Gift Nifty is trading negatively hence indicating a negative opening today.

Nifty-50 index and the S&P BSE Sensex traded in a narrow range throughout the day on Monday, though with a positive bias as Sensex also scaled all-time highs of 83,184.34 on Monday.

The market closed moderately higher amid consolidation, with the Nifty 50 rising 27 points to 25,384 on September 16, after hitting a fresh intraday record high. The continuation of higher tops and higher bottoms is one of the key drivers. The 25,400 level has remained a key hurdle for the index for three days in a row. Experts suggest that the index is likely to consolidate until it gives a decisive close above this level, with the 25,500-25,600 zone being one to watch. Meanwhile, 25,300-25,200 is expected to act as a support area.

Key Levels For The Nifty 50

Resistance based on pivot points: 25,430, 25,456, and 25,498

Support based on pivot points: 25,347, 25,321, and 25,279

Special Formation: The Nifty 50 formed a small bearish candlestick pattern on the daily charts but stayed near the upward-sloping resistance trendline. Climbing above this trendline may drive the index towards new highs. Additionally, the index sustained itself above all key moving averages, with a positive crossover in momentum indicators such as the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence), which is a positive sign.

Key Levels For The Bank Nifty

Resistance based on pivot points: 52,204, 52,272, and 52,382

Support based on pivot points: 51,985, 51,917, and 51,807

Resistance based on Fibonacci retracement: 52,569, 53,353

Support based on Fibonacci retracement: 51,639, 50,582

Special Formation: The Bank Nifty maintained a higher tops-higher bottoms formation for the third consecutive session, closing 215 points higher at 52,153, thereby outperforming the Nifty 50. The index formed a bullish candlestick pattern on the daily charts, accompanied by a positive crossover in momentum indicators, which is also a positive signal.

Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, declined to 1.26 on September 16, from 1.33 levels in the previous session.

The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.

India VIX

Volatility continued its downtrend for another session, hitting a fresh multi-week closing low, which provided more comfort to bulls. The India VIX, the fear index, declined by 0.72 percent to 12.46, its lowest closing level since July 26, down from 12.55 levels

This week, global central banks will be in the headlines as the rate-cut cycle is likely to begin. The European Central Bank lowered its policy rate by 25 basis points to 3.50% last week, following up on a similar cut in June. Wednesday,

Stocks in News

Tata Steel :
Tata Steel on Monday said Odisha would emerge as the company’s single-largest investment destination after the phase-II expansion of its Kalinganagar plant from 3 million tonnes per annum to 8 mtpa.

Torrent Power :
Torrent Power Limited, the integrated power utility of Torrent Group on Monday committed an investment of over Rs 64,000 crore in renewable energy projects at ‘RE-Invest 2024’ in Gandhinagar.

Indo Count Industries :
The US-based subsidiary, Indo Count Global Inc., has acquired an 81% stake in Fluvitex USA, Inc. by entering into a Stock Purchase Agreement with Masias Invest, S.L., for $19.63 million. It also has an exclusive option to purchase the remaining 19% stake at a value of $4.6 million within the next five years.

TVS holdings :
The company has acquired a 100% stake in its step-down subsidiary, TVS Digital, from its subsidiary TVS Motor Company. Following the acquisition, TVS Digital has become a wholly-owned subsidiary of the company.

India Shelter Finance :
Goldman Sachs bought over 7.4 lakh shares in India Shelter Finance Corporation on Monday via a block deal at a cost of approximately Rs 56 crore.

HEG :
Gulshan Kumar Sakhuja resigned as the Chief Financial Officer of HEG with effect from September 18.

Sandur Manganese and Iron Ores :
The company has received approval from its Board of Directors to raise to Rs 1,000 crore in one or more tranches via a Qualified Institutions Placement (QIP).

JK Tyre :
The board of JK Tyre approved the merger of Cavendish Industries with the company. JK Tyre will issue 92 shares of the company for every 100 shares of Cavendish Industries.

Vedanta :
Vedanta Aluminium responded to dyke breach in Process Water Storage facility, saying it prioritises relief efforts and community support.

HEG :
Gulshan Kumar Sakhuja has resigned as Chief Financial Officer (CFO) of the company to pursue professional opportunities outside the organization. His last working day will be September 18.

Monarch Networth Capital :
The board has appointed Govinda Meghani as Chief Financial Officer of the company, effective September 16.

First source :
Firstsource partnered with Microsoft Azure OpenAI for digital transformation offerings.

Firstsource Solutions :
The company has announced a collaboration with Microsoft Azure OpenAI for digital transformation offerings.

JK Tyre Industries :
The company has received approval from its Board of Directors for the merger of its subsidiary, Cavendish Industries, with itself. The company will issue 92 of its shares for every 100 shares of Cavendish Industries.

Reliance Infrastructure :
The company announced that its board members will consider raising long-term resources from domestic and global markets via equity on September 19.

Globus Spirits :
The company launched its first single malt whisky under the brand DOAAB India Craft Whisky, marking its entry into the luxury segment of the growing whisky market in India.

Bulk Deals

India Shelter Finance Corporation :
Foreign companies Nexus Ventures III sold a 4.6% stake in India Shelter at an average price of Rs 753.27 per share, while Nexus Opportunity Fund II offloaded a 1.35% stake at an average price of Rs 752.35 per share. However, ICICI Prudential Life Insurance Company, SBI Life Insurance Company, and Goldman Sachs Funds – Goldman Sachs India Equity Portfolio acquired a 2% stake. Additionally, Patronus Research LLP purchased a 0.57% stake in the company