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.
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.