Yesterday, Indian Stock market witnessed mix movement in the market. Major benchmark index Nifty 50, after it’s opening bell couldn’t sustain at higher levels and made a low 17269.65 and reversed from there which was support 2 of it’s pivot range. Banking stocks saw marginal profit booking with stocks like ICICI Bank and HDFC Bank saw an unwinding long positions. Bank Nifty saw an unwinding of long positions during the day.
Stock Market Summary
The Indian benchmark index opened on a flat note due to weak Asian market cues. The Nifty 50 witnessed a volatile trading session, index traded below 17350 levels in the morning session and made a day’s low 17269.65 after this, a small bounce-back was taken and hit the day’s high 17378.35 and finally settled above 17350 with the loss of 13.95 points or 0.08% at 17355.30.
Sensex touched a high of 58,314.64 and a low of 57,944.63 to finally settled at 58,177.76. Mid- Cap index and Small-Cap index outperformed the benchmark index and their frontline peers as their sectoral indices ended in the green for the third consecutive session. The BSE Midcap index closed down 0.71% while the small-cap index settled with a gain of 0.80 %.
Among the sectoral indices, Nifty Metal was the top gainer index with 1.29%, led with Nifty Media (up 1.34%), Nifty IT was (up 0.94%) and utilities and basic materials rose over a percent each. On the other hand, Nifty energy was the top loser index with a loss of 0.76%. The banking sector also showed underperformance and ended in red PSU bank fell 0.41% and Bank Nifty loss 211.40 points or 0.76% at 36471.80.
Top gainer stocks were Kotak Mahindra Bank (up 1.71%), Tata Steel (up 1.59), and BPCL (up 1.58%). On the next side top losers’ stock were SBILIFE was (down 0.87%), Hindustan Unilever (fell 0.84%), and HDFC Bank (loss 0.82%).
Some of the major news which impacted market were:
RIL shares decline over 2% after delayed Jio’s “ultra-affordable” phone.
Hindalco, NALCO up nearly 3% as aluminum prices soar to a 13-year high.
The cabinet is Likely to discuss PLI schemes for an auto this week.
Infosys, Microsoft sign multi-year engagement with Ausgrid agencies
ESG funds hiking stake in JSW Energy
Jet Airways share price hit 5 percent upper circuit on September 13 after the airline said it planned to resume domestic operations in Q1 2022.
Zomato stock price is in focus as the company has decided to pull the plug on another business – Nutraceutical.
Technical View of Stock Market
Nifty Futures, Resistance at 17400 and Support at 17250.
Strategy – Either buy above 17400 for the target of 17450—17500, or sell below 17250 for the downside target of 17150.
Nifty Bank Futures, Resistance at 36700 and Support at 36300.
Strategy – Either buy above 36700 for the targets of 37000—37300, or Sell below 36300 for the downside target of 36000.
Top Stocks Recommendation for today (14th Sep 2021)
The stock has given a bullish move in the weak market. Now We will expect a strong run from current levels.
Strategy – Traders can enter above 1430 for the upside move till 1500 and then to 1550 levels in days to come. Support and stop loss below 1360 on a closing basis.
MOTHERSON SUMI (FUTURES)
Mothersumi, After the downward move, at the bottom of rally the stock formed inverted Head & Shoulder pattern on a half-hourly chart. This bullish reversal pattern indicates that buyers want to move price upside for the pattern target of 220 in the upcoming days.
Strategy – Buy MOTHERSUMI (Sep.) contract above 214 level for the first target of 217 level & further target of 220 level with maintaining the stop loss of 210 Level.
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