Market Ahead, September 24: All you need to know before the Opening Bell
After logging their biggest two-day gains ever, analysts expect markets to consolidate in the near term
BS Web Team New Delhi
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The Bombay Stock Exchange | Photo: ANI
After logging their biggest two-day gains ever, analysts expect markets to consolidate in the near term. Brokerage firm Religare Broking advises investors to stay cautious as markets are trading near peak valuations. According to the pivot charts, key support level for Nifty is placed at 11,482.7 and key resistance level to watch out for are 11,706.23.
The benchmark indices remained in positive territory for the second consecutive session on Monday as investors continued their buying spree in the wake of government's decision to slash corporate tax rate.
The S&P BSE Sensex reclaimed 39,000-mark, to close with gains of 1,075 points or 2.83 per cent at 39,090 level. On NSE, the Nifty50 index jumped 326 points or 2.89 per cent to settle at 11,600-mark.
For today, trends on SGX Nifty, again, suggest a positive opening. At 6:50 am, the Singaporean Exchange for Nifty Futures was trading over 60 points higher.
Stock-specific developments, oil prices, global cues and foreign capital investment by FIIs and DIIs would guide the market trajectory today. Overseas investors were strong buyers on Monday, lapping up shares worth Rs 2,684 crore.
Globally, Asian shares were trading flat during the early morning trade. MSCI's broadest index of Asia-Pacific shares outside Japan was up just 0.03 per cent, while Japan's Nikkei ticked up 0.10%.
On Wall Street, US shares, too, ended flat during the overnight trade on Monday. The Dow Jones settled 0.06 per cent higher, while the S&P500 and the Nasdaq Composite indices ended 0.01 per cent and 0.06 per cent lower.
In the commodities market, oil prices dipped slightly. Brent crude futures were trading 0.45% lower to $64.48 a barrel.
Top headlines and the stocks that could remain in focus--
>> RBI turns down Sebi plan for credit rating agencies' access to defaults
>> Maruti Suzuki India, country's biggest car-maker, sees higher sales in Sept
>> Reliance Capital's stake sale to Nippon Life to be completed by month-end
>> SEBI imposed Rs 22 crore fine on Aurobindo Pharma, its promoter PV Ramprasad Reddy and other connected entities for violating insider trading norms.
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Topics :Market Ahead
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First Published: Sep 24 2019 | 8:07 AM IST