On September 15, Indian markets extended their impressive performance, reaching new record levels, as the Nifty surged past the 20,200 mark for the very first time. Although there was some volatility and a mixed trend observed across different sectors, the overall trajectory remained positive. The day commenced with the indices opening at all-time highs, driven by favorable global cues. While there were moments of profit booking throughout the trading session, the broader indices also followed suit, posting gains of approximately 0.5% each.
NIFTY: The index opened 53 points higher at 20,156 and made a high of 20,222 before closing at 20,192. Nifty has formed a bullish candlestick pattern with minor upper shadow on the daily timeframe. Its immediate resistance level is now placed at 20,300 while immediate support is at 20,000.
BANK NIFTY: The index opened 122 points lower at 46,122 and closed at 46,231. Bank Nifty has formed a bullish candlestick pattern, with minor upper shadow on the daily scale. Its immediate resistance level is now placed at 46,400 while support is at 45,900.
Stocks in Spotlight
▪ Sequent Scientific Ltd: Stock soared over 4% after the company's board approved the sale of its API (Active Pharmaceutical Ingredient) facility in Thane.
▪ Oil India Ltd: Stock traded 2.28% higher after reports said that the state-owned company intends to invest Rs 25,000 crore in renewable energy.
▪ Shakti Pumps India: Stock spurted 9% after getting a letter of award worth Rs 293 crore from the Department of Agriculture, Uttar Pradesh for 10,000 pumps.
▪ Asia-Pacific markets largely climbed, bolstered by a slew of China’s economic data for August that were better than market expectations. China’s August retail sales and factory output beat expectations, but the print for fixed asset investment came in slightly below expected.
▪ Gold recovered from three-week lows on Friday aided by the dollar’s retreat after better-than-expected Chinese data and a stronger euro, while traders focused on the Federal Reserve’s guidance on interest rates next week.
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