The Indian stock market continues its upward trend, with the Sensex and Nifty gaining for the second day in a row. This positive movement is largely due to a rally in US stocks, as investors anticipate a possible interest rate cut by the Federal Reserve next week. IT and pharma stocks led the charge, with the Nifty IT index rising by 5%, driven by hopes of rate cuts and a positive sector outlook from brokerage firms.
The Nifty 50 index rose by 104.70 points, ending the day at 25,041.10. Meanwhile, the BSE Sensex climbed 361.75 points to close at 81,921.29. Mid-cap and small-cap stocks performed even better, with the BSE small-cap index rising by 1.53% and the mid-cap index increasing by 0.53%.
Market Highlights
- The Indian rupee opened at 83.95 against the US dollar and ended at 83.98, slightly weaker by three paise from the previous close.
- International crude oil prices continued to drop, hitting a 33-month low. Brent crude fell below $70 per barrel, mainly due to concerns over demand after OPEC+ reduced its global oil demand forecast for 2024 and 2025. The possibility of resolving the Libyan dispute also contributed to the decline in prices.
Intraday Trading Tips for Today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, shared her outlook for the Nifty 50 index. She noted that Nifty would need to break above the 24,300 level to start a fresh upward trend. She expects a rise in the coming days, supported by strong broader markets.
Parekh recommended three stocks for intraday trading on 11 September:
- CSB Bank: Buy at ₹324, with a target price of ₹350 and a stop loss at ₹312.
- Exicom Tele-Systems Ltd: Buy at ₹427, targeting ₹460 with a stop loss at ₹410.
- Tata Consumer Products: Buy at ₹1,212, with a target price of ₹1,250 and a stop loss at ₹1,190.
For Nifty’s outlook today, Parekh mentioned that the index has found support near the 24,800 zone, showing signs of a pullback. She expects further gains in the coming days. Bank Nifty, which has been underperforming, needs to break above the 51,800 level to confirm a positive trend. The daily range for Bank Nifty is expected to be between 50,900 and 51,800 levels.
Key Levels for Today
- Nifty 50: Support at 24,900, resistance at 25,200.
- Bank Nifty: Range between 50,900 and 51,800.
These recommendations and insights are based on Parekh’s technical analysis and market sentiment.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
