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The markets rose slightly after a day of pause, gaining almost half a percent. After the flat start, Nifty witnessed a gradual upward movement and finally settled at the 20,070 level; increased by 0.38%. Meanwhile, a mixed trend on the sector front kept traders busy, with energy and banking posting decent gains while auto and IT closed lower. The broader indices also took a breather and closed in the green. Nifty crosses 20000 mark, a move of more than 12-13% this fiscal. Unlike previous moves, this rally is broad-based and features constant sector rotation. In the current rally, we have seen significant outperformance of small and mid-cap names compared to a large-cap index like Nifty50. Benchmark indices closed higher on September 13, with Nifty at around 20050. At the end, the Sensex rose 245 to 67466 and the Nifty rose 76 points to 20070. The bulls successfully regained control over the bears and pushed Nifty back above the 20000 mark. What is noteworthy is that the price closed above this threshold, marking a historic closing high for Nifty. The prevailing sentiment remains bullish assuming put writers protect the 19800 level. A fall below 19,900 could unsettle put writers and potentially trigger market corrections. On the other hand, the 20100-20200 area could act as resistance. A clear break above 20,150 could propel Nifty into a sustained uptrend.
Resistance: 20100, 20200, 20300
Support: 19950, 19850, 19750
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