The IT space is the only sector trading in the green led by HCL Tech and TCS.
#MarketsWithMC | Opening Bell 🔔 Sensex opens in the green, Nifty around 11,250 as IT, pharma stocks rise. #Stocks #StockMarket #StocksToWatch | LIVE: https://t.co/h7uuS4wQTi pic.twitter.com/462G7IKcDm— moneycontrol (@moneycontrolcom) September 22, 2020
Market opens: Sensex is up 89.15 points or 0.23 percent at 38123.29, and the Nifty gained 25 points or 0.22 percent at 11275.50. HCL Tech, TCS, Dr Reddy’s Labs, Sun Pharma and Bharti Infratel are the top gainers while Reliance Industries, Dr Reddy’s Labs and Birla Corp are the most active stocks.
Among the sectors, IT and pharma indices added half a percente each while the midcap index is trading in the red.
Top buy and sell ideas by Ashwani Gujral, Sudarshan Sukhani, Mitesh Thakkar for short term
Sudarshan Sukhani of s2analytics.com recommends buying Apollo Hospitals with a stop loss of Rs 1,775, target at Rs 1,925 and UPL with a stop loss of Rs 515, target at Rs 561.
ICICIdirect on market outlook: A global equity market sell-off dragged the Nifty on a second consecutive session on Monday making it one of the worst declines amid rising concerns over a second wave of COVID-19 in Europe. If the Nifty is unable to hold 11,200, which also commands significant OI, then more downsides can be seen in coming days. Nifty futures ended at a premium of 6 points while IV rose 10 percent. The major Put base is at the 11,500 strike with almost 33 lakh shares while the major Call base is at the 11,500 strike with almost 53 lakh shares.
After consolidating for a major part of the day with stock specific activity, the index fell sharply and moved below its major Put base of 21,500. Closure was also seen in ATM strikes, which provided more force to the down move. We feel that if the index manages to sustain below 21,500, then another 500-800 points of down move can be seen during settlement week.
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Technicals are indicating that Nifty is headed for the healthy correction this time. The index failed to hold above the 50 percent retracement of the recent recovery seen from 11,185 to 11,618.
Angel Broking IPO opens for subscription today: The Rs 600-crore initial public offering of Angel Broking will open for subscription today, September 22, at a price band at Rs 305-306 per share. The public issue, which will close on September 24, comprises a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by promoters and investors. The company is going to use fresh issue proceeds for working capital requirements and general corporate purposes.
All brokerages recommended subscribing to the public offer citing incremental growth in market share in terms of active clients, consistent addition in customer base, increased retail participation in capital markets after pandemic etc. Read More
Oil price update: Oil prices plunged about 5% on Monday, weakening as rising coronavirus cases stoked worries about global demand, and a potential return of Libyan production bolstered oversupply fears. Brent crude settled down $1.71, or 3.96% at $41.44 a barrel. US crude fell $1.80, or 4.38% to $39.31 a barrel.
SGX Nifty: Trends on SGX Nifty indicate a positive opening for the index in India with a 35 points gain. The Nifty futures were trading at 11,279 on the Singaporean Exchange
Asian markets are trading in the red with Korean markets down over a percent.
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Trends on SGX Nifty indicate a positive opening for the index in India with a 35 points gain.