Equity benchmarks showed mixed performance on September 17, with the Nifty 50 rising 0.23 percent amid positive market breadth. According to reports from JM Financial Services, about 2,071 shares advanced compared with 1,163 shares that declined on the NSE. The market is expected to gradually extend its uptrend while undergoing consolidation and range-bound trading. Nifty closed higher for the second consecutive session, gaining 53 points to finish at 23,270, after opening 22 points lower and building momentum in the first half. Price action remained confined within the range of the large red candle from September 15, indicating consolidation rather than a decisive trend reversal.
Castrol India is positioned for a potential breakout after consolidating around its 200-day EMA for four sessions. As reported by JM Financial Services, the stock has broken out of this consolidation range with robust volume participation, indicating strong buying interest. The stock is currently trading above short-term, medium-term, and long-term moving averages with volumes remaining above average. Strategy: Buy with targets of ₹200 and ₹205, and stop-loss at ₹185.3.
Ramkrishna Forgings has formed a hammer candlestick pattern near the 50-day EMA after declining from the ₹770 level to ₹659 in Wednesday's session. According to Choice Broking analysis, the stock is near its breakout retest zone on the weekly chart from where the earlier upmove began with strong volume. Strategy: Buy with targets of ₹777 and ₹855, and stop-loss at ₹627.
Cyient has been consolidating after profit booking from around ₹1,220 level, declining to ₹1,030 but finding support near the 20-day EMA. As reported by Choice Broking, the halt in profit-booking phase has occurred near the earlier breakout trendline retest zone, suggesting the correction may be nearing completion. Strategy: Buy with targets of ₹1,185 and ₹1,250, and stop-loss at ₹955.
Among sectoral indices, Pharma, Healthcare and Realty gained the most, with all sectoral indices ending with gains except Nifty Private Banks, PSU Banks, and OIL/Gas. Market breadth turned positive for the first time in seven sessions, as the BSE advance-decline ratio climbed to 1.64, signaling fresh interest in the midcap and smallcap segments. The Nifty Midcap 100 and Nifty Smallcap 100 gained 0.72% and 0.76% respectively, outpacing benchmark indices. HDFC Life, Tata Motors (PV), and SBI Life led the charge among Nifty 50 gainers, while ONGC, Titan, and HDFC Bank shouldered the selling pressure and finished as the top losers.
Jindal Saw is demonstrating strong technical strength following a successful retest of its recent ascending breakout zone, taking strong support near its 50-day EMA. As reported by Choice Broking, the stock shows a sustained higher-high and higher-low sequence signalling strong underlying buying pressure. Granules India displays ongoing bullish strength with momentum indicators reinforcing the positive bias, with the daily RSI positioned at 52.65 demonstrating solid support at its midpoint zone.
