POST-MARKET SUMMARY 26 September 2023

On September 26, the Indian benchmark indices experienced a lackluster trading day, ultimately closing with little change. Throughout the session, market activity remained subdued, largely influenced by negative cues from Asian and European markets. Despite a modest opening, the indices struggled to gain momentum. It was during the afternoon session that selling pressure pushed the Nifty index below the 19,650 mark. However, it did manage to recover some of its losses and ended the day with minimal change amidst mixed global signals.

NIFTY: The index opened flat at 19,682 and made a high of 19,699 before closing at 19,664. Nifty has formed a bearish candlestick pattern with minor upper and lower shadows, which resembles an Inside Bar kind of pattern on the daily chart. Its immediate resistance level is now placed at 19,800 while immediate support is at 19,600.

BANK NIFTY: The index opened 44 points lower at 44,722 and closed at 44,624. Bank Nifty has formed an Inside Bar pattern on the daily timeframe. Its immediate resistance level is now placed at 45,000 while support is at 44,500.

Stocks in Spotlight

▪ Dixon Technologies Ltd:  Stock rallied over 4% after "buy" call on the consumer durable goods maker from DAM Capital. Seeing further upside, the brokerage has set the target price at Rs 6,000 a share.

▪  Strides Pharma:  Stock fell over 2% after the company announced plans to spin off its CDMO (Contract Development and Manufacturing Organisation) and soft gelatin businesses into a new entity, which would likely list in the next 12-15 months.

▪  Eicher Motor:  Stock gained over 2% after global brokerage firm Jefferies raised the target price and made it a preferred pick along with TVS Motors in the two-wheeler segment.

Global News

▪  Pan-European Stoxx 600 index was down 0.64%, with most sectors in the red. Tech stocks saw the biggest decline, falling 1.9%, while autos dropped 1.1%.

▪  Oil prices edged higher on Tuesday after reaching a two-week low earlier in the session, as investors weighed demand concerns stemming from an uncertain economic outlook against expectations of tighter supply for the rest of this year.

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