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Business News/ Markets / Stock Markets/  Sensex, Nifty edge higher today. Key levels to watch out for
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Sensex, Nifty edge higher today. Key levels to watch out for

After a selloff on Friday, Sensex and Nifty today shifted into a consolidation mode today

Sensex ended 0.16% higher at 38,417Premium
Sensex ended 0.16% higher at 38,417

Indian stocks markets ended marginally higher today, taking cues from global shares, which edged up following a rout last week. The NSE Nifty 50 index closed up 0.19% at 11,355.05, while the benchmark S&P BSE Sensex ended 0.16% higher at 38,417.23. Both indices fell over 2.6% last week.

"Nifty recovered from losses to end minorly in the positive. However it needs to move and stay above 11452 to give bulls a ray of hope," said Deepak Jasani, Head of Retail Research, HDFC Securities.

India today overtook Brazil to be the country with the second-highest number of cases as the tally rose past 42 lakh.

Vodafone Idea Ltd ended 2.1% higher after the company unveiled a rebranding today. The Nifty IT index closed 0.57% higher. IT major TCS rose 1.7%. HUL and ITC rose over 1% today.

HDFC Bank Ltd and Bajaj Finance Ltd were the top drags on the Nifty, falling 0.8% and 2.6%, respectively.

Here is what analysts said on today's market performance:

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"After showing weakness on Friday, Nifty shifted into a consolidation mode today. After moving below the multiple supports like uptrend line and 20 day EMA on Friday around 11380-11360 levels, the said area has acted as a key overhead resistance in today's session. The bearish engulfing pattern on the weekly chart is also intact. Hence, any rising attempt from here could encounter selling pressure at the highs. The last week's high of 11794 could be considered as a near term top for the market as of now.

The near term negative trend status remains intact for the market and any upside bounce from here upto 11450-11500 is going to be a sell on rise opportunity. Immediate supports to be watched around 11350-11300 levels for the next few sessions."

Ajit Mishra, VP - Research, Religare Broking Ltd

"We feel the performance of global markets combined with development on India-China LAC issue will continue to dictate the market trend. Considering the market scenario, traders should maintain positions on both sides and prefer hedged bets. It’s easier said than done due to volatile swings across the board and thus requires extra caution and active position management."

Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments

"The Nifty threatened crucial support of 11250 this morning but managed to swiftly climb above it to close past 11350. It is imperative the markets are able to keep above this level as a break of 11250-11200 could spawn a short-medium term breakdown which can drag the Nifty by about 300-400 points. On the upside, we would need to cross 11600 on a closing basis for the uptrend to resume again."

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Published: 07 Sep 2020, 06:17 PM IST
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