Mixed Trends Dominate as PSU Banks Soar.
(Post Market Report), Today the performance of the Indian stock market was uneven, with the Nifty and Banknifty indices exhibiting divergent trends. During the trading session, contrasting movements occurred in a number of sectors.
Nifty Performance:
- The Nifty index opened the trading session at 20,155 and experienced volatility throughout the day.
- During the trading session, it reached a high of 20,195 and a low of 20,115, indicating market sentiment fluctuations.
- The index closed at 20,133.
- For the upcoming trading session, the resistance level is 20,225, while the support level is 20,080.
- The projected level for a reversal is roughly 20225, and if the market sustains above that level, it might reach 20,388.
- The support level for a downside is roughly 20080, and if the market breaks levels and sustains below that level, it might fall to 19980.
Banknifty Performance:
- The Banknifty index, which opened at 46,100, also exhibited varied trading activity.
- It reached 46,252 intraday highs and 45,906 intraday lows before closing at 45,979.
- The resistance level for the upcoming trading session is 46,255, while the support level is 45,850.
- The projected level for a reversal is roughly 46355, and if the market sustains above that level, it might reach roughly 46855.
- The support level for a downside is roughly 45850, and if the market breaks this level and sustains below that level, it might fall to 45450.
- HDFC BANK and KOTAK BANK were the top losers in the Banknifty index today.
Individual Sector Performance
| Sector | Performance |
|---|---|
| PSU Banks | 3.39%  |
| Auto | 0.84% |
| Energy | 0.72% |
| FMCG | 0.58% |
| Media | -1.27%  |
| Metal | -1.11% |
| Realty | -1.37% |
| Pharma | -0.51% |
| PVT Banks | -0.83% |
The performance of the Nifty and Banknifty indices on the Indian stock exchange was inconsistent today. The trading session highlighted the significance of support and resistance levels for directing price alterations. While the PSU Banks and Auto sectors experienced growth, the Realty, Media, Metal, and Pharmaceutical sectors experienced declines. As market dynamics continue to evolve, investors are urged to keep abreast of sectoral performances and market trends in order to make informed investment decisions.
Post Market Report – Indian Market (22.09.2023), PSU Banks Shine
Post Market Report – Indian Market (21.09.2023), Another Rollercoaster ride for retailers
Post Market Report – Indian Market (20.09.2023), Is it a reversal or a correction?
Post Market Report – Indian Market (18.09.2023), Mixed Trends Dominate as PSU Banks Soar.
Post Market Report – Indian Market (15.09.2023), “Market Optimism Prevails Despite Challenges”
Post Market Report – Indian Market (14.09.2023), Bulls Overtake Bearish Sentiments.
Please note that this report is based on the provided information and should be considered for informational purposes only. It is advisable to consult with a financial advisor or conduct further research before making any investment decisions.
Best regards,
[mybullandbear.com]