Markets Gain 1% and Close with New Records

Closing Review: 8th September
Stock markets recovered two day losses in a single trading session today. Moreover, both Nifty and SENSEX ended with record closing gaining 1% each. Nifty closed at 8168 i.e. up 81 points while SENSEX closed at 27320 i.e. up 293 points from the previous close.
Rupee traded stronger at 60.25/USD. The AD line was quite strong with 2078 advances and 951 declines roughly, in the ratio of 2.2:1. Smallcap maintained buying momentum since morning session and closed up by 1.44% while Midcap gained momentum gradually and outshined the benchmark with 1.37% gains. All the sectors ended on a positive note where Bank Nifty, Energy, IT, FMCG, PSU Bank and Metal sectors surged 1% plus.
Hindalco, Asian Paints and Ambuja Cements were the top gainers while NTPC, NMDC and Tata Power the top losers for the Nifty.

Option Data
Highest OI was witnessed at 8300CE & 8500CE and 8100PE and 8000PE. As per options data 8300 CE and 8100 PE are likely to remain in focus for September series.

Global Markets
US markets closed on an optimistic note on Friday. Another record high level for S&P 500 which closed at
Europe stocks tumbled after a week end survey for Scottish independence where the voters in favor of it outnumbered the ones who are against it. The British Pound traded at lowest level since last 10 months and FTSE fell by 1%.
UK Pound was trading at a level of 1.6139/USD.
DAX and CAC40 also were in the flat to negative zone.
Asia closed on a mixed note. Trading holiday in Shanghai, South Korea and Taiwan due to festive season also impacted the trade.

Market Overview for 9th September
Markets are expected to watch for the SC verdict on the Coal Block allocation. Stocks like Coal India, JSPL have already started showing volatility. We expect markets to remain volatile. 8130 level for the Nifty will remain our first support if it trades below 8152 and if broken 8077 will be next support. On the upside 8196 remains our first resistance and if broken Nifty can achieve 8210 levels.
Stocks to watch for: JSPL and L &T on the upside while HDFC and M&M on the downside