Indian markets started this week’s trading session on a positive note as investors picked up the beaten stocks. Last week, both Sensex and Nifty 50 fell over 2% on bearish global cues. However, the trajectory of the broader market is volatile as investors are on wait-and-watch mode in the upcoming policy meeting of the US Federal Reserve. Road expects the third major rate hike from the FOMC in meeting between September 20-21. Currently, bearish fears on the global economic slowdown have kept the mood of the markets in a cautious tone. Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher has made a ‘buy’ recommendation on the two stocks in the trading session on 20 September.
On Monday, the Nifty 50 closed at 17,622.25, up 91.40 points or 0.52%. Bank Nifty closed at 40,904.40, up 127.60 points or 0.31%. While the Sensex ended up 300.44 points or 0.51% at 59,141.23. Rise in FMCG, auto and banking stocks offset selling in capital goods and metal stocks.
Giving the Nifty and Bank Nifty outlook for September 20, Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher said, “Nifty rebounded after witnessing a volatile opening session at lows of 17430 and for the rest Maintained zone near 17600-17660 levels. Part of trading session Nifty index needs to cross 17680-17700 zone for some correction in bias and is expected to move higher.
Besides, Parekh said, Banknifty also moved in a narrow range to find resistance near 41150 zone and has found significant near term support at 40500 zone. The overall bias and sentiment so far has been carefully kept positive till further clarity and confirmation is established. However, support for the day is seen at 17500 while resistance is seen at 17750. The daily level of Bank Nifty will be at 40500-41400 level.
Parekh believes that Nifty will find support between 17500/17450 and resistance 17750/17800. While Nifty Bank is seeing support between 40500/40450 and resistance 41400/41450.
Prabhudas Lilladher has recommended buy in two stocks on 20th September.
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The views and recommendations above are those of individual analysts, not Mint.
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