Nifty opened positive on Friday and moved towards 15,900
Tuesday , September 21 2021
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weekly wrapup

Nifty opened positive on Friday and moved towards 15,900

Sensex

Benchmark indices climbed higher on Friday, continuing their recovery from the sell-off at the start of the week. However, gains were limited due to weak trading in global markets.

Auto stocks remained under pressure but banks and FMCG companies rose. Market focus was also on Zomato NSE listing of 65.79% which witnessed massive investor interest. During the day, shares of Zomato worth Rs 9,198.04 crore were traded.

Nifty

Nifty opened positive on Friday and moved towards the 15,900 zones after taking support near the 15,770 zones in the morning. It failed to hold higher levels but still closed with a gain of 30 points near its opening level. This has formed a Doji on the daily scale and a Bullish Hammer on the weekly scale, which indicates buying every drop but missing follow-up buys at higher levels. Now Nifty will have to stay above 15,800 levels and see a bounce towards 15,962 and 16,000 levels while on the downside support is present at 15,750 and 15,700 levels.

Bank Nifty

Bank Nifty opened positive and after an initial decline took support near 34,400 and managed to cross its immediate key resistance at 35,000. This formed a Bullish candle with a long lower shadow on the daily chart and a Doji-type candle on the weekly scale, clearly indicating a tug of war between the Bulls and the Bears. The index outperformed the Nifty on the daily and closed above the 35,000 level with a gain of nearly 350 points. Now, it needs to hold above the 35,000 level to move towards the 35,250 and 35,500 levels, while on the downside, support is present at the 34,750 and 34,500 levels.

Global Market

The S&P 500 and Nasdaq indexes hit record highs on Friday and were on track to end the week with gains helped by strong earnings from mega-cap growth stocks and social media companies, while weak forecasts from Intel hit chipmakers.

Twitter Inc. rose 4.2 percent after reporting quarterly revenue growth, while Snapchat owner Snap Inc. grew 22.5 percent, beating estimates for user growth and revenue.

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About Dwipen Gogoi

Dwipen Gogoi, MBA (IB and IT) and PGDFT from Pune. (Technical Analyst of AliceBlue) I am a You Tuber, Blogger and doing Technical Analysis last 10 years in Stock, Commodity and Forex Market. i am creating various trading strategies for day traders, swing traders, scalp traders.

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