Sensex, Nifty end F&O expiry session in green, bullish trend intact; Stock market to remain closed tomorrow

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Updated: September 09, 2021 4:23 PM

After dancing between gains and losses for most of the day, Sensex closed 54.81 points higher at 58,305 while Nifty 50 added 15 points to end at 17,369 -- both gaining 0.09%.

Stock market todayBroader markets outperformed headline indices.  (Image: REUTERS)

Sensex and Nifty closed with gains on the weekly Futures and Options expiry session. After dancing between gains and losses for most of the day, Sensex closed 54.81 points higher at 58,305 while Nifty 50 added 15 points to end at 17,369 — both gaining 0.09%. Bharti Airtel surged 2.73% to end as the top Sensex gainer, followed by Nestle India, Tata Steel, and Bajaj Finserv. Titan was the worst Sensex performer on Thursday, falling nearly 1%. It was followed by Ultratech Cement, Bajaj Auto, Axis Bank, and HDFC Bank. Bank Nifty failed to hold intraday gains and ended 0.23% lower at 36,683. Broader markets outperformed headline indices. 

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities – 

“Markets witnessed another lacklustre trading session ahead of a long weekend and sluggishness across the global indices. Due to lack of follow-through buying interest, benchmark Nifty consolidated in the range of 17250-17450 levels. 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, 17250 and 17200 would be key support levels. Above the same, the uptrend formation is likely to continue up to 17450-17650 levels. On the flip side, dismissal of 17200 may fuel further weakness up to 17100-17000 levels. Positional traders can take a contra bet near 17000 support with a strict stop loss at 16930.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic markets were highly volatile tracking negative cues from global markets amidst selling seen in realty and pharma stocks. However, mid and small-cap stocks continued to attract buyers leading to its outperformance. Regulatory crackdown in China, global concerns over the looming reduction in asset purchases ahead of the European Central Bank meeting and slowdown in economic recovery pulled global markets lower.”

Sachin Gupta, AVP, Research, Choice Broking –

“Technically, the Nifty 50 index has been trading in a bullish trend continuously and also holding the gain above 17200 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 17500 levels while on the downside, 17200 may act as support for the index.”

Manish Shah, Founder, –

“In a truncated trading week, Nifty closed the day marginally in the green on Thursday. Usually, markets do take a pause before a long weekend. On the daily time frame, we see a cluster of small candles that show a tendency to bounce off the lows. The candle for the day also saw a recovery of the low. The pattern on the daily as Nifty has closed at the top end of the range. MACD is bullish and the daily momentum remains strong. Nifty needs a breakout above 17450 for a continuation to 17720-17820. This is the logical target for Nifty in the next couple of days. Any uptick in US markets in the next two days and Nifty could see a gap up on Monday. Support for Nifty is at 17070-17000.”

Mohit Nigam, Head – PMS, Hem Securities –

“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 levels in the short term. On the downside 17,100 is the immediate support in Nifty 50 followed by 16,900.”

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