POST-MARKET SUMMARY 14 September 2023
On the weekly expiry day, the markets experienced significant volatility but ultimately closed with slight gains. The Nifty is gradually climbing higher thanks to rotational buying in various sectors, even though global market signals are somewhat mixed.
On the weekly expiry day, the markets experienced significant volatility but ultimately closed with slight gains. Initially, there was an upward movement, but profit-booking in prominent stocks wiped out the overall gains and the market traded in a narrow range until the end of the day. The Nifty is gradually climbing higher thanks to rotational buying in various sectors, even though global market signals are somewhat mixed.
NIFTY: The index opened 57 points higher at 20,127 and made a high of 20,167 before closing at 20,103. Nifty has formed a Spinning Top kind of formation, indicating indecisiveness in the market after recent rally. Its immediate resistance level is now placed at 20,200 while immediate support is at 19,950.
BANK NIFTY: The index opened 104 points lower at 46,013 and closed at 46,000. Bank Nifty has formed a Doji kind of candlestick pattern on the daily timeframe after a rangebound session. Its immediate resistance level is now placed at 46,150 while support is at 45,600.
Stocks in Spotlight
▪ Kirloskar Ferrous Ltd: Stock traded 5.5% higher after the company said that its resolution plan for corporate debtor Oliver Engineering had been approved by the National Company Law Tribunal, New Delhi Bench.
▪ Bajaj Healthcare Ltd: Stock gained 1% after the company received an Establishment Inspection Report (EIR) from the USFDA for its plant in Vadodara, Gujarat.
▪ NBCC Ltd: Stock surged 7.7% after the company signed a quadripartite MoU with Ministry Of Steel, RINL & NLMC and receiving order worth Rs 180 crore.
Global News
▪ Pan-European Stoxx 600 index was slightly higher in early afternoon trade, moving from a 0.3% uptick to 0.5% following the ECB announcement.
▪ Asia-Pacific markets mostly rose even as US inflation rate in August came in hotter than expected at 3.7% compared to economists’ expectations of 3.6% in a Dow Jones survey.
▪ Gold held its ground on Thursday near three-week lows ahead of an interest rate decision by the ECB as well as US economic data that could provide clues on the monetary policy outlook.
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