The Economic Times
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| 23 September, 2020, 10:40 AM IST | E-Paper
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    Market Watch (

    What are Nifty chart structures suggesting now?

    04:49 Min | September 15, 2020, 7:55 PM IST
    Tune in as we analyse today's market movement, technical chart readings, and more!
    Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Atul P.M. and here are the top headlines at this hour.

    · LIC IPO unlikely this year due to delay in valuation process

    · Demand for residential realty to halve this fiscal, says Crisil

    · Aurobindo says Covid vaccine development on as per plans

    · Flipkart to create 70,000 new jobs this festive season

    · Asian economy to shrink for first time since 1960s, says ADB

    Let’s start with what really happened in the market today.

    After a one-day hiatus, the benchmark indices went back to winning ways on Tuesday encouraged by easing inflation and positive cues from global markets. Index heavyweights HDFC Bank, ICICI Bank and RIL all ended in the green, while ITC, Maruti Suzuki and Asian Paints slashed some of the gains.

    Overall, BSE Sensex closed nearly 288 points higher at 39,044 while Nifty rose 82 points to 11,522.

    Midcaps and smallcaps extended gains into the fourth session. With 1.94 per cent gain, Telecom index emerged a top sectoral gainer on BSE. Healthcare, Banking and Power indices advanced over 1 per cent each.

    In the broader market, Aegis Logistics, Trent, IFB Industries and Deepak Nitrite rallied up to 15 per cent. Sunteck Realty, Blue dart, PVR and UCO Bank each declined over 3 per cent.

    Should you increase exposure to smallcaps and midcaps now? We caught up with Ajit Mishra of Religare Broking to try and understand the market undercurrent.

    Welcome to the show, Mr Mishra

    What were the key highlights of today’s market?

    Tell us about the change in tax collected at source for investing in foreign stocks? How will it impact investors?

    On technical charts, Nifty50 reclaimed the 11,500 mark and formed a bullish candle on the daily chart. Analysts said levels near the recent swing high of 11,585 may continue to pose as immediate hurdles for Nifty.

    We have with us Rohit Singre of LKP Securities to do the chart reading.

    How are Nifty chart structures looking like?

    What is your reading from the F&O data?

    Globally, Asian markets mostly ended in the green. European stocks traded higher in early deals. US stock futures were up in pre-market deals ahead of the release of some macro data that may offer some insights into the pace of economic recovery.

    That’s all for now. Do check out for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye!
    The Economic Times