The benchmark indices closed higher on September 9. Sensex closed 55 points, or 0.09 percent, higher at 58,305.07 while Nifty settled with a gain of 16 points, or 0.09 percent, at 17,369.25. BSE Midcap ended 0.56 percent higher and the smallcap index clocked a gain of 0.52 percent.
"Nifty traded in a sideways trend today. It took support around 17300 where it saw some buying and then closed around yesterday's close at 17357. 17250 and 17300 will continue acting as strong support levels for Nifty. On a closing above 17450 , Nifty may test levels of 17500 and 17550. Overall the trend in Nifty remains bullish and we may see new all time high in the next few trading sessions," said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd, said, "On weekly charts the market has maintained a breakout continuation formation but on intraday charts it has formed a double top formation which indicates temporary weakness. While the medium term trend is still positive, traders may prefer to book profits near resistance levels due to an overstretched rally.
"For the bulls, 17,250 and 17,200 would be key support levels. Above the same, the uptrend formation is likely to continue up to 17,450-17,650 levels. On the flip side, dismissal of 17,200 may fuel further weakness up to 17,100-17,000 levels. Positional traders can take a contra bet near 17,000 support with a strict stop loss at 16,930."
Mohit Nigam, Head - PMS, Hem Securities said, "On the technical front, the market is witnessing a continuous positive trend and it has sustained well above 17,300-350 levels and we believe this up move will extend till 17500 level in the short term. On the down side 17,100 is the immediate support in Nifty 50 followed by 16,900."
Sachin Gupta, AVP-Research, Choice Broking, said, "Technically, the Nifty50 index has been trading in a bullish trend continuously and also holding the gain above 17,200 levels. On the hourly chart, the index has settled above Middle Bollinger Band formation and also witnessed a positive crossover in Stochastic. All the key indicators like RSI, MACD, and Parabolic Sar are also supporting the upward rally. At present, the Nifty may find the resistance around 17,500 levels while on the downside, 17,200 may act as support for the index."
Nifty closed almost flat on September 9 for the third consecutive session, though it closed near its intra day high after opening lower, said Deepak Jasani, Head of Retail Research, HDFC Securities. Advance decline ratio has remained above 1:1 for a few sessions now.
"On a weekly basis, Nifty closed higher for the third consecutive though by just 0.26 percent. On a weekly basis, Media, Realty, Metals and Auto indices gained the most while Pharma and Bank lost the most. Large caps also seem to have run into some sort of resistance this week. Select small and midcaps have bounced up. 17,246-17,437 is the band for the Nifty, a move beyond which could accelerate the trend in that direction."
Markets closed on September 10
The NSE and BSE will remain closed on 10 September on account of 'Ganesh Chaturthi'. Meanwhile, the Multi Commodity Exchange of India (MCX) will remain shut in the morning session i.e. between 9 am and 5 pm. The markets will reopen in the evening session between 5 pm and 11:30-11:55 PM.
