Market opened the week on bullish note but was unable to hold highs and showed profit booking. Market ended on flat note on September 27 with Sensex holding above 60,000 level. At close, the Sensex was up 29 points at 60077, and the Nifty was up 1.90 points at 17855. Due to profit booking in IT, Pharma and FMCG, domestic markets failed to uphold its winning streak to close flat in a volatile session. Realty stocks continued its rally on positive developments in the sector while the sentiments in the auto sector were lifted on expectation of better sales numbers for September. The market is also awaiting the release of August core sector output data and September’s manufacturing PMI data this week.
The market witnessed some volatile
movements after the market was able to breach the Nifty level of 17850. It
shows sustaining above 17850, the market to gain momentum, leading to an upside
projection till 18000 level. The momentum indicators like RSI and MACD to stay
positive and market breadth to improve, further strengthening a short-term
bullish outlook. Nifty formed a bearish candle for a second consecutive day.
Strong base is formed near 17825 -17775 zone and holding above said levels we
may see northward movement to be continued. Also any dip around said
levels can use as to add fresh longs with keeping stop out level below 17750
zone. The strong hurdle is coming near 17925 followed by 18000 mark where one
can look for to lock their long gains.
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Resistance: 17875, 17950, 18000
Support: 17775, 17725, 17690
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