Global cues:
• US stocks opened higher on Tuesday as upbeat data from China revived optimism around an economic rebound, while investors looked for more stimulus from the Federal Reserve as the central bank kicks off a two-day meeting.
• The S&P 500 opened higher by 24.19 points at 3,407.73. The Dow Jones Industrial Average rose 146.43 points at the open to 28,139.76.
• The pan-European STOXX 600 was flat.
• European stocks struggled for direction on Tuesday, with banking shares declining ahead of the U.S. and UK central bank meetings this week, while Sweden's H&M surged after reporting a better-than-expected profit.
Indian markets:
• On September 15, The BSE Sensex closed above 39,000 levels, up 287.72 points at 39,044.35, while the Nifty50 jumped 81.80 points to end above the crucial 11,500 mark, at 11,521.80
• FIIs were net buyers of worth Rs 1170.89 crore, and DIIs were net seller of worth Rs 859.63 crore, for September 10, 2020
• Among the sectors, barring BSE Realty, all sectoral indices closed with gains, with Healthcare, Finance, Banks, Power, Telecom and Basic Materials rising over a percent each.
• Gold prices rose by Rs.499 to touch Rs.51893 per 10gms on rupee depreciation and strong global cues.
• Max India surges 8% after company announces exit option for shareholders. The company plans to offer its public shareholders the option of taking Rs 85 per share for up to 20 percent of their shareholding in lieu of cancelling these shares.
• The IPO details of Warburg Pincus LLC and NSE-backed Computer Age Management Services (CAMS) will be announced on Wednesday. Chemcon Speciality Chemicals is also expected to launch its initial public offering on September 21
• India's retail inflation (CPI) eased to 6.69% in August 2020, the data released by the Ministry of Statistics & Programme Implementation showed. The CPI for the month of July was revised to 6.73% from 6.93%.
• The nifty contribution chart for today was as follows:
Trends:
• Nifty50 closed the session around 80 points higher and reclaimed the 11,500 level on Tuesday and formed a bullish candle on the daily chart.
• It negated the negative impact of a Bearish Engulfing Pattern formed on Monday, by forming a Bullish Harami pattern, which indicated that the bulls are strong.
• The index is forming higher top and bottom on the lower time frame while supports have shifted slightly higher making the market suitable for the ‘buy on decline’ strategy.
Stock picks of the day:
• Future Retail – Stock closed at price of 104. After falling almost 40% in the last 15 days the stock formed a long white candle on the daily chart indicating an upwards movement in the stock price. Expect the stock to trade near 108 price range
• KPIT Technologies – Stock closed at price of 99. Stock saw buying in last 2 hours of trade and the stock has buy rating as per the RSI and MACD. Expect the buying momentum to continue at this price and expect the stock to trade near 103 range
• Info Edge [Naukri] – Closed at a price of 3534 and has consecutively made higher highs on the daily chart for the last trading sessions. The stock is hovering around its all-time high and a healthy RSI of around 64 suggests a positive breakout to look out for.
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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