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Below is quote On Today’s Market report by Mr. Rahul Sharma, Co- Founder, Equity99.

The market made a small green candle this week with Nifty up 135 points & Sensex up 452 points. Nifty Media was the top performer along with Energy, Infra, Commodities & Metals.

Today market continued its consolidation with Sensex up 54 points & Nifty up 15 points. Nifty Smallcap & Midcap Indexes made new lifetime highs. Nifty Media was the top performer today followed by metals & FMCG stocks. Banking Index was down 85 points with IDFC First Bank being the top performer. Among the Nifty50 pack, Nestle was the top performer followed by Bharti Airtel & ONGC, While SBI Life Insurance Co, Titan & HDFC Life were top losers.

The market has entered the consolidation stage with Broader markets showing some movement. Investors are advised to maintain their positions. We recommend buying on dips strategy to accumulate good fundamental companies. We expect a good move in Midcap space in the coming week

Important events next week
Ø The 76th session of the UN General Assembly will open on 14th September.
Ø Two new companies Vijaya Diagnostic Centre & Ami Organics will be listing on Bourses on Monday
AGM next week – Balrampur Chini Mills, PI Industries, CARE Ratings, IDFC First Bank, Surya Roshni Ltd, Dhunseri Investments Ltd.

Sectors to focus on Monday – IT, Metals, Logistics, Paper & FMCG.

For the coming week, Nifty has strong support near 17250 levels below to 17100-17000 will act as strong support.
Similarly on Upside hurdle is placed at 17450 and 17525-17600 will act as resistance levels.

Bank Nifty, on the other hand, has a  strong scope to climb above 37000 levels, support is placed at 36500-36370-36200 and upside hurdle is placed at 36900 - 37150 levels.

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