Sensex Gains 200 pts At Open, Nifty Near 17,600; NTPC Jumps 3%

Sensex Today: The benchmark Sensex and Nifty indices started on a tepid note on Monday morning after a rough close on Friday. At 09:16 IST, the Sensex was up 9.07 points or 0.02 per cent at 58849.86, and the Nifty was up 20.40 points or 0.12 per cent at 17551.20.

Broader markets, too, edged lower in trade as Nifty SmallCap 100 and Nifty MidCap100 declined up to 1 per cent.

Barring Nifty PSU Bank, all sectors nosedived in negative territory. Nifty Media, Nifty Pharma, and Nifty Realty indices dropped the most – up to 1 per cent.

While Bajaj Finserv, Infosys, Axis Bank, helped trim losses for the benchmark indices; HCL Technologies, Asian Paints, Dr Reddy’s, Titan, contributed to the sharp cuts.

Among individual stocks, shares of ONGC gained 1 per cent in a volatile market after the company sought to scrap windfall profit tax levied on domestically produced crude oil from the government.

Besides, shares of Granules India gained over 2 per cent after the company plans to launch their Rs 250 crore share buyback offer on September 27.

Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking, said: “On the technical front, Nifty formed a long negative candle on the daily chart, resembling closer to a dark cloud cover which has a bearish implication and indicating of further weakness ahead. On the oscillator front, the 14-period RSI has witnessed a sell crossover and presently trading below the 60-level mark and turned flattish indicating of sluggish momentum for the short to medium term. Thus, one need to avoid trading aggressively amid global nervousness. Considering the present situation, a bare minimum correction of 23.6% of the entire rally from 15,183 to 18,096 comes around 17415 followed by 38.2% correction at 16990. However on the medium term perspective price structure indicates of continuance of positive bias and our domestic Index is likely to head towards 18,300 in near term as it is the swing high of January 2022. Nifty also registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium-term perspective. During the day index is likely to open on a flat to negative note tracking weak global cues. However the index is expected to rebound post initial blip as strong intraday support placed at 17400-17450. Hence, use intraday dip for creating long position for the target of 17865-17900.”

Global Cues

Share markets idled in Asia on Monday as investors braced for a week littered with 13 central bank meetings that are certain to see borrowing costs rise across the globe and some risk of a super-sized hike in the United States.

US stocks ended in the red on Friday, falling to two-month lows as a warning of impending global slowdown from FedEx hastened investors’ flight to safety at the conclusion of a tumultuous week.

Oil prices climbed during early Asian trade on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand.

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By jaghit

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