September 28, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Nifty ends at record closing high, midcap, smallcap stocks outperform; Nifty support at 17250

sensex, nifty, stock marketsensex, nifty, stock marketThe 30-share Sensex ended 69 points or 0.12 per cent up at 58,247, while the Nifty50 index shut shop at 17,380, up 25 points or 0.14 per cent. Image: Pixabay

After trading near record high level, BSE Sensex ended flat on Tuesday. While the Nifty 50 index gave up the 17400 level after hitting a fresh record high of 17438. The 30-share Sensex ended 69 points or 0.12 per cent up at 58,247, while the Nifty50 index shut shop at 17,380, up 25 points or 0.14 per cent. Index heavyweights such as Tata Consultancy Services (TCS), Kotak Mahindra Bank, HCL Tech, L&T, IndusInd Bank contributed the most to the indices’ gain. Broader markets once again outperformed equity benchmarks today. BSE Midcap index rallied 1.09 per cent or 270.22 points to end at 25,054, while BSE SmallCap index gained 0.63 per cent or 176.31 points to settle above 28,000 for the first time ever. India VIX, the volatility index, fell 3.20 per cent to finish at 13.58 levels.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

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The Nifty is range-bound between 17250 and 17450. This morning we attempted to get past 17450 but resisted around that level. Until we do not get past either value of the index, we will be trading in a sluggish manner. Since the overall trend is positive, a good trading strategy would be to buy this market on dips.

Vinod Nair, Head of Research, Geojit Financial Services

Despite a bullish opening, domestic indices closed flat with a positive bias amid mixed sentiments among global peers. India’s retail inflation softened to 5.3% in August, staying within RBI’s comfort zone which was led by lower food inflation. However, the wholesale price inflation accelerated to 11.39% snapping the two-month easing trend owing to non-food articles. Global markets traded cautiously ahead of the US consumer price index to be released today.

Palak Kothari, Research Associate, Choice Broking

On the technical front, the Index has given a breakout of the falling trend line and taken support from the extended trendline, which suggests upside movement in the counter. On an Hourly Chart, the Index has taken support from 21 HMA and sustained above the same suggested strength for the upside. Momentum indicators RSI & Stochastic are supporting the positive trend in the index. At present, the psychological level of 17500 could be a resistance while on the downside, 17250 may act as support for the index.

Rohit Singre, Senior Technical Analyst, LKP Securities

Index opened a day with good gap but unable to sustain on highs and saw profit booking & closed a day at 17380 with minimal gains. Index again took hurdle from its previous swing high and forming sort of double top pattern on lower time frames which will be active below 17250 zone, for further upside index needs to sustain above 17450 zone otherwise we may see more profit booking & we may head towards immediate support zone of 17300-17250 zone.

S Ranganathan, Head of Research, LKP Securities

The day quite clearly belonged to the Nifty Media index which has been underperforming other sectoral indices. The huge upmove today in ZEEL fired up the Media index as gains seen in other stocks looked pale in comparison. The broader markets witnessed profit booking today in stocks which have seen a big run up in recent times.

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