polarity with a bullish crossover. Looking ahead, Bank Nifty seems positive above 45,200 with resistance at 46,000.
- The benchmark indices continued their winning run on the seventh straight session on September 11 with Nifty closing at a record high.
- Despite mixed global cues, the market opened on a firm note with Nifty around 19,900 and extended the gains as the day progressed. In the final hour, the Nifty50 index hit a fresh record high and also crossed the 20,000 mark.
- India’s benchmark share market indices have shrugged off global worries and subdued overseas cues, and outperformed overseas peers.
- All the sectoral indices ended in the green with power, auto, bank and metal up 1-2 percent each, while realty, healthcare, FMCG and Information Technology added 0.5 percent each.
- Asia-Pacific markets were mixed at the start of a week where key economic data from major economies will take center stage.
- The European Commission cut its 2023 and 2024 eurozone economic growth forecasts on Monday, with the single currency area weighed down by Germany’s poor performance.
- The rupee continued its upward trend for the second straight session and appreciated by 9 paise to 82.93 against the US dollar in early trade on Monday, tracking positive cues from domestic equity markets and a weak American currency against major overseas rivals.
- India will explore London Stock Exchange for stock listing of local firms: UK Finance Minister
Stocks in Spotlight
- Apollo Hospitals the stock closed over 2 percent higher, buoyed by a robust growth outlook for the healthcare services provider. UBS has a “buy” rating on Apollo Hospitals with a target price of Rs 6,050 a share. “Data from the healthcare industry indicates that the occupancy trend is improving sequentially. We remain positive on Apollo’s core healthcare business and expect occupancy to improve to 65 percent in the second quarter versus 62 percent recorded in the April-June quarter,” the brokerage said.
- Oil India the stock closed 2 percent higher after reports said that the state-owned fuel producer was planning to invest Rs 16,500 crore to achieve its net zero carbon emission goals by 2040. “The company plans to invest about Rs 9,000 crore for 1,800 megawatts solar and onshore wind energy projects and Rs 3,000 crore for green hydrogen project. It will also invest Rs 1,000 crore on carbon capture, utilization and storage projects,” a Reuters report said.
- Praj Industries the stock soared over 14 percent on expectations of gains from the Global Biofuel Alliance (GBA) launched on September 9 on the sidelines of the G20 Summit. Praj Industries has 60-65 percent of the market share in developing ethanol plants. The main aim of GBA is to accelerate the transition to sustainable biofuels and reduce dependence on traditional fossil fuels. Biofuels are renewable energy fuels derived from biomass like crop stubble, plant waste and municipal solid waste.
News from the IPO world🌐
- Zaggle’s Rs 564-crore IPO opens on Sep 14.
- EMS IPO subscribed nearly 10x so far on Day 2.
- SAMHI Hotels IPO to open on Thursday
Day Leader Board
Nifty 50 Top Gainers
Nifty 50 Top Losers
|Top Sectors||Day change (%)|
|NIFTY PSU BANK||3.13%|
Advance Decline Ratio
|Advance/Declines||Day change (%)|
Numbers to track
|Indices Name||Latest||% 1D||% YTD|
|Dow Jones (US)||34,577||0.2 %||4.3 %|
|10 Year Gsec India||7.2||0.20%||5.40%|
|WTI Crude (USD/bbl)||88||0.7 %||13.8 %|
|USD/INR||83.18||0.0 %||0.6 %|
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