Dear Readers Quick recap of the market for the current week is enclosed.( 06th September to 12thSeptember 2021).
Hope You are doing well.
Market Update: 09th September 2021
Sensex: 58,305.07 ▲ 0.09%
Nifty: 17,369.25 ▲ 0.09%
This was a historical week for the Indian market, as both Nifty and Sensex continue to maintain record highs. Nifty made a high of 17436.50 and close at 17369.25 levels. Sensex made a high of 58553.07 and close at 58305.07. The Market rise has been driven by a combination of factors like strong quarterly results by listed companies spread across sectors, global growth recovery, and global stock market, vaccination picking up pace and recovery in economic parameters etc.
In the coming week, we expect the prevailing uptrend to continue, citing the potential of a steady up move in the banking index, which has been hovering in a range for the last two months. All the sectors are contributing to the move on a rotational basis but we feel traders and investors should turn cautious and invest in fundamentally strong companies which are available at reasonable valuation.
On a weekly chart, the index has been trading with higher high & higher low formation, which indicates that decline is treated as buying opportunities. The Index has been trading above all the moving averages as well as all the key indicators like RSI, MACD & Stochastic are supporting the positive trend in the index. The index has been trading in uncharted territory. The psychological level of 17,500 could be a resistance, crossing above the same can show 18,000-18,500 levels in the near term while on the downside, and 16,900 may act as support for the index.