Despite a strong opening due to favorable GDP data, domestic indices failed to hold onto its early gains due to profit booking strategy from the recent rally. India’s GDP rose due to the low base effect and was powered by private consumption expenditure & investment. The auto sector showed a flattish trend as sales for August saw a decline following supply constraints. Market ended on negative note after hitting record levels in the early trade 1 September 2021. At close, The Sensex was down 214 points at 57338, and the Nifty was down 56 points at 17076.
The
market witnessed some lackluster movement and an attempt to hold the level
around the Nifty 50 Index level of 17150. If the market is able to
sustain the level of 17150, it can witness higher levels of 17225-17325. The
momentum indicators like RSI, MACD indicating a positive outlook to continue.
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Resistance: 17150, 17250, 17350
Support: 17050, 16950, 16850
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