The Indian stock markets closed for the third consecutive day on 18 September. Investors’ enthusiasm increased by the US Federal Reserve cutting interest rates. Especially IT and pharma stocks saw tremendous purchases. At the end of the trading, the Sensex rose 320.25 points or 0.39% to close at 83,013.96. On September 18, the Indian share index Nifty closed over 25,400. At the end of the trading session, the Sensex rose by 320.25 points or 0.39 percent to 83,013.96 and the Nifty rose 93.35 points or 0.37 percent to close at 25,423.60. Around 2019 shares rose, 1962 shares declined and there was no change in 158 shares.
Talking about regional indices, the IT index has recorded a growth of 0.8 percent, 1.5 percent in the pharma index, 0.3 percent in the metal index and 0.4 percent in the private bank index. Media and other index of capital goods fell by 0.3 percent. HDFC was among the top beneficiaries of Life, Infosys, Eater, Cipla and Sun Pharma Nifty. Coal India, Bajaj Finance, Trent, Tata Motors and UltraTech Cement Nifty were among the top losers. The BSE Midcap index rose 0.3 percent and the smallcap index closed down.
LKP Securities’s metaphor Dey said that the Nifty remained unstable after the gap-up opening due to the announcement of Fed’s soft policy. The short -term trend of the Nifty is likely to be positive. The Nifty is trading above the moving average. The daily RSI is in a fast crossover and the previous swing is rising above the high, which is a sign of the market.
Support for Nifty is at 25,300 and 25,150 in the near future. On the other hand, the resistance is visible at 25,500. Nifty can rise up to 26,000 when going above this level. Overall, the current market shopping strategy seems to be effective.
Srikanth Chauhan, Head of Equity Research of Kotak Securities, says that the upper low for Day Traders is around 25,300. They believe that as long as the Nifty continues to trade above this level, the rapid trend is likely to continue. The upward 25,500 level will serve immediate resistance to the stunning. A successful breakout market above 25,500 can carry the market to 25,600-25,625. On the other hand, if the Nifty falls below 25,300, the fast trend will weaken.
