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Stock market today: The Indian stock market eked out modest gains on Thursday, 11 September, buoyed by positive global cues. After a muted start, benchmark indices Sensex and Nifty 50 traded in a narrow range through the day before closing slightly higher.

The Sensex rose 124 points, or 0.15%, to 81,548.73, while the Nifty 50 added 32 points, or 0.13%, to end at 25,005.50. The BSE Midcap index gained 0.14%, while the BSE Smallcap index finished flat.

Against this backdrop, market expert Raja Venkatraman has released his top stock pifor investors seeking opportunities today, 12 September. His analysis provides a clear roadmap for navigating the current market landscape with confidence.

Equity benchmark indices recovered strongly on Thursday, bouncing back over 350 points from intraday lows. Positive signals from Asian markets and growing expectations of a US Federal Reserve rate cut next week lifted investor sentiment. Renewed hopes for the restart of India-US trade talks further supported the market mood.

The Sensex rose 356 points to 81,575.47, while the Nifty crossed the key 25,000 level, trading at 25,003.10 by early afternoon. Major gainers included Shriram Finance, NTPC, Adani Enterprises, Power Grid Corporation, and Axis Bank, with gains of up to 3%. Market breadth was positive, with more advancing shares than declining.

Analysts said optimism around a US Fed rate cut and easing trade tensions, coupled with record highs in US indices, drove bullish momentum. Asian indices mostly advanced, while Brent crude oil prices eased slightly, which typically benefits Indian equities by reducing

Moving to the charts we note that the trends have been largely oriented towards trading rather than investing. Hence , from a trading perspective we can note that on the Daily charts highlight that the rally into the cloud region has restricted the rise. The rends remain muted and is now getting tired and this could prove to be a threatening blow to the sentiment. The uncertain closing seen in the Daily chart of Nifty in the September series does not bode well for the market.

The trend that is emerging clearly suggests that the positive traction seen on Thursday could sustain. is now encountering the resistance zone and the gap up opening ensured that the prices traded into the cloud region. Hence , one should track the trends that are in progress as upmove needs to continue their way above 25100 (Nifty Spot) to retain the bullish bias. Momentums on hourly charts are indicating that the prices after settling down seems to have witnessed a resumption of selling pressure. With the gradual and hesitant rise emerging from lower levels we can expect the rise to remain hesitant.

There is clearly no call for shorting until a move below 24900 is seen. At the moment a potential drop towards a gap fill around the same levels is possible. A look at Open Interest data a sharp fall is expected once key resistance levels break. With the Nifty closing near the Max Pain at 25000 we should look to approach this expiry with a bullish bias.

If we witness a 30-minute range break on Thursday we can consider trading on either side as the trends still remain tentative where we expect some resistances to kick in. As ranging market is in play, we need to be quick in profit taking as we the trend does not have sufficient steam to move strongly in either direction.

The readings from the options data suggests that PCR has moved to 1.08, this is indicating that the trends are receiving buying interest at every dip at lower levels. With some steady Put writing at 25000 levels continues to prove to be a fuel that can ensure that the recovery to help the buying interest for a rise.

Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.

Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

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