PB Finech up on new business entry, Bajaj Finserv posts strong numbers

Technical Overview – Nifty 50

The Benchmark continued its bullish momentum for the straight fifth day and witnessed a rectangle pattern breakout on the daily time frame.  The prices continued their bullish momentum post the rectangle pattern breakout and closed above 19,800 levels indicating bulls are in the driving seat.

On the weekly time frame index has closed in green for the consecutive second week after witnessing five continuous weeks of fall. The prices have completed their throwback of the triangle pattern breakout and are ready to register its new life high soon.

The bullish golden cross on the daily chart acted as expected and moved higher with positive sentiments. The RSI (14) continues to shift higher post the falling wedge pattern breakout and reading above 65 levels with a bullish crossover.
Looking ahead, Nifty seems positive above 19,700, with resistance at 19,900 and 20,000. Support is at 19,650 and 19,600 for potential pullbacks, offering trading opportunities.

Technical Overview – Bank Nifty

The Bank Nifty continued its bullish momentum for the second straight day after the triangle pattern breakout on the daily time frame. The prices have also witnessed a bullish golden cross where 9 EMA has crossed above 21 EMA on the daily chart.

Bank Nifty closed in the green for the third straight week and the index closed above its immediate resistance levels of 45,000 levels. The momentum oscillator RSI (14) has closed above the trend line resistance which is placed at 55 levels and presently reading at 60 levels with a bullish crossover on the cards.

Looking ahead, Bank Nifty seems positive above 44,800 with resistance at 45,500 and 45,700. Support is at 44,600 and 44,450 for potential pullbacks, offering trading opportunities.

Indian markets:

• The market continued its winning streak for the sixth straight session on September 8 to close near its two-month high amid buying across sectors barring healthcare, once again shrugging off weak global cues.
• Despite weak global cues, the market opened positive and extended the gains as the day progressed. At mid-session, the Nifty reclaimed the crucial level of 19,800 led by gains in oil & gas, capital goods, power and realty names. 
• For the week, the Sensex and the Nifty rose nearly 2 percent each, their best weekly gains in almost 2 months.
• On the sectoral front, capital goods, oil & gas, power and realty were up 1.5-2 percent each, while the pharma index was down 0.3 percent.

Global Markets

• Asian markets finished broadly lower today with shares in Hong Kong leading the region.
• The rupee snapped a four-day losing streak to close 24 paise higher at 82.99 (provisional) against the US dollar on Friday, helped by a firm trend in domestic equities and suspected intervention by the RBI.
• Euro zone government bond yields, however, were on track to end the week higher after hawkish remarks from ECB policymakers led money markets to increase their bets on a further rate hike next week.
• Global shares steadied on Friday as the dollar headed for its longest winning streak since 2014 on the back of a buoyant U.S. economy, with investors expecting central banks to stand pat on rates over the coming two weeks.

Stocks in Spotlight

• PB Fintech Shares of the parent company of Policy Bazaar traded over 3 percent after a report said the company was looking to enter the insurance manufacturing market, moving up the value chain from being an insurance aggregator. PB Fintech reportedly has had informal conversations with the Insurance Regulatory and Development Authority of India (IRDAI) on understanding the reinsurance market and its business foray, the report said.
• Bajaj Finserv Shares traded nearly 2 percent higher a day after subsidiary Bajaj Allianz General Insurance Company posted strong numbers for August. Bajaj Allianz General Insurance Company’s gross direct premium underwritten for August was at Rs 1,677.87 crore and the premium in the current financial year up to August at Rs 9,228.81 crore, the company said in a filing with BSE on September 7. Bajaj Allianz Life Insurance Company’s total premium for August stood at Rs 926.41 crore and its premium for FY24 up to August stood at Rs 3,828.06 crore.
• L&T The company rose two percent, extending gains from the previous trading session after it bagged an order for Saudi Aramco’s Jafurah unconventional gas development project likely valued at nearly $4 billion. The engineering major’s market capitalisation on September 7 topped Rs 4 lakh crore. Other firms with a market capitalisation in excess of Rs 4 lakh crore market cap are Reliance Industries, TCS, HDFC Bank, Infosys and ICICI Bank to name a few.

News from the IPO world🌐

• Jupiter Life Line Hospitals IPO racing ahead on last day, led by strong institutional interest.
• EMS IPO fully subscribed on Day 1.
• Balaji Amines arm Balaji Speciality Chemicals withdraws IPO papers.

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