1. US markets closed in Green but of the highs.
2. So Asian markets are mostly flat.
3. SGX Nifty is down by about 20 points.
4. Bank Nifty closed at the highest point of the day.
5. This month, Reliance is up about 10%, IT index is up about 10%, but Bank Nifty is down by about 10%.
6. IT, Pharma, Reliance have been doing well.
7. In case, if Bank Nifty recovers one third of what it lost, Nifty can retest 11800.
8. Incremental positive news keep coming for Reliance and that is holding above 2300.
9. HDFC Bank turned around yesterday, after huge selling.
10. Going forward, we can expect Bank Nifty to out perform, just because it is over sold.
11. FIIs were net buyers in Cash market and they bought for Rs 1171 crores.
12. DIIs are net sellers for the 11th straight week.
13. DIIs have sold for Rs 896 crores.
14. In this months, we have not been following Global cues on many days.
15. Bank Nifty resistance is at 22800.
16. If that is crossed, we can expect further short covering to take Bank Nifty above 23000.
17. Bank Nifty future may trade between 22200 and 23000.
18.Nifty future may trade between 11460 and 11580.
--> The broader markets continued to outshine benchmark indices as the Nifty Midcap index was up 1 percent and Smallcap rose 1.5 percent
--> The BSE Sensex closed above 39,000 levels, up 287.72 points at 39,044.35, while the Nifty50 jumped 81.80 points to end above the crucial 11,500 mark, at 11,521.80 and formed a small bullish candle on the daily charts.
INTRADAY CASH CALL:
TODAY:
AXIS BANK
BUY ABOVE @ 451.70SELL BELOW @ 446.16
TRGTs @ 2rs/4rs
SL @ 2rs
(YESTERDAY CALL RESULT BUY Side TARGET2 PROFIT BOOKED )
AXIS BANK
BUY ABOVE @ 441
SELL BELOW @ 435.76
TRGTs @ 2rs/4rs MADE HIGH ==> 451 (10 points Profit 💓💪)
SL @ 2rs
SL @ 3rs
Key support and resistance levels on the Nifty
According to pivot charts, the key support levels for the Nifty is placed at 11,464, followed by 11,406.2. If the index moves up, the key resistance levels to watch out for are 11,557.8 and 11,593.8.
Nifty Bank
The Bank Nifty outperformed Nifty50, rising 364.40 points or 1.65 percent to 22,465.70. The important pivot level, which will act as crucial support for the index, is placed at 22,180.6, followed by 21,895.5. On the upside, key resistance levels are placed at 22,632.5 and 22,799.3.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 1,170.89 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 895.63 crore in the Indian equity market on September 15, as per provisional data available on the NSE.
Stock under F&O ban on NSE
Ten stocks -- Adani Enterprises, Bank of Baroda, BHEL, Canara Bank, Escorts, Indiabulls Housing Finance, Vodafone Idea, Jindal Steel & Power, Tata Chemicals and Vedanta-- are under the F&O ban for September 16. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
Mid-market update – European market open on a positive note … US Future gains nearly half percent
· European stocks climbed for a third day, supported by improving Chinese economic data and positive results coming from retailers. Investors are awaiting the Federal Reserve’s policy meeting Wednesday to gauge the outlook for markets following a slide of about 2% in global stocks this month. FTSE Index gained over half percent. Both CAC and DAX Index gained marginally.
· US Dow Future is up 130 points or 0.4%.
· Asian stocks drifted as investors turned their attention to a Federal Reserve meeting for clues on monetary policy as economies recover from the pandemic. Japan’s stocks fell, but pared losses, and Hong Kong stocks rose after Chinese economic data showed the recovery gathering pace.
· Oil held near $37 a barrel before U.S. government data that’s forecast to show higher crude inventories. Gold ticked up and the dollar was steady.
· Abnormal volumes – India Cement, FSL, GSPL, Bharti Airtel, DCB Bank and Federal Bank
Market Closing:
Equity markets ended higher on Tuesday on back of positive cues from Asian markets and an outperformance in Banking and Pharma stocks. Nifty climbed up 82 points (0.7%) to close at 11522.
Banking stocks, which were responsible for the indices ending lower on Monday, outperformed the indices in today's session.
The Nifty Bank index ended with gains of 1.65% on account of short covering in the later part of the day.
Pharma stocks were the other outperformers in today's session.
The index ended off the highest point of the day, but with gains of nearly 2%.Most other sectoral indices ended flat in today's session.
The realty index was the top laggard, ending with losses of 0.7%. The midcap index recovered from the day's low to end 1% higher while the small-cap index gained 1.5%. India Volatility Index fell 2.8% to 20.6 levels.
Rally in the global market and strong Q2 earning guidance by HCL Tech boosted the market sentiment.
Among the global markets, Asian markets closed on a mixed bag while US and European market gained, supported by improving Chinese economic data and positive results coming from retailers.
Investors turned their attention to a US Fed meeting (Two days meeting commence from today) for clues on monetary policy as economies recover from the pandemic.
Banking stock like ICICI Bank gained 2% to close at Rs372 after the news that the RBI has exempted the Bank, from the Banking Regulation Act, 1949 with respect to shareholding above 30% in ICICI Lombard and ICICI Prudential Life Insurance, for a period of three years Sept. 2023. IndusInd Bank gained 4% to close at Rs633. Axis Bank, Bandhan Bank, HDFC Bank and Kotak Bank gained between 1-4%.
Pharma stocks gained on account of impressive quarterly results announced, US FDA Approval and development of Covid vaccine. Cipla gained 3% to close at Rs742. Dr Reddy surged around 2% to close at Rs4442 while it has touched high of Rs4549.
Among the mid and small cap space, stocks like IDFC (up 15%), JB Chemical, Trent, Birla Corp, Radico Khaitan, Deepak Fertilizer, Jubilant Life gained 6-8%
HAPPY TRADING
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