Daily Market Wrap - Sep 6, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty closed higher for the third consecutive day after making another record high on Sept 06. Nifty opened gap up, remained in a 74 point band through the day and closed with a gain of 0.31% or 54 points at 17378.

On a day when volumes on the NSE were below recent average, IT and Consumer Durables indices rose the most, while Oil & Gas, Power, Banks and Telecom indices lost the most. BSE Smallcap and Midcap indices ended in the green with the Smallcap index beating the Nifty.

Global shares posted their longest winning streak in three months on Monday, aided by the chance of low interest rates for longer in the United States and talk of more stimulus in Japan and China.

Nifty made another record high with a gap up, but made a doji like pattern after a rise. US markets are shut on Monday and hence a flat to higher opening on Tuesday can be reasonably expected. The high of Monday i.e.17430 will be important to track. On falls, a breach of 17345 could result in some further weakness.

Source : Equity Bulls

Keywords