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Market strikes back after Monday's crash as Sensex tops 59k; metal, IT, realty stocks sizzle

04:15 PM Sep 21, 2021 | FPJ Web Desk

The benchmarket indices closed on a high on September 21. Sensex was up 514.34 points or 0.88% percent at 59,005.27, and the Nifty was up 165.10 points or 0.95 percent at 17,562. About 1551 shares have advanced, 1602 shares declined, and 165 shares are unchanged.

JSW Steel, Bajaj Finance, ONGC, IndusInd Bank and Bajaj Finserv were the top Nifty gainers. Maruti Suzuki, BPCL, Hero MotoCorp, Bajaj Auto and Nestle were among the top losers.

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"Nifty gave a good recovery after making a low of 17326,however the volumes were lesser than its average. It closed at 17570 , up by 170 points. It is important for Nifty to stay above 17250 else we may see a correction to 16800 levels. Traders need to be cautious , Nifty may give some sharp movements in either direction triggering stop loss in both longs and shorts. Overall the trend in Nifty will remain bullish as long as it trades above 17250,:Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

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Sachin Gupta, AVP, Research, Choice Broking, said, On the sectoral front, Nifty Realty, IT, FMCG and Metal performed well to support the index wherein Realty gained by 3.50% while Metal climbed more than 2 percent in a day. "Technically, the Nifty50 has recovered from the immediate support around 17,270 levels and sustained above 9 days SMA & Middle Bollinger Band formation, which indicates further strength for the next trading session. On an hourly chart, the Nifty index has given a breakout of Falling Channel formation and showed positive crossover in Stochastic and RSI, which supports the upward trend. At present, Nifty has its crucial support at 17,250 levels while resistance lies at 17,650 levels."

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "After two days of sharp correction, benchmark indices witnessed a sharp pull back rally while Nifty found support at 17,326 to reverse the falling trend. Technically, the texture of the sharp reversal formation near the 10 day SMA suggests further uptrend from the current level. We are of the view that while the short-term trend still looks up, uncertain global market conditions could see the Nifty within the range of 17,650-17,450 levels. For day traders, as long as the index is trading above 17,450, pullback rally is likely to continue up to 17,600-17,650 -17,680 levels. On the flip side, index below 17,430, the uptrend would be vulnerable."

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