Daily Markets Wrap - Sep 27, 2023 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty ended higher after recovering from morning weakness on September 27. At close, Nifty was up 0.26% or 51.8 points at 19716.5. Volumes on the NSE were still on the lower side. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 1.31:1.

Global equities mostly rose on Wednesday to snap a four-day winning streak after data showed profits at China's industrial firms in August posted a surprise surge of 17.2 percent from a year earlier. Also, China is expected to achieve economic growth of slightly more than 5 percent this year and there is no basis for the feared 'Japanification', an adviser to the central bank told an Economic Forum.

Nifty formed a bullish engulfing pattern on Sept 27. This could mean some more bounce in the Nifty. It could face resistance in the 19798-19849 band while 19637 could offer support in the near term.