Sensex, Nifty shed early gains as investors await inflation data

by The Technical Blogs


Benchmark stock market indices opened higher on Tuesday, supported by positive sentiments among investors. The S&P BSE Sensex traded 0.44 per cent higher to 67,443.08 at 9:16 am, while the NSE Nifty 50 hit a fresh all-time high as it opened at 20,110.

While the Nifty had hit 20,000 for the first time ever during yesterday’s trading session, Sensex is just 0.5 per cent away from hitting a fresh all-time high.
However, both the benchmark indices had pared some gains amid volatility ahead of August inflation data due later in the day.

Deven Mehata, research analyst at Choice Broking, said, “Nifty is currently teetering near a crucial breakout level at 20,000. A successful close above this level could generate significant momentum, potentially setting targets at 20,200 and 20,400 for Nifty.”

“Given the ongoing buying pressure from both FIIs and DIIs, traders are advised to consider buying on any dips, particularly around the 19,800-19,700 levels, with a strict stop loss set at 19,600 levels,” he added.

Published On:

Sep 12, 2023


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