POST-MARKET SUMMARY 13th September 2024
On September 13, after making a fresh high in the previous session, the Nifty 50 index entered a consolidation phase, closing with minor losses around 25,350 amid mixed sectoral performance. The FMCG and Energy indices declined by 0.6%, while IT, Media, Metal, Realty, and PSU Bank saw gains ranging from 0.5% to 1.7%.
NIFTY: The index opened 42 points higher at 25,430 (which was also the day’s high) before closing at 25,356. Nifty has formed a bearish candle on the daily chart. Its immediate resistance level is now placed at 25,430 while immediate support is at 25,300.
BANK NIFTY: The index opened 180 points higher at 51,952 and closed at 51,938. Bank Nifty has formed a dragonfly doji candle on the daily chart. Its major resistance level is now placed at 52,200 while major support is at 51,650.
Stocks in Spotlight
▪ Transformers & Rectifiers (India): Stock gained around 3% after bagging an order worth Rs 114 crore.
▪ Godfrey Phillips: Stock surged as much as 11% in the run-up to the company's board meeting to discuss the proposal for a bonus issue.
▪ HG Infra Engineering: Stock jumped over 4% a day after the company bagged a Central Railway project in Maharashtra, worth Rs 716 crore.
Global News
▪ Gold prices extended gains to hit a record high on Friday on expectations of interest rate cuts by the Federal Reserve, while palladium was set to log its best week in nine months.
▪ The pan-European Stoxx 600 provisionally closed 0.78% higher. All major regional bourses ended the day in the green, with Germany’s DAX closing 0.97% higher.
▪ The U.S. dollar fell on Friday to its lowest level since late December against the Japanese yen after media reports fueled once again the debate about a super-sized interest rate cut of 50 basis points (bps) at next week’s policy meeting.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.