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Nifty short-term trend positive, may move to 18000 once 17800 breached; 5 things to know before opening bell

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Indian equity markets are likely to extend gains on Friday. SGX Nifty hinted at positive start for BSE Sensex, NSE Nifty 50 as Nifty futures traded 86 points, or 0.48% higher at 17,905.50 on the Singapore Exchange ahead of today’s trading session. “Nifty likely to continue northward move towards 17900 – 18000 and then beyond the 18000 mark. On the flip side, if there is no aberration globally, 17700 – 17600 should now act as immediate support. Traders are advised to continue with an optimistic approach and use declines to add fresh longs. One can continue to focus on thematic movers and also, and the broader market remains the real flavor,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.

5 things to know before share market opening bell

Global market watch: Wall Street’s main indices posted gains on Thursday, mainly lifted by financial institutions and healthcare companies, even as investors digested hawkish remarks from policymakers that cemented possibilities a large interest rate hike later this month. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite gained 0.6% each. Markets in Asia-Pacific were mostly higher today. Japan’s Nikkei 225 rose 0.61% and the Topix afvanced 0.35%. In South Korea, the Kospi was up 0.33% and the Kosdaq index rose 1.25%. In Australia, the S&P/ASX 200 also gained 0.25%.

Nifty Technical view: “A small positive candle was formed on the daily chart with minor lower shadow. Currently, Nifty is placed at the upper area of the sideways range of the last 6-7 sessions at 17800 levels. The market is also in an attempt of decisive upside breakout of the significant down trend line around 17800 levels. Hence, this area is going to be a crucial overhead resistance and a sustainable move above this hurdle could open a sharp trended movement for the market ahead. The short term trend of Nifty continues to be positive,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Nifty, Bank Nifty levels to watch for: “The support for Nifty has shifted around 17600 levels. While on the upside, 18000 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 39000 levels, while resistance at 40700 levels. Overall, the nifty has given a breakout of resistance level now looking strong on charts, crossing 18000 level can show more upside rally. The sector-specific moment has been seen, Midcaps and small caps stocks are giving good momentum. One can add on dips,” said Palak Kothari, Senior Technical Analyst, Choice Broking.

FII and DII data: Foreign institutional investors (FIIs) were net buyers on Thursday as they bought shares worth Rs 2,913.09 crore, whereas domestic institutional investors (DIIs) turned net sellers as they offloaded equities worth Rs 212.61 crore on September 8, according to the per provisional data available on the NSE.

Also Read: IndiGo, Vodafone Idea, Jet Airways, Future Lifestyle, Adani Group stocks in focus on September 9, 2022

Stocks under F&O ban on NSE: Delta Corp remains the only stock in the NSE F&O ban list for today (September 9). Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

Buy these two stocks with strong support on charts while Nifty reverses its short-term uptrend

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By Subash Gangadharan

Markets have reversed their short term uptrend this week. The reversal was confirmed once the recent low of 14222 was broken on Wednesday. With the Nifty now trading below the 20 day SMA and the 14 day RSI in decline mode, the technical indicators too are confirming the weakness seen in the markets.We expect the Nifty to play down towards the next support of 13707 in the coming sessions. This level coincides with the 50 day SMA. A failure to hold above this support could see the Nifty moving down further towards a trend line support at 13330. Any pullback rallies could find resistance at 14238.Buy SBI LifeSBI Life has corrected from a high of 955 and recently tested the 200-day EMA. Today, it bounced back from these supports and showed relative strength against the Nifty which is in correction mode.

Also Read: Share market live update; Check how Dalal Street benchmark indices are performing today

With the medium and long term technical setups looking healthy, we expect the stock to gradually move higher in the coming weeks. We, therefore, recommend a Buy between the 870-890 levels. CMP is 883. Stop loss is at 835 while targets are at 1000.

Buy Container CorporationContainer Corporation has shown relative strength this week. While the Nifty has corrected, Container Corp has bounced back from a low of 403 and gained 1.22% so far this week.

The 200 day EMA and 50 day SMA are currently providing support to the stock. With the medium and long term technical setups looking healthy, we expect the stock to gradually move higher in the coming weeks. We, therefore, recommend a Buy between the 430-436 levels. CMP is 433.9. Stop loss is at 410 while targets are at 490.

(Subash Gangadharan is a Senior Technical and Derivative Analyst at HDFC Securities. The views expressed are the author’s own. Please consult your financial advisor before investing.)