Markets experienced a volatile day of trading on September 06. Nevertheless, strategic buying in the final trading hours enabled the key benchmark indices to log gains for the fourth consecutive session. Despite mixed signals from global markets, the day began with a relatively stable to positive tone. However, the early gains were swiftly erased, leading to a negative trend that persisted throughout the day. Fortunately, a surge in buying activity during the last hour allowed the Nifty to finish the session above the 19,600 mark.
NIFTY: The index opened flat at 19,581 and made a high of 19,636 before closing at 19,611. Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart, making higher highs formation for the fourth straight day. Its immediate resistance level is now placed at 19,700 while immediate support is at 19,450.
BANK NIFTY: The index opened 38 points lower at 44,494 and closed at 44,409. Bank Nifty has formed a bearish candlestick pattern on the daily chart, though it witnessed a pullback from the day's low. Its immediate resistance level is now placed at 44,800 while support is at 44,200.
Stocks in Spotlight
▪ Bikaji Foods International Ltd: Stock traded 2% higher, a day after Lighthouse India Fund III offloaded stake in the Indian snacks manufacturer.
▪ Voltas Ltd: Stock surged 3.5% after brokerage firm Motilal Oswal gave a buy rating for the stock. Voltas will continue its leadership in the Room Air Conditioners (RAC) segment with a market share of 21%
▪ EID Parry (India) Ltd: Stock surged 8%, after the world's largest sugar trader said that it expects a year of sugar shortages.
▪ Asia-Pacific markets were mixed on Wednesday, after Saudi Arabia and Russia extended voluntary oil production cuts to the end of the year.
▪ Stoxx 600 index was down by 0.84%, with all sectors in the red. Banks and travel led losses, down by 2% and 1.4%, respectively.
▪ Oil prices reversed course on Wednesday after rising over 1% in the previous session, on a firmer dollar and as investors shrugged off jitters arising from supply cuts from Saudi Arabia and Russia.
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