Nifty above 19,700, Sensex up 385 points; capital goods, realty, banks gain
07-Sep-2023
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The benchmark Sensex and Nifty indices are likely to open marginally lower on September 7 as trends in the GIFT Nifty indicate a negative start for the broader index with a loss of 38 points.The BSE Sensex climbed 100 points to 65,881, while the Nifty 50 dropped 31 points to close at 19,543 in the previous session amid volatility and formed a bullish candlestick pattern with a long lower shadow and minor upper shadow on the daily charts. Technically, this pattern reflects high volatility in the market. The upside breakout of trend line resistance remains intact.Hence, "the short-term trend of the Nifty continues to be positive. One may expect further upside in the coming sessions and any dips down to the support of 19,500 is likely to be a buy-on-dips opportunity," Nagaraj Shetti, technical research analyst at HDFC Securities said. The next upside levels to be watched are around 19,800, he feels.The pivot point calculator indicates that the Nifty may be taking support at 19,524 followed by 19,490 and 19,435. On the flip side, 19,635 can act as the key resistance followed by 19,669 and 19,725.Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.
