Stock Market Live Updates: Asian stocks open higher amid tech sector strength from Wall Street

Technical Analysis: Day trading guide for September 12, 2023: Intraday supports, resistances for Nifty50 stocks

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Stock Market Live Today: “Nifty’s all-time high driven by strong local flows amid global gautions

Pratik Gupta, CEO & Co-Head, Kotak Institutional Equities

“What is really impressive about India’s NIFTY reaching this all-time high level is that it has been driven mainly by local flows in recent months, while FPI flow has been relatively subdued, partly due to limited global interest in Asia funds given the weak outlook for China which has a very high weightage in the region”.

Stock Market Live Today: Nifty hits 20,000: A ailestone on the journey with technical caution

Nilesh Shah MD Kotak Mahindra Asset Management Company Ltd-

“NIFTY at 20,000 is part of a journey and not a destination. Sitaron se aage jahan aur bhi hai. Where yesterday Sensex was, today NIFTY is. Where today Sensex is, tomorrow NIFTY will be there for the long term investors. However in a momentum market one has to be cautious.”

Stock Market Live Today: Technical Analysis: Nifty breaks 20K, potential targets and caution ahead

Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd

India’s resilient growth compared to global macroeconomic headwinds has given investors the confidence to maintain bullish bets and propelled benchmark Nifty past the 20K mark. The 7th consecutive session of gains has come despite persisting selling by foreign institutional investors and other vagaries like inflation, rising dollar, spiking US treasury yields and interest rate hike concerns. While undertone appears bullish, the market seems to be in an overbought position and hence caution may prevail going ahead. Technically, for the short-term period benchmark Nifty is holding a strong formation. On daily charts, the index has formed a bullish candle and on intraday charts it is consistently forming a higher high and higher low series formation, which is largely positive. For the trend following traders, 19935 could act as a key support level, above which the index could move up till 20100-20175. On the flip side, below 19935, traders may prefer to exit from long positions and below the same, we could see a one quick intraday correction till 19850-19825.

Stock Market Live Today: Kotak Cherry CEO cautions amid Nifty 50’s record high

Srikanth Subramanian, CEO, Kotak Cherry said “Its a liquidity driven rally due to positive sentiments around India that has help Nifty 50 index scale new all time high of 20000. However investors should exercise caution when treading in the market. Nifty 50 PE now goes closer to 25, which by any standard isn’t cheap. While markets are aggresive in terms of valuation, midcap and small cap stocks in particular, investors should clearly stay away from noise and make an informed choice. Meanwhile, the trajectory for broader markets from here onwards will depend on corporate earnings, inflation and interest trajectory, Oil Prices and of course the geopolitical situation, all of which, at this stage, augurs well for India”

Stock Market Live Updates: Kotak research stops recommendations on mid-, small-cap stocks

Kotak Institutional Investors has dropped recommendation on the mid-cap space as it cannot see too many options beyond the BFSI space that offer decent potential upside from their fair value.

There are limited points in trying to find fundamental reasons behind the steep increase in stock prices of several mid- and small-cap stocks with no meaningful changes in the fundamentals of most companies and, in fact, they have worsened in many cases.

Economy Watch: Retail inflation expected to range from 6.8% to 7.1% for August

The government will release the retail inflation number based on the Consumer Price Index (CPI) for August and the industrial growth number for July on Tuesday. While the expectation is that retail inflation could range from 6.8 to 7.1 per cent, the industrial growth rate could be 5 per cent.

Retail inflation for July was 7.44 per cent. The industrial growth rate in June was recorded at 3.7 per cent.

Stock Market Live Today: Japanese stocks open higher amid tech sector strength from Wall Street

Japanese stocks started the day with gains, mainly driven by the strong performance of technology shares on Wall Street. As of 6:30 am, the Nikkei 225 index was up by 0.56%, equivalent to 182.76 points, reaching 32,651.75, and the broader Topix index increased by 0.44%, or 10.10 points, standing at 2,370.58. In contrast, South Korea’s Kospi index showed weakness, declining by 0.21% to 2,551.59. The previous night on Wall Street saw the Nasdaq rising by 1.1%, the S&P 500 gaining 0.7%, and the Dow Jones Industrial Average increasing by 0.3%.