Pre-market comment for Friday September 8 By Deven Mehata, Choice Broking Ltd
Pre-market comment for Friday September 8 By Deven Mehata, Equity Research Analyst Choice Broking Ltd
On September 8th, the anticipated market scenario suggests a slightly upbeat opening for both the benchmark Sensex and Nifty indices. The GIFT Nifty's indications point to a positive start for the broader index, with an expected gain of 24 points. On the previous trading day, the BSE Sensex made an impressive leap of 385 points, reaching a level of 66,266. Similarly, the Nifty50 showed strength by rising 116 points to settle at 19,727. Notably, the daily charts depict the formation of a robust, long bullish candlestick pattern, and this achievement is underscored by the index's ability to firmly maintain its position above the previously declining resistance trend line.
This development carries significant weight as it signifies a pivotal milestone. For the first time in three weeks, the Nifty has successfully reclaimed this crucial level. Additionally, the Relative Strength Index (RSI) has shown a positive crossover, currently registering at 63, which emphasizes a moderately bullish sentiment prevailing in the market.
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