Global cues:
• Stocks traded mostly higher Wednesday midday, with the Dow close to a record, but the Nasdaq Composite slipped, as investors waited for an afternoon policy update from the Federal Reserve.
• The Dow Jones Industrial Average US:DJIA added 210 points, or 0.8%, and was trading near 28,204, while the S&P 500 index US:SPX advanced 11 points to about 3,413, a gain of 0.4%.
• European shares were mixed at the opening, but then rose, with the Stoxx 600 up around 0.3 per cent, pushed up by gains in retail stocks.
• Retail stocks surged after strong results from Zara-owner Inditex on Wednesday, but it was a mixed session for the wider European market, with Britain’s exporter-heavy FTSE 100 hit by a stronger pound.
Indian markets:
• On September 16, The BSE Sensex climbed 258.50 points to close at 39,302.85, while the Nifty50 rose 82.70 points to 11,604.50
• FIIs were net buyers of worth Rs 264.66 crore, and DIIs were net seller of worth Rs 212.21 crore, for September 16, 2020
• The Nifty Pharma and Realty gained the most among sectors, rising over 2 percent each, while Nifty Auto was up 1.5 percent, followed by Bank, FMCG and IT indices which gained around half a percent each.
• The Indian currency ended higher on Wednesday amidst surging equity market. The rupee ended at 73.52 against the US dollar as compared to Tuesday's close of 73.65.
• Lakshmi Vilas Bank shares hit an intra-day high of 10 percent on Wednesday, locked in upper price band after the lender said that the mutual due diligence process for a merger with Clix Group is substantially complete and both parties are in discussions on the next steps.
• Shares of Dr. Reddy's ended over 4 per cent higher at Rs 4,631.55 on the BSE after the company said it has agreed to cooperate with Russia’s sovereign wealth fund RDIF on clinical trials and distribution of Sputnik V vaccine in India.
• The nifty contribution chart for today was as follows:
Trends:
• The headline index ended the day with a net gain of 82.75 points, or 0.72 per cent.
• A White Body emerged on the candles, which signalled a bullish trend during the day. Pattern analysis showed Nifty is attempting to move past the Double Top resistance level of 11430.
• On the daily chart, the index has seen a breakout of the Bullish Inside Bar. The short-term momentum indicator has also turned in favour of the bulls and Nifty looks set to extend gains.
• Global cues were also positive as participants awaited policy statement from the US FOMC meeting. Any indication of increased bond-buying will be a positive trigger for the markets.
• Markets are expected to be in sync with global cues. Upsides seem to be limited, considering the lack of fresh domestic triggers for the market.
Stock picks of the day:
• PVR – Stock closed at 1248.25 on Wednesday testing the lower line of the Bollinger band. The stock is currently oversold on Stochastics. Expect the stock to test 1,260 levels
• Escorts – Stock closed at 1,254.95 on Wednesday forming a bullish candle the stock has been on an upward trend. Expect the stock to test 1,279 levels
• RIL – Stock closed at 2,324.55 on Wednesday forming a indecisive candle. Expect the stock to slide to 2,303 levels on an intraday basis with some selling pressure all through the day
• HDFC – Stock closed at 1768.15 levels on Wednesday with some muted buying. MACD shows a bullish signal for this stock. Expect the stock to test 1,785 levels on an intraday basis
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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