The Nifty opened lower today but later staged a strong recovery that persisted throughout the day, ultimately leading to a positive closing with an approximate gain of 51 points. Despite a mixed global market environment, the domestic indices initially opened lower and extended their losses during the first few hours of trading. Nevertheless, as the afternoon session unfolded, the market managed to completely recover from the earlier losses and concluded the day near its highest point.
NIFTY: The index opened 27 points lower at 19,637 and made a high of 19,730 before closing at 19,716. Nifty has formed a bullish engulfing candlestick on the daily chart, suggesting a further positive move. Its immediate resistance level is now placed at 19,800 while immediate support is at 19,600.
BANK NIFTY: The index opened 159 points lower at 44,465 and closed at 44,588. Bank Nifty has formed a bullish candlestick pattern with a long lower shadow and a minor upper shadow on the daily timeframe, indicating support-based buying at lower levels. Its immediate resistance level is now placed at 44,800 while support is at 44,300.
Stocks in Spotlight
▪ Coal India Ltd: Stock touched 52-week high on September 27, after coal secretary Amrit Lal Meena said the company was producing coal as per plans.
▪ Larsen & Toubro: Stock gained nearly 2% after 22 lakh shares changed hands in today's session against the one-week average of 16 lakh shares.
▪ Sun Pharma: Stock rose 1.25% after the pharma major’s Canadian arm launched Winlevi, which is used for the topical treatment of acne.
▪ Pan-European Stoxx 600 index was up 0.1%, amid mixed action in sectors. Telecom stocks fell 1%, while tech stocks saw a 1% uptick.
▪ Asia-Pacific markets reversed losses to trade mostly higher on Wednesday as investors assessed China’s industrial data and Australia’s August inflation figures.
▪ Gold prices fell to the lowest in more than a month on Wednesday as the prospect of US interest rates staying higher for longer boosted the dollar.
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