“Bank Nifty has been trading in the range 46,400 – 43,600 since July 2023. Considering the weightage of HDFC BANK and ICICI Bank in the Bank Nifty currently stands at 60%. it is very important for these two stocks to resume their upmove for the Bank Nifty to post decent returns for the coming quarter. The recent correction in HDFC BANK and ICICI Bank has been 14% and 7% respectively from the recent highs and we believe that both of these stocks have now reached their crucial support levels. We expect them to hold on to their support and provide a decent pullback which shall in turn help the Bank Nifty to move towards its 46,370 initially and beyond that potentially towards 48,000 which translates into 8-10% return from current levels. So one can expect decent returns in the coming quarter,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

“USDINR CMP- 83.21 (spot) Indian Rupee rose by 7 paise today on reports of the selling of US Dollars by RBI which led to a stabilization in the domestic currency. We expect Rupee to trade with a slight negative bias on risk aversion in global markets and a strong US Dollar. Further, the hawkish tone of US Federal Reserve officials and the surge in crude oil prices may also weigh on the Rupee. However, any intervention by the RBI may support Rupee at lower levels. Traders may take cues from durable goods orders from the US. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.80,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

Yes Bank on Wednesday announced that it has appointed Manish Jain as Country Head – Wholesale Banking of the bank effective today, after the resignation by Ravi Thota from the position of Country Head – Large Corporates.

The Nifty Pharma index surged 1.24% during the intra-day on Wednesday. The gains were led by Granules India with 3.88% and Aurobindo Pharma with 2.21%.

Valiant Laboratories IPO opened for public subscription today as on Wednesday, September 27, 2023, and will close on Tuesday, October 3. The bidding for anchor investors concluded on Tuesday, wherein the company collected Rs 45.74 Crore from the Anchor investors ahead of the public issue. The price band for its public issue at Rs 133-140 per equity share of face value Rs 10 each.

The stock price of Vedanta plunged over 5% to Rs 212.25 during the intra-day trade on Wednesday.

“Participation in gold declined during the last few trading sessions coupled with decrease in prices. Overall, participation continues to hover at lower levels, potentially setting the stage for a gold rally when participation increases. We believe that gold will consolidate at its current prices; nonetheless, it remains a favourable investment opportunity at these levels. Currently we are looking at a support levels at Rs 57,700. However, a break below this support could open gold for a further downside. On the upside, gold may witness a rally up to Rs 59,500 levels.”

-Chintan Mehta, CEO, Abans Holdings on Commodity

The NSE Nifty has tumbled 0.49% to 19,569.10, while the Sensex plunged over 340 points to 65,601.78, during the intra-day trade on Wednesday. The Bank Nifty index has also faced sharp corrections and shed as many as 356 points to 44,267.25.

The Nifty Pharma index surged over 1% during the early trading on Wednesday. The gains were led by Dr Reddy's Labs and Divi's Labs, with their respective gains of 2.36% and 2.07%.

The NSE Nifty 50 opened at 19,637.05, down 27 points, while the BSE Sensex opened nearly 20 points lower at 65,925.64.

“For day traders, the immediate resistance level is 19,750, while 19,600 could be a key support zone. The market may rise to 19,850 – 19,950, while below 19,600, the market may fall to 19,500 – 19,450,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

“The ‘buy on dips’ texture of the market which took the Nifty beyond 20,000 has now changed to ‘sell on rallies’. FIIs are likely to continue selling, rendering the market weak. Large banking stocks are likely to remain weak on FII selling. Long-term investors can use this weakness to buy high-quality private banks and the leading PSU banks since the banking sector will continue to do well, going forward. Importantly, valuations in the banking segment are fair,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“We expect gold and silver to remain volatile in today’s session. Gold has support at $1890-1879 while resistance is at $1917-1928. In INR terms gold has support at Rs 58,250, 58,080, while resistance is at Rs58,580, 58,750,” said Rahul Kalantri, VP Commodities, Mehta Equities.

“While markets may witness a subdued start to Wednesday trades, sharp intra-day gyration will remain the order of the day. Foreign fund outflows have been the biggest constraint in the month so far, as overseas investors are finding safe haven in dollar securities due to strength in dollar and rising US treasury yields. Besides, uptick in global oil prices and worries over more rate hikes in the near term are keeping investors in a tight spot. Nifty’s biggest intraday support is seen at 19589 and then all eyes will be on the 19221 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

The NSE has added Canara Bank, Hindustan Copper, Delta Corp, India Cements, Balrampur Chini Mills and Indiabulls Housing Finance to its F&O ban list for September 27, 2023.

Foreign institutional investors (FII) offloaded shares worth net Rs 693.47 crore, while domestic institutional investors (DII) added shares worth net Rs 714.75 crore on September 26, 2023, according to the provisional data available on the NSE.

Oil prices are on a surge on Wednesday. Brent crude prices are trading up 0.82% at $94.75 per barrel, while WTI crude prices are trading at $91.15, down 0.84%.

Wall Street ended Tuesday’s trading session in negative territory. The tech-heavy Nasdaq Composite tumbled 207.71 points, or 1.57%, to 13,063.61. The Dow Jones Industrial Average plunged 388 points, or 1.14%, to 33,618.88 and the S&P 500 tanked 1.47%, to 4,273.53