Several stocks demonstrated strong upward momentum on September 10, driven by technical breakouts and sustained buying interest. Saraswati Saree Depot shares rose 18.17% to ₹67.84, trading well above their key short- and long-term moving averages. The stock's 30-day, 50-day, 150-day and 200-day simple moving averages stand at ₹57.41, ₹56.16, ₹59.46 and ₹63.69 respectively, indicating robust upward momentum. Unitech shares gained 4.98% to ₹4.22, trading above their 30-day moving average but below longer-term averages, with moving averages at ₹4.02, ₹4.23, ₹4.60 and ₹4.86 respectively. ISGEC Heavy Engineering shares rose 4.62% to ₹822.65, trading above their 30-day moving average but below longer-term averages, with moving averages at ₹786.29, ₹827.74, ₹906.51 and ₹883.94 respectively.
The momentum stocks are showing strong upward momentum, trading well above their key short- to medium-term moving averages. According to technical analysis, Saraswati Saree Depot's positioning above all moving averages indicates a positive trend in the near term. Unitech's trading above the 30-day moving average but below longer-term averages suggests near-term strength but weaker longer-term momentum. ISGEC Heavy Engineering's positioning above the 30-day moving average indicates improving short-term momentum despite continued pressure from longer-term trends.
The momentum gains occurred against a backdrop of broader market weakness, with Nifty extending its losing streak to a third straight session, shedding 203 points to close at 23,431. The index opened 113 points lower, staged a modest recovery in the first half, but selling intensified into the afternoon; from the day's high of 23,571, it gave up over 140 points to finish at session lows. NSE cash turnover rose 12% versus the previous session, indicating increased trading activity. Notable declines included Infosys, HDFC Life and HCL Tech as top laggards, while Adani Enterprises, Max Healthcare and Adani Ports led the gainers. All sectoral indices closed in the red except Nifty Metal, with IT, Realty and Financial Services logging the heaviest losses.
Several stocks witnessed downward pressure and negative price movements. Studio LSD shares fell 6.80% to ₹8.50, trading below short- and long-term moving averages with moving averages at ₹9.12, ₹9.19, ₹10.12 and ₹10.87 respectively, indicating weak downward momentum. Kalana Ispat shares declined 3.61% to ₹20, trading below short- and long-term moving averages with moving averages at ₹20.75, ₹20.11, ₹21.18 and ₹22.59 respectively, showing continued weakness. Radiant Cash Management Services shares fell 3.41% to ₹36.81, trading below short- and long-term moving averages with moving averages at ₹38.11, ₹38.02, ₹39.30 and ₹42.20 respectively, indicating persistent downward momentum.
Despite the overall market weakness, Nifty Auto Index continues to show a weak technical structure after slipping below important Fibonacci support levels. The index has pulled back from resistance line of a rising wedge pattern, with potential for deeper correction toward 25,300 over the medium term. Nifty Metal Index has turned technically weak after breaking below the support line of its rising trend channel, with momentum indicators softening and MACD moving back below zero line. The index faces immediate support at 12,790, with potential for stronger selling pressure if this level breaks, targeting 12,400. Major Nifty sectoral indices have all sunk below their respective 10-day SMA except metal and energy, though Friday's pullback provides hope for mean reversion.
