On September 12, despite widespread selling in various sectors, barring IT, benchmark indices experienced minimal changes in a highly volatile trading session. After seven consecutive sessions of gains, the markets displayed initial signs of consolidation but eventually remained within a narrow trading range. The overall caution among investors was influenced by lackluster performance in other Asian and European stock indices, leading them to opt for selective profit-booking.
NIFTY: The index opened 114 points higher at 20,110, which was the day’s high before closing at 19,993. Nifty has formed a bearish candlestick pattern with a minor lower shadow on the daily chart. Its immediate resistance level is now placed at 20,100 while immediate support is at 19,900.
BANK NIFTY: The index opened 323 points higher at 45,893 and closed at 45,511. Bank Nifty has a bearish candlestick pattern with a minor lower shadow on the daily scale. Its immediate resistance level is now placed at 45,800 while support is at 45,300.
Stocks in Spotlight
▪ TVS Supply Chain Ltd: Stock slumped 6.64% after the company’s consolidated net loss widened to Rs 65.3 crore during the first quarter of the current financial year.
▪ ICICI Bank: Stock traded over 1% higher after the Reserve Bank of India granted its approval for the reappointment of Sandeep Bakhshi as the Managing Director & CEO of ICICI Bank.
▪ L&T Finance: Stock traded 3% lower after 7 crore shares, or a 2.8% stake, changed hands in a block deal on the bourses.
▪ Asia-Pacific markets mostly fell on Tuesday. Wall Street saw a tech rally, led by Tesla and Qualcomm.
▪ Oil prices rose about 1%, boosted by a tighter supply outlook, and as producer group OPEC said major economies were faring better than expected despite rising interest rates.
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