On September 13, Indian stock markets commenced trading with a minor decline, influenced by a mixed trend in Asian markets and weakness in American counterparts. During the early hours of Wednesday, most sectoral indices exhibited bearish trends, with only FMCG and oil-gas sectors bucking the trend.
Sensex and Nifty Performance at 11:25 AM
As of 11:25 am, Sensex was trading at 67,238.38, registering a modest gain of 17.25 points or 0.03 percent, while Nifty was at 19,984.30, showing a marginal uptick of 7.35 points or 0.04 percent. Among the listed stocks, approximately 1,213 displayed an upward trajectory, while 1,564 witnessed declines. Meanwhile, three stocks remained unchanged.
Nifty Support and Resistance Levels
The market witnessed a tussle between call and put writers at the 20,000 open interest level. Prabhudas Lilladher suggests that Nifty’s short-term support is noticeable in the range of 19,820-19,840, advising caution in the current market scenario. Intraday support for Nifty is found at the 19,850 level, with resistance observed at 20,150.
Despite heavy selling in midcap and small-cap stocks for two consecutive days, experts are encouraging buying opportunities in these segments.
Buying Opportunities Amid Midcap-Smallcap Selling
Bank Nifty is currently consolidating within the range of 45,400-45,600 points, as indicated by Samco Securities. A significant upward movement is expected only upon breaching the 45,800 level, with a potential target at 46,350. The next resistance for Bank Nifty is projected at 46,350, contingent on the short position being covered by the maximum call open interest strike at 45,500.
In individual stocks, long build-up has been observed in Granules, Glenmark, and AuroPharma, while short build-up is evident in ABB, REC Limited, and IDFC First Bank.