Sep 18, 2019 03: 35 PM IST | Source:Moneycontrol.com
The Sensex was up 82. (points at) , 563. 88, while Nifty was up 23. 10 points at 10, 840. 70.
“The short term trend of Nifty continues to be weak.The Nifty not showing follow-through weakness today, after a sharp fall of last sessio n could be a relief factor for the bulls to make a comeback from the lower levels, “Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
Some more consolidation or minor weakness is likely in the short term, before showing another round of upside bounce from the lows, he added.
Crucial lower support to be watched is at 10, 750 levels, he said.
Laurus Labs said company would buy Pharmacare subsidiary for 75, 000 South African rands.
OBC said ICRA revised outlook of bonds from ‘stable’ to ‘rating watch with positive implications’.
The Indian rupee ended at 71. 23 against the US dollar, 55 paise compared to Tuesday’s close of 71. 78 a dollar. The currency posted biggest single-day gain against dollar since March 2018.
“Going forward, market is likely to remain rangebound. The focus would be on Central banks globally with US Fed an nouncing its policy today evening and Bank of Japan and Bank of England meeting tomorrow. Markets would continue to track development in the Gulf region which could keep things volatile, “Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services said.
On the domestic side, the GST council meeting on 20 th Sept (Friday) will hold importance as markets are expecting some tax relief – especially for the auto sector – which looks difficult given the current revenue shortfall for the government, he added.
Manav Chopra, CMT, Head Research – Equity, Indiabulls Ventures:
Nifty overall has been in a broader range between 10, 650 – 11, 150 range and either side breakout would give sizeable trading opportunity. Till 10, 650 zone is not breached on the downside decisively we remain contra bullish on the Nifty. Support seen at 10, 740 – 10, 650 and resistance at 10, 970 – 11, 100.
Sahaj Agrawal, Head of Derivatives, Kotak Securities:
Markets continue to witness range bound movement. Momentum failure got triggered as the Nifty 50 index breached 11, 000 and since then the markets continues to consolidate. On the higher side 11, 150 – 11, 200 act as a significant resistance while support on the down side is seen at 10, 600 – 10, (levels.)
Metals continue to consolidate. IT stocks remain resilient on the downside while Banking and Metals continue to consolidate. Our medium term outlook remains extremely positive with some short term volatility expected. Investors can gradually do selective accumulation as we have entered long term buying zone.
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