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Indian stock indices closed lower for the second consecutive day on September 20, with Nifty falling below 19900 as heavyweights and all sectors sold off, except energy stocks. At the close, the Sensex was down 796 points at 66800 and the Nifty fell 231 points to 19901. After a gap down start, the market remained under selling pressure and extended losses throughout the day to end near the day's low. The Sensex and Nifty indices touched the day's low of 66728 and 19878. The biggest losers on the Nifty were HDFC Bank, JSW Steel, Reliance Industries, BPCL and SBI Life Insurance, while among the gainers were Power Grid Corporation, Coal India, ONGC , Sun Pharma and Eicher Motors. A correction has been in the offing for some time and valuations have also become more expensive after the recent rise, leading investors to resort to profit-taking ahead of the outcome of the US FOMC rate meeting. There are also concerns that ongoing tensions between the U.S. and Canada could impact markets, and if the situation escalates, it could impact our markets. Technically, the Nifty slipped mostly negative due to intense selling below the 20,000 mark. For the bulls now, 20000-20030 could serve as immediate resistance areas while 19825-19775 could serve as a crucial support zone for traders.
Resistance: 20000, 20100, 20200
Support: 19850, 19750, 19650
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