Global cues:
• Wall Street was struggling on Thursday, torn between improving economic data and a Federal Reserve that said the path to recovery would be very long.
• The Fed committed to lower interest rates for longer and to continue asset purchases to help the US economy recover from the pandemic shock. It reiterated that the speed of the economy depended on the path of the virus.
• The Dow Jones Industrial Average lost 227.53 points, or 0.8%, and was trading near 27,810, while the S&P 500 is down by 44 points to about 3341.16, a loss of 1.30%.
• European stocks slumped and U.S. stock futures weakened on Thursday, with traders in Europe getting their first chance to react to the Federal Reserve’s decision and its cautious outlook on the world’s top economy.
• The Stoxx Europe 600 lost 0.8%, and the major regional indexes, the German DAX, the French CAC 40, and U.K. FTSE 100 registered similar declines.
Indian markets:
• On September 17, The Sensex fell 323 points to close at 38,979.85, while the Nifty dropped 88.40 points to 11,516.10
• FIIs were net sellers of worth Rs 249.82crore, and DIIs were net seller of worth Rs 1067.83 crore, for September 17, 2020
• Nifty Bank, PSU Bank, Financial Services, and Metal were among the worst hit sectoral indices - all down over 1%each. Nifty IT, Media and Pharma were the only ones to end higher.
• Border tensions with China and a negative trend in global peers, following US Fed's caution on economic recovery, dented investor appetite
• Among individual stocks, HCL Tech entered the list of top-10 most valuable companies in India after the stock rose nearly 4 per cent to Rs 817 during the day. Shares of the company settled at Rs 808, up over 2 per cent on the BSE
• Happiest Minds Technologies made a stellar stock market debut on Thursday, listing at ₹351 on the BSE, a 111% premium over its issue price of ₹166. On NSE, the stock listed at ₹350 apiece.
• The nifty contribution chart for today was as follows:
Trends:
• The headline index ended the day with a net loss 88.45 points, or 0.76 per cent.
• Nifty is trapped in a practically no-trade zone, in which it has managed to keep its head above the crucial 11,430 level.
• Incremental weakness will come only if the index slips below the 11,430 level once again.
• A directional move in the markets seems difficult unless we see alignment between the Nifty and banking index.
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From the risk-reward point of view, it would be rewarding to
focus more on defensive stocks
Stock picks of the day:
• EDEL – Stock closed at 70.6 on Thursday forming a black marubozu candle on the daily chart. The stock has been on a downward trend. Expect the stock to test 67 levels
• APLO – Stock closed at 134 on Thursday forming a long white candle on the daily chart. The stock has been on an upward trend. Expect the stock to test 139 levels
• VIPI – Stock closed at 317.90 on Thursday. As per RSI, STOCHRSI and MACD indicator the stock has a buy signal on the stock. The stock has been on an upward trend. Expect the stock to test 328 levels
• Dr. Reddys – Closed at a market price of 4827. The stock has seen a surge in volume and has made higher highs for three consecutive sessions. The stock has given a positive breakout and RSI touching 70 indicates strength in the forward momentum. The target is open at suggested stop loss below 4700 zone.
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
Analysts at work:
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