Closing Bell: Dream run continues on D-Street on Day 2; Nifty ends above 11,600, Sensex up 1,075 pts

Technical View: Nifty forms spinning top pattern, don't initiate fresh longs as consolidation likely

Following the unprecedented meteoric rise witnessed by the index in last two sessions, Mazhar Mohammad advises traders to wait for some sort of corrective and consolidation phase before initiating fresh longs.... Read More

"Benchmark index has managed to close above short-term (20 DMA-10989), mid-term (50 DMA-11115) and long- term moving average (100 DMA-11418) suggesting positive bias to continue further. Moreover, Nifty has retraced almost entire fall from the swing high placed at 11,709 and small correction towards 11,400 cannot be ruled out,"ShabbirKayyumi, Head of Technical Research,NarnoliaFinancial Advisors said.

"Rally continued as the positive sentiment for revival in earnings growth attracted investors to the market. Banks outperformed while mid & small cap witnessed strong bargain buying in expectation of turnaround in consumption story and improvement in balance sheet. Government’s fiscal measures will support recovery in the economy which will add more color to the H2FY20 GDP estimate,"VinodNair, Head Of Research atGeojitFinancial Services said.

An evening walk down D-St: Market closes nearly 3% higher; investors richer by Rs 10 lakh crore in 2 days

The strong gains of the last two sessions have made investors richer by Rs 10.35 lakh crore as the cumulative market capitalisation of BSE listed firms has jumped to Rs 1,48,89,652.44 crore from Rs 1,38,54,439.41 crore on September 19.... Read More

Market registers yet another thumping close; 42 stocks in BSE500 gain 10-19% in 2 days

On the sectoral front, except IT and pharma, all other indices are ended higher led by the FMCG, bank, infra, auto, metal and energy.... Read More

The Indian rupee ended at 70.93 against the US dollar, up 1 paise compared to Friday’s close of 70.94 a dollar.

FIIs net bought Rs 2,684.05 crore worth of equities andDIIs net purchased Rs 291.95 crore in equities today, as per provisional data available on NSE.

A reasonable long candle was formed today with minor upper and lower shadow with sharp opening upside gap. This pattern indicates a sharp upside momentum prevailing in the market. Though, Nifty placed at the hurdle of previous lower top at 11,700 of July 17, still there is no indication of any reversal pattern in the Nifty at the highs.

The short term trend of Nifty is sharply positive, having moved up sharply in the last couple of sessions, there is a possibility of consolidation/minor downward correction at the highs before showing further upside. The near term upside levels to be watched at 11,800.

Manappuram Finance approved the issuance of the private placement of rated, secured, redeemable non-convertible debentures having face value of Rs 10 lakh each for the amount of Rs 215 crore with an option to retain over subscription up to Rs 250 crore aggregating to Rs 465 crore.

We need to be cautious while adding long positions at current levels. Put/Call ratio is at 1.48 and India VIX at 17 percent which indicates high risk in creating long positions on Indices. Stock specific focus should be on buying oil refinery stocks that have shown price retracements along with rise in volume pattern. Nifty to remain in the range of 11,700 and 11,450.

Reliance Capital's stake sale to Nippon Life by month-end, to change brand name

Anil Ambani-owned Reliance Capital's share sale to the Japanese Nippon Life to exit the mutual fund business will be concluded by end of this month, a top official from Reliance Nippon Life Asset Management said on September 23.... Read More

The undertone continues to remain bullish however, Nifty may consolidate near 11,700-11,800 mark for few sessions going ahead. Mid and small caps are likely to catch in a big way going ahead. 11,400 zone is the near term support and traders should look to position on the long side.