Domestic markets witnessed a lackluster day of trade, with the benchmark index Nifty closed marginally higher as the option writers took the center stage. Bank Nifty outperformed the Nifty index by ~0.2% with both the indices closing in the green. The stock price of Zee Entertainment surged ~40% higher, hitting fresh 52-week highs as across the board long positions were formed during the as shareholders seek removal of the CEO.
On Tuesday’s session market opened on a strong note due to positive global market cues. Nift 50 gave a gap-up opening yesterday and managed to end in the green with the flat note. The index made a high of 17438.55 and a low of 17367.05 to settle finally at 17380 with a gain of 24.70 points or 0.14%.
Sensex has touched a high of 58,482.62 and a low of 58,214.29 to finally settle at 58,247.09 with a gain of 69.33 or 0.12%. Buying interest has been seen in banking stocks. Bank Nifty closed with up 141.25 points or 0.39% at 36613.05.
Among the sectors, Nifty Metal (down 0.50%) and Nifty FMCG (fell 0.30%) are under pressure while Nifty Auto (up 0.88%), Nifty IT (gain 0.86%), and Nifty Realty (rose 0.42%) showed buying interest. The broader markets witnessed profit-booking in stocks that have seen a big movement in recent times. The mid-cap index rose 0.14% and the Small-cap index gained 0.63%.
Nifty Media index surges14.40% which has been underperforming other sectoral indices. The huge move has been seen on Tuesday in ZEE Entertainment Enterprises (ZEEL) lift up the media index as gains seen in other stocks looked pale in comparison.
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Technical View on Nifty and Bank Nifty
Nifty continued to consolidate in a narrow range and hover around 17400 levels, it closed with a minor gain of 0.14%.
Index Opened with gap-up but find it difficult to sustain at higher levels, minor profit booking seen in the mid-afternoon but it managed to close in the green.
Looking at the overall structure, the index has been outperforming almost all the Asian Markets. On the hourly chart, it has been forming a flag kind of pattern.
Index continued to trade above the key moving averages such as 5,10,20,50 and 100,200,400 which shows strength in the index.
Support awaits at 17300. It is followed by 17250, Further down, 17150 will act as downside support.
Resistance is at 17440, which has capped the index on its way up. Above this index may move towards 17500—17550 levels.
Nifty Open Interest Put-Call ratio is around 1.19 levels, maximum call open interest is around 17400 levels, whereas maximum Put Open Interest is around 17300 levels indicates a range of trading in the upcoming session.
Nifty Futures strategy for the day
Resistance at 17440 and Support at 17250.
Strategy – Either buy above 17440 for the targets of 17500—17550 or Sell below 17250 levels for the downside target of 17150.
Bank Nifty remains to trade in a very narrow range. Indecision of buyers and sellers is seeing around current levels.
Major Private banks like INDUSIND BANK and KOTAK BANK outperformed the index.
Support awaits at 36600. 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 0.94 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
Resistance at 37000 and Support at 36500.
Strategy – Either buy above 37000 for the targets of 37300—37500 or Sell below 36500 levels for the downside target of 35900.
Top Stocks Recommendation for today (15th Sep 2021)
The stock has given a resistance breakout on the daily chart. We will expect a fresh upside move-in days to come.
Strategy – Traders can initiate fresh entry in this stock around 407–405 for the upside move till 420 and then to 430 levels in days to come. Support and stop loss below 395 on a closing basis.
GLENMARK (SEP) contract formed a double bottom formation on two hourly charts. This bullish pattern indicates that buyers accumulate stocks for the upside move. If price continues to move towards the upside, then it can touch the upper level of 554 in the upcoming days.
Strategy – Buy GLENMARK (SEP) contract above 534 for the first target of 544 level & further target of 554 level with maintaining the stop-loss of 522.
Traders can trade safely in Nifty, Bank Nifty and Top Stocks with levels only. More will news and updates will provide during market hours.
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