Global cues:
• The Dow jumped 327 points, or 1.18%, the S&P 500 climbed 0.7% and the Nasdaq Composite advanced 1.87%.
• The dollar weakened and world stock markets rallied on Monday on encouraging signs of progress in developing a COVID-19 vaccine
• Gold jumped almost 1% as the dollar slid and bond yields were stable as investors gauge how the U.S. Federal Reserve will put its new approach to monetary policy into practice and keep its dovish stance at this week's policy meeting.
• It's the biggest week for new stock debuts since Uber (NYSE:UBER) listed in May 2019. Twelve deals are lined up this week, including the highly anticipated IPO of software maker Snowflake.
Indian markets:
• The Sensex corrected 97.92 points to 38,756.63 and the Nifty fell 24.50 points to 11,440, forming a bearish candle on the daily charts.
• Nifty snapped its 3-day green streak - BankNifty dragged the index down, but IT stocks outperformed
• Nifty Bank formed a bearish engulfing candle on the daily charts and fell 378.70 points to close at 22101.25
• The market started off on a strong note on September 14, but erased all gains in the last couple of hours of trade due to selling in banking and financials and select FMCG stocks. But strong buying in technology stocks after management commentary from HCL Technologies capped the downside.
• Foreign institutional investors (FIIs) net bought shares worth Rs 298.22 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 120.35 crore
• The key upside area of 11,500-11,550 (previous swing high and the opening downside gap of September 4) has acted as a strong overhead resistance and led to a sharp intraday weakness from the highs.
• India VIX fell 2.47 per cent to 22.57. A gradual decline in VIX from its recent high of 25.69 suggests that the bulls are using any decline as a buying opportunity.
• The nifty contribution chart for today was as follows:
Stock picks for the day:
• Havells - Closed at a price of 669. Has successfully moved past its major resistance while forming 4 consecutive higher highs on daily charts. Expected to move towards the 700 zone before facing major resistance, suggested stop loss is 650.
• Infosys - Closed at a price of 978. Positive breakout today on the daily charts and touching its 3-month high of 986 before closing slightly below. Today's rise in price of NASDAQ futures indicates a bullish run tomorrow.
• Bajaj Auto - Closed at a price of 2958. After an inverted hammer, the stock seems to have resumed its uptrend forming higher highs in the last 3 sessions. A bearish engulfing pattern with significant uprise in volume can be seen on the daily chart.
Results on September 15:
NHPC, JK Cement, Arvind Ltd, Shivam Auto, Bharat Dynamics, Jindal Polyfilm, Nitin Castings
Source: moneycontrol
Disclaimer
Please note that all the recommendations/views/ levels we provide are based on the theory of technical/fundamental analysis and personal observations. This does not claim for sure/ certain profit or any fix returns. we are not be liable for any losses you make on the given takes and levels. You are advised to take your position with your sense, discretion and judgment. only you would be responsible for outcomes of your trades
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