Indian stock markets reversed all previous-day gains on Tuesday, 22 September, with sharp losses in technology, financial and FMCG sectors weighing on benchmarks. According to latest reports from Live Mint, the Nifty 50 closed 0.36% lower at 23,329, while the Sensex slipped 0.27% to 74,653. Despite the weak closing, indices recovered significantly from their intraday lows, with broader markets also ending lower as both Nifty Midcap 100 and Nifty Smallcap 100 indices closed in the red. The market showed mixed sectoral performance, with technology, cement, FMCG, PSU banks, oil and gas, and pharma sectors closing in the red, while media, realty, chemicals, and metals managed to end the session positively.
Sectoral performance was mixed across different segments of the market on Tuesday. As reported by Live Mint, technology, cement, FMCG, PSU banks, oil and gas, and pharma sectors closed in the red, while media, realty, chemicals, and metals managed to end the session on a positive note. The recovery in oil-sensitive stocks was attributed to a drop in crude prices, though underlying geopolitical tensions capped the overall upside in the market. Investors remained cautious amid a lack of clarity over whether the recent decline in oil prices will sustain and provide a more durable boost to market sentiment.
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, provided updated technical analysis for the market outlook. According to Live Mint reports, she noted that the Nifty, after having a positive morning session and hovering near the 23,450 zone, fizzled out as the day progressed, closing near the 23,350 zone. The index would have the near-term hurdle at the 23,550 level, which needs to be breached, and thereafter has the important resistance zone near the 23,800 level, which needs to be conquered to establish conviction. On the downside, the 23,000 level would be the important support that needs to be sustained to maintain the overall bias intact.
On Bank Nifty, Parekh highlighted that the index once again failed to move past the 56,700 zone and slipped lower, with profit booking seen to end the session near the 56,200 zone. As reported by Live Mint, the bias has once again turned slightly weak, and the index is precariously placed, with the 55,800 level being the important and crucial support that needs to be sustained. A decisive move above the important 200-period MA at the 57,300 level shall improve the bias and thereafter establish some conviction. The daily range for Bank Nifty is seen at 55,700-57,000 levels, with a decisive breach above 58,500 necessary to trigger a breakout.
Vaishali Parekh recommended three stocks for intraday trading on Wednesday, 23 September, amid a declining market. The recommendations include HBL Engineering (Buy at ₹767, Target ₹805, Stop Loss ₹750), Precision Wires India (Buy at ₹491, Target ₹515, Stop Loss ₹480), and GHCL Textiles (Buy at ₹133.90, Target ₹142, Stop Loss ₹130). These picks are specifically designed for intraday trading opportunities based on current market conditions and technical analysis, with specific buy levels, targets, and stop-loss levels for each stock.
