Sensex rises 200 pts from day’s low, Nifty reclaims 23,450: Value buying among key factors behind market…

The latest market report highlights that Key market indices The two key benchmark indices were trading in green on September 10 due to various reasons, including value buying.

At 12:22 pm, the Sensex was up 129.45 points or 0.17% at 74,893.68, and the Nifty was up 41.75 points or 0.18% at 23,473.25. Around 1,866 shares advanced, 1,907 shares declined, and 168 shares were unchanged.

Key factors behind market gain

1) Value buying

Value buying emerged from softer marks on September 10 as markets declined for six straight sessions.

2) Buying in realty, bank shares

Buying in real estate, financial shares kept markets in green on September 10.

3) Technical reason

Market watchers stated Nifty has to trade below 23,400 for further selling to take place in markets.

"Immediate bias in the index keeps stay down and only a formation of elevated high and elevated low on a sustained basis in the daily chart will signal a pause in the current down trend.

"Index to extend the last 1-month slide towards the 23,300-23,200 marks over the upcoming sessions being the 80% retracement of the entire previous up move 23,070-24,774.

"Pullback attempt from the current oversold territory will face immediate resistance at Wednesday's gap area of 23,650. While stiff resistance is placed around 23,800-24,000 marks being the recent breakdown area and 20 days EMA. Previous backing area is likely to reverse its role and act as resistance in short term," stated Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.