Something new and exiting coming up for COMMODITY TRADERS. So stay tuned and keep following our blog for more details. - Team Indian Market View
Home » Bull Run Continued!! Nifty closed at life time high above 17500 levels. What to expect at weekly expiry day?
Morning Nifty Update

Bull Run Continued!! Nifty closed at life time high above 17500 levels. What to expect at weekly expiry day?

Nifty Bull

 

 

Indian Stock Markets witnessed a positive day of trade, with the benchmark index closed on record highs level. Nifty outperformed the Bank Nifty index by ~0.2% with both the indices closing in the green. Nifty IT index hit fresh lifetime highs, closing ~1.8% higher, as stocks like Infosys, Mindtree, Tech Mahindra & HCL added fresh long positions throughout the trade.

 

 

Market Summary

 

Domestic Equity Benchmark started Wednesday’s session on a flat note after that market witnessed a heavy buying as risk appetite of investors improved after the US inflation numbers soothed concerns over inflation. Nifty 50 hit a record high as the market continues to trade higher post opening. Index closed the day at 17,519.45, up 139 points or 0.80%.

Sensex has touched a high of 58,777.06 and a low of 58,272.82 and finally settled at 58,723.20 with a gain of 476 points or 0.82%. Mid-cap index fell 0.72% while Small-cap index rose 0.86%. Above 2055 shares have advanced, 1246 shares declined, and 120 shares were unchanged.

PSU bank index jumped 2.83% but the media index fell 1.55 % owing to profit-booking a day after clocking strong gains. Bank Nifty showed a bull rally in yesterday’s session and finally settle with a rose of 239.20 points or 0.65%.

Among all other sectors ended in green like Nifty IT added 1.82%, Auto Stocks (up 0.86%) were in demand ahead of the cabinet meeting.

Coal India up 3.98%, ONGC rose 3.87, Titan up 3.03% were top gainer stocks.

Grasim down 1603.90%, BPCL fell 491.25, Asian paint down 0.37% were top loser stocks.

 

News

 

Ami Organics shares jump 20% on Day 2.

IT startup Napbooks 11th firm to be listed on the BSE Startup platform.

Force Motors shares rally after the company reveals the final avatar of the all-new Gurkha 2021.

Tata Group, SpiceJet chairman Ajay Singh likely to bid for Air India.

Tata Consumer Products to join hands with IIMR to strengthen product portfolio in millets.

India approves relief measures for the telecom sector.

Cabinet approves 100% FDI via automatic route in the telecom sector.

Government tweaks AGR definition to exclude non-telecom revenues.

HCL Tech, HANCOM Inc collaborate to share advanced software technology solution

 

 

 

 

Technical View on Nifty and Bank Nifty

 

Nifty

 

Nifty Index moved sharply from the support of 17400 and breached the resistance level of 17500 and closed above it.

Yesterday we have recommended buying above 17440 levels for the target of 17500 levels that strategy has worked well. Those who have followed must have minted money.

On the technical front, the index continued to make higher highs on the chart, and after the breath of 4-5 days, it has breached its resistance.

Continuous sector rotation and positive news flow have also helped the index to move higher. Nifty has been outperforming almost all the Asian markets.

Our advice will be that traders should trade with a bullish approach and keep buying on dips.

Support awaits at 17350. It is followed by 17300, Further down, 17200 will act as downside support.

Resistance is at 17540, a sustainable move above this level may take it towards 17600—17700 levels.

Nifty Open Interest Put-Call ratio is around 1.47 levels. Maximum call open interest is around 17600 levels. Whereas maximum Put Open Interest is around 17400 levels indicates a range of trading in the upcoming session.


Nifty Futures strategy for the day
 
Technical Chart of Nifty
Technical Chart of Nifty

 

Resistance at 17540 and Support at 17450.

Strategy – Either buy above 17540 for the target of 17600—17640 or Sell below 17450 levels for the downside target of 17325.

 

 

 

Bank Nifty

 

Bank Nifty Index showed some buying interest from lower levels. But Index failed to sustain above 37000 levels.

On the intraday pivot chart, it has bounced from the S1 pivot and reached at R3 resistance.

Index has been trading in a range, and dips from lower levels can be utilized to accumulate long positions.

Support awaits at 36600. It is followed by 36250, Further down, 35900 will act as downside support.

Resistance is at 37000, which has capped the index on its way up. Above this index may move towards 37300.

Bank Nifty Open Interest Put-Call ratio is around 1.47 levels. Maximum call open interest is around 37000 levels. Whereas maximum Put Open Interest is around 36500 levels indicates a range of trading in the upcoming session.

 

Nifty Bank Futures strategy for the day

 

Technical Chart of Bank Nifty
Technical Chart of Bank Nifty

 

Resistance at 37000 and Support at 36500.

Strategy – Either buy above 37000 for the target of 37300—37500 or Sell below 36500 levels for the downside target of 35900.

 

 
 
Top Stocks Recommendation for today (16th Sep 2021)

 

TATVA (CASH)

 

TATVA Recommendation levels

Technical Chart of TATVA
Technical Chart of TATVA

 

After a short consolidation, the stock formed a strong bullish candle at current levels. Now we will expect a fresh bull move-in days to come.

Strategy – Traders can buy around 2150 for the upside move till 2250 and then to 2300 levels in days to come. Support and stop loss below 2050 levels.

 

 
 
 
AMBUJA CEMENTS (FUTURES)

 

AMBUJA CEMENT Recommendation levels

Technical Chart of AMBUJACEM
Technical Chart of AMBUJACEM

 

AMBUJACEM (SEP) contract formed falling wedge formation on Two hourly charts. This bullish pattern indicates the accumulation of Stock in a consolidating downward sloping range. If the price will break upper trendline level of 439 then it can touch the upper level of 447 in the upcoming days.

Recommendation: Buy AMBUJACEM (SEP) contract above 439 level for the first target of 443 level & further target of 447 level, keep maintaining stop loss of 434.

 

 

 

Traders can trade safely in Nifty, Bank Nifty and Stock recommendations with levels only. More news and updates will provide during market hours.

To join our FREE WhatsApp broadcast 

 

Get Market Updates and News on WhatsApp

 

 

We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read the disclaimer on our website before investing.

 

 

Short Term Monthly Investment Picks for April 2021

Short Term Monthly Investment Pick

Stock Portfolio for Year 2021

Stock Portfolio for 2021

Get FREE Market Updates!

Stock Market WhatsApp Broadcast
Read in your native language.
Open chat
Get Market Updates on your WhatsApp