Market Ahead Podcast, Sep 7: Top factors that could guide markets today

Street watchers are baking-in a consolidatory phase for the indices over the next couple of sessions as fatigue sets in for the markets. 

On Monday, the BSE Sensex touched an all-time high of 58,516 while the NSE Nifty50 zoomed to 17,430.

In the broader markets, the BSE MidCap index and SmallCap index rallied to 24,563 and 27,502 levels, respectively.

Given a likely volatility going-ahead, analysts suggest traders and short-term investors should start booking profits partially and divert funds towards fixed income assets. Moreover, traders should follow strict stop losses to avoid deep losses.

For the next few sessions, 17,500 will act as the key resistance level for the Nifty while 17,330 could act as a strong support, tech charts show.

As regards Tuesday, market participants will track global cues and stock-specific news flow amid lack of major domestic triggers.

Among individual stocks, shares of Reliance Industries could be on investor radar as they hit a record high of Rs 2,480 in yesterday's session. As per technical charts, Rs 2,600 will act as an immediate resistance level followed by Rs 2,900.

That said, the stock can rally about 12% in the near-term and over 100% in the next one-year once these resistance levels are breached on the upside.

That apart, shares of Techno Electric and Engineering Company will hog the limelight today as the Board has fixed September 16, 2021 as the Record Date for the purpose of payment of Final Dividend of Rs 4 per equity share.

Meanwhile, the Board of GRM Overseas is set to meet on September 23 to consider and approve the stock-split plan.

Sectorally, IT, realty, textiles, and telecom equipment manufacturers witnessed a breathtaking rally on Monday. Thus, all eyes would be on these sectors to see if the shares will extend their rallies or witness profit booking.