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Nifty 50 Nifty Bank Analysis for September 11, 2024
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Chanakya’s Nifty Bank & Nifty 50 Investments Analysis Stock market today live
Nifty Bank (51272):
*Trend for 11 September: The Bank Nifty is expected to show positive opening and then by midsession correction may set in
*On higher side, expected to move up to 51440
*On lower side, it is expected to decline to 51031
Nifty 50 (25041): The Nifty is expected to show positive opening and then by midsession correction may set in.
*On higher side, expected to move up to 25149
*On lower side, it is expected to decline to 24915
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Analysis for Today’s Market by Nagaraj Shetti,
Senior Technical Research Analyst at HDFC Securities
The market continued with follow through upmove on Tuesday amidst volatility and closed the day higher by 104 points. After opening with a positive note, the market showed knee jerk action soon after the opening. A sustainable upmove was seen in the afternoon, but minor selling pressure has occurred towards the end.
A small positive candle was formed on the daily chart with minor upper and lower shadows. Technically, this pattern indicates a formation of doji type candle pattern, which is not a classical one. Normally, such doji pattern at the hurdle indicates caution for bulls.
The short-term trend of Nifty seems to have reversed up and the Nifty is currently placed at the crucial resistance of 25200 levels. A decisive move above this hurdle could only open further upside towards the new all-time highs. Immediate support is at 24900.
What is Vaishali Parekh prediction for Nifty 50?
(Vice President — Technical Research at Prabhudas Lilladher)
Market Preview
Domestic equity benchmarks Sensex, and Nifty extended their gains for the second straight session, largely buoyed by a rally in US stocks amid hopes of a potential Fed interest rate cut next week. Information technology (IT) and pharma stocks led the surge in the previous session, with the Nifty IT stocks rising five per cent, fueled by optimism over rate cuts and a positive sector outlook from domestic brokerage firms.
The Nifty 50 rose by 104.70 points to settle at 25,041.10, while the 30-share BSE Sensex rose 361.75 points to 81,921.29 at the close of the trading hours. Mid-cap and small-cap indices outperformed the benchmarks, with the BSE smallcap gauge climbing 1.53 per cent and the midcap index going up 0.53 per cent.
At the interbank foreign exchange (forex) market, the local unit opened at 83.95 against the American currency and settled at 83.98 against the US dollar, down three paise from its previous close on Tuesday, September 10.
International crude oil prices extended their bearish streak and crashed to a 33-month low in the previous session, with the Brent crude benchmark sinking below $70 per barrel for the first time since December 2021.
The price crash was due to demand concerns after the Organisation of Petroleum Exporting Countries and its allies (OPEC+) slashed its world oil demand forecast for 2024 and 2025 and a possible resolution of the Libyan dispute.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said, “The Nifty 50 index would need to breach above the 24,300 zone to confirm a fresh trend. We anticipate a fresh upward move in the coming days, with the broader markets showing strength with active participation.”
Stock market today
For the Nifty 50’s outlook today, Parekh said, “Nifty has taken support near the 24,800 zone and indicated a decent pullback to form a higher bottom pattern on the daily chart with improvement in the bias and sentiment to anticipate further rise.”
Bank Nifty overall has been sluggish, as compared to the Nifty index and would need to breach above the 5,1800 zone to establish conviction decisively and thereafter, anticipate further rise for next targets of 5,2600 and 53,500 levels in the coming days,” she added.
According to the expert, Nifty50’s support for the day is at 24,900 levels, while the resistance is at 25,200 levels. Bank Nifty would have a daily range of 50,900-51,800 levels.
Nifty Spot Index Support – 24,900 Resistance – 25,200
Bank Nifty Spot Index Support – 50,900 Resistance – 51,800.
Market today live & Nifty Analysis by Mr. Deepak Jasani,
Head of Retail Research, HDFC Securities
Nifty index ended higher for second day in a row on Sept 10. At close, Nifty was up 0.42% or 104.7 points at 25041.1. Cash market volumes on the NSE were 1% higher than that in the previous session. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 2.26:1.
European shares were mixed on Tuesday as investors awaited the widely expected rate cut by the European Central Bank later in the week. Asian shares were mostly higher after a rally on Wall Street that regained some of the losses from the market’s worst week in nearly a year and a half. Investor attention is now turning to the latest monthly updates on inflation at the consumer and wholesale levels that will be released later in the week.
Imports into China fell amid a slowing Chinese economy, growing just 0.5% compared to a year ago, falling short of the approximately 2% estimate by economists. But exports in August expanded by 8.7% to $308.65 billion compared to the same period last year, according to data released Tuesday, beating economists’ estimates for about 6.5% growth.
Open-ended equity mutual fund inflows in India rose 3.03 percent to Rs 38,239.16 crore during August on heavy demand for small-cap and mid-cap funds. The investments via systematic investment plans (SIPs) continued to set fresh highs as monthly contributions via SIPs hit Rs 23,547 crore in August against Rs 23,332 crore in the previous month.
Nifty formed a high wave type doji on Sept 10. While Nifty rose for the second day, it ran into profit taking at higher levels. It needs to cross 25216 on the upside to build further gains. On down moves, it could take support at 24867 in the near term.
Share Market today live & Nifty Analysis by Shrikant Chouhan
Head, Equity Research Kotak Securities
Today, the benchmark indices witnessed promising rally, the Nifty ends 104 points higher while the Sensex was up by 344 points. Among Sectors, almost all the major sectoral indices registered buying interest at lower levels but Media Index outperformed rallied over 2.5 percent. Technically, after early morning intraday correction market took the support near 24900/81400 and reversed sharply.
Post reversal it witnessed a promising uptrend rally. However, it trimmed some gains from the day highest level of 25130.50/82196 but eventually managed closed above 25000/81800 mark, which is largely positive. We are of the view that, market completed one leg of pullback rally and now 25000/81800 would be the crucial support level for traders.
Above 25000/81800, it could bounce back up to 25150-25175/82200-82500. However, Below 25000/81800 the market could retest the level of 24900/81500. Further down side may also continue which could drag the index till 24850/81300.
Market Analysis Osho Krishan, Senior Analyst –Technical & Derivatives, Angel One Ltd
Bearish Engulfing for Nifty; caution is warranted
September is typically a month prone to profit-taking, and this pattern appears to be resurfacing as the first week began with a correction. The exhausted Bulls succumbed to the global turmoil on the last session of the trading week, forming a ‘Bearish Engulfing’ pattern on the weekly time chart for the benchmark index. The Nifty50 index snapped the three weeks of consecutive winning streak and settled with a cut of 1.52% on a weekly basis, a tad above the 24850 zone.
The domestic market has undergone a substantial correction after an extended period, reflecting broad-based participation that has driven down the respective index. The benchmark index has tested the 20 DEMA and the bullish runaway gap on the daily chart, signifying the strong momentum in the correction. However, it is important to view this profit booking as a healthy component in a predominantly upward trend; this allows for a cooling down of elevated valuations and technical parameters, bringing them to a more comfortable level. On the level-specific front, the 25000 mark now seems to be a critical resistance zone, and an authoritative breakthrough could only bring back the positive momentum in the Nifty. On the other hand, the negative crossover on the technical indicators suggests a potential continuation of profit-taking; 24600-24500 is likely to serve as a positional support level for the benchmark in the upcoming week.
Looking ahead, the release of US employment data over the weekend and its potential impact on global markets will likely shape near-term trends. Consequently, it could also set the tone for domestic markets. Additionally, the beaten-up index BankNifty, which failed to witness a trend reversal and retracted to its sulking phase, needs to be watched closely, along with other outliers, especially Midcaps, that may attract some profit booking in the comparable period. Hence, it is advisable to maintain caution and avoid aggressive trades for the time being
Market Analysis by Chandan Taparia, Senior Analyst –Motilal Oswal Financial Services Ltd
On Monday, September 9, the Indian stock market benchmarks, the Sensex and the Nifty 50, posted solid gains. The Sensex closed at 81,560, marking an increase of 376 points or 0.46 percent, while the Nifty 50 ended the day at 24,936.40, up 84 points or 0.34 percent.
“Nifty Index opened flattish and even though it broke its previous day’s low, it took support at 24750 zones. It recovered right from the start of the day and It formed a bullish candle on daily frame with support based buying. Now it has to cross and hold above 25000 zones for a bounce towards 25150 then 25250 zones whereas supports are placed at 24750 then 24650 zones,” said Chandan Taparia, Head – Equity Derivatives and Technicals, Wealth Management, MOFSL.
India VIX was down by 6.44% from 15.22 to 14.24 levels. Volatility cooled off and paved way for buying at lower levels.
On option front, Maximum Call OI is at 25000 then 25200 strike while Maximum Put OI is at 24000 then 24500 strike. Call writing is seen at 25400 then 24800 strike while Put writing is seen at 24900 then 24800 strike. Option data suggests a broader trading range in between 24500 to 25400 zones while an immediate range between 24800 to 25300 levels.
Bank Nifty
On the Bank Nifty outlook, Taparia further added, “Bank Nifty Index opened on a flattish note and drifted lower towards 50370 zones in the initial hour of the session. However quick recovery was seen from lower levels and it gradually extended the momentum towards 51200 zones in the latter part of the day. It formed a Bullish Piercing pattern on daily scale as strong recovery was seen from lower zones and ended with gains of around 540 points near 51100 levels. Now it has to continue to hold above 50850 zones for a bounce towards 51500 then 51750 zones while on the downside support is seen at 50850 then 50500 levels.”
Quote on markets by Mr. Vikram Kasat, Head – Advisory, PL Capital – Prabhudas Lilladher.
Sensex up by 361.75 or 0.44% and Nifty by 104.7 or 0.42% . The top performing sectors were auto, bank, IT and metal while financial services closed in red.
U.S. markets rebounded after a challenging week, with the S&P 500 gaining 1.1%, the Dow Jones rising by 484 points, and the Nasdaq up by 1.3%. This was largely fueled by a rally in tech stocks, notably Nvidia, which surged by 3.5%. Investors are closely watching upcoming U.S. inflation data that may influence the Federal Reserve’s decision on interest rates later this month, with speculation about potential rate cuts
In Asia, markets were influenced by concerns over China’s economic health. Additionally, oil prices rose slightly due to potential disruptions.
Daily Nifty write up by Rajesh Bhosale, Equity Technical Analyst, Angel One.
Bulls attempt a comeback, Nifty reclaims 25000 mark
Tracking mixed global sentiment, our markets opened on a mildly positive note, but saw a brief dip during the initial hour. Prices soon climbed higher, surpassing 25100, though a minor round of profit-booking in the last hour brought the index just below 25050, ending with a 0.42% gain.
The last two sessions suggest bulls are attempting a comeback, supported by broad-based buying across sectors. However, markets remain cautious, facing stiff overhead resistance and the looming “Bearish Engulfing” pattern from last week. The current upward move, marked by small candles, signals traders should avoid complacency. Nifty appears to have entered a consolidation phase with immediate support around 24900-24800 and resistance at 25200-25300. Traders should adopt a buy-on-dip, sell-on-rise strategy, while focusing on stock-specific moves for better opportunities. Global market recovery, after last week’s selloff, also plays a vital role in guiding our market’s direction, so it’s essential to track developments there closely.
Weekly market wrap by Amol Athawale, VP-Technical Research, Kotak Securities:
In the last week, the benchmark indices witnessed selling pressure at higher levels, the Nifty ends 1.52 percent lower while the Sensex was down by 1182 points. Among Sectors, almost all the major sectoral indices witnessed selling pressure at higher levels but PSU Banks, Energy, Oil and Gas indices lost the most shed over 3 percent. During the week, market consistently facing selling pressure at higher level and it also slipped below crucial support level of 25000 / 81700 and post breakdown selling pressure intensified.
Technically, on weekly charts, the index has formed long bearish candle and on intraday charts, it is holding lower top formation, which supports further correction from the current levels. We are of the view that, the current market texture is weak but for the short-term traders now 20 day SMA or 24820 / 81000 would act as a sacrosanct support zone. Below the same, the selling pressure is likely to accelerate. Below which, the market could retest the level of 50 day SMA or 24600 / 80500 and 24500 / 80100. On the other side, above 25000/81700 the market could bounce back up to 25100-25150 / 82000-82300.
For Bank Nifty as long as it is trading below 20 day SMA or 51000 the weak sentiment is likely to continue. Below the same, it could slip till 50000-49600. However, above 51000 we could see a one-pullback rally till 51300-51450.
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