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On the weekly expiry day, the markets traded volatile and
closed just in the green. After the initial uptrend, profit-taking by
heavyweights eroded gains, followed by a range-bound swing until the end.
Meanwhile, a mixed trend on the sector front kept traders busy, with metals and
real estate posting strong gains while FMCG ended subdued. In addition, the
ongoing recovery across the board further boosted sentiment. Benchmark
indices ended the volatile session marginally higher on September 14. At the
close, the Sensex rose 52 points to 67519 and the Nifty rose 33 points to 20103.
The market was range-bound after hitting
a new high as higher-than-expected US inflation and expectations of hawkish ECB
policy meetings later today weighed on investor sentiment. Valuation and
inflation concerns due to rising oil prices could lead the market into a
near-term consolidation phase.
While the northward journey continued, the uptrend lacked the
punch seen in recent sessions as valuations become expensive and investors take
a cautious path. Rising global crude oil prices are also unsettling investors
as it could fuel inflation and force central banks worldwide to maintain
interest rate hike regimes. Despite initial volatility and a subsequent swing
trend, metals, oil and gas, and real estate stocks boomed, suggesting traders
are willing to make selective bets. On the intraday charts, the market is
showing a higher bottom formation, indicating that the uptrend wave is likely
to continue in the near future. As long as the Nifty trades above the 20000
mark, the positive sentiment is likely to continue until the 20150-20200 levels.
On the other hand, selling pressure could intensify below 20,000 and pull the
index towards 19950-19850.
Resistance: 20150, 20200, 20250
Support: 20050, 19950, 19850
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