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Tuesday 13 sep 2022 saw the fourth straight day of domestic benchmark indices rising, reaching a five-month high. Following a wide global rise, the Nifty index ended over the 18,000-point level for the first time since April. The Nifty increased 134 points to close at 18070, while the Sensex finished 456 points higher at 69571. Since its June low, the Sensex has increased by over 9100 points. The industries with the biggest gains were metals, banking, capital goods, and FMCG, while the sectors with the worst losses were oil & gas and real estate
The 18000–17900 area serves as the lower
end support, and as long as this support is sustained, the market is in a buy
mode. Taking off the immediate upside resistance at 18150 will free up space
for gains of 18,200–18,400. With a gap-up, Nifty overcame the 17990 resistance.
For the rising momentum to persist, it must expand on the gains. The larger
markets appear a little worn out. The opening of our markets tomorrow may be
influenced by the US CPI statistic due this evening and how the US market
reacts to it. 18150 (and later 18300) may present resistance for the Nifty,
whereas 17950 may provide support in the short term. The Bank Nifty index
witnessed a gap up opening and sustained the level throughout the day which
confirms the strength. The index's first obstacle is set at 41,000, where the
call side has built up the most open interest. If this barrier is crossed,
there will be a significant short covering move toward levels between 41,500
and 41,800.
Resistance: 18100, 18200, 18300
Support: 18000, 17900, 17800
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