NIFTY falls 100 points in 20 mins!
Nifty - Technical Analysis:
-NSE Nifty 50 index fell for second straight session dragged by weakness in banking, financial services and FMCG shares.
-NIFTY was sustaining above 11550 for the first session of the day but witnessed high selling pressure during the last hour and was brought down.
-It bounced from the 200SMA in 1hr candles for the second time indicating support there.
Market - Driving Factors:
-For most part of the day, benchmarks traded in a range bound manner with a positive bias. However, intense selling pressure in banking shares in the last hour of trade led to weakness in the benchmark indexes.
-Among the sectors, the Nifty Pharma jumped 5 percent hitting a 5-year high while on the other hand, banks fell led by Kotak Mahindra Bank, HDFC Bank and SBI.
-Dr Reddy's Cipla, Adani Ports, Bharti Airtel, and M&M were the top gainers while Kotak Bank, HDFC Bank, Shree Cements, Bajaj Finserv, and Maruti led the losses.
Nifty - Outlook for Monday, 21th September:
NIFTY is witnessing selling pressure and we have a bearish bias. If NIFTY breaks the 200SMA we can see more selling towards lower levels. Pharma continues to be the momentum sector while banks could take a back seat while IT and pharmaceutical will take Nifty higher. midcap index has a target of 18,500 while small-cap index could move to 6,700.
-NSE Nifty 50 index fell for second straight session dragged by weakness in banking, financial services and FMCG shares.
-NIFTY was sustaining above 11550 for the first session of the day but witnessed high selling pressure during the last hour and was brought down.
-It bounced from the 200SMA in 1hr candles for the second time indicating support there.
Market - Driving Factors:
-For most part of the day, benchmarks traded in a range bound manner with a positive bias. However, intense selling pressure in banking shares in the last hour of trade led to weakness in the benchmark indexes.
-Among the sectors, the Nifty Pharma jumped 5 percent hitting a 5-year high while on the other hand, banks fell led by Kotak Mahindra Bank, HDFC Bank and SBI.
-Dr Reddy's Cipla, Adani Ports, Bharti Airtel, and M&M were the top gainers while Kotak Bank, HDFC Bank, Shree Cements, Bajaj Finserv, and Maruti led the losses.
Nifty - Outlook for Monday, 21th September:
NIFTY is witnessing selling pressure and we have a bearish bias. If NIFTY breaks the 200SMA we can see more selling towards lower levels. Pharma continues to be the momentum sector while banks could take a back seat while IT and pharmaceutical will take Nifty higher. midcap index has a target of 18,500 while small-cap index could move to 6,700.
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