POST-MARKET SUMMARY 01 September 2023
Post-market report and news around trending stocks.
Solid GDP growth and robust manufacturing PMI figures fueled a rebound in the benchmarks, erasing previous session losses and delivering substantial gains as the September series commenced. The Nifty concluded the day at around 19,450, boosted by positive crossovers in both daily and hourly momentum indicators, accompanied by a bullish divergence, signaling a favorable short-term outlook.
NIFTY: The index opened flat at 19,258 and made a high of 19,458 before closing at 19,435. Nifty has formed a strong bullish candlestick pattern, which resembles a Bullish Engulfing kind of pattern on the daily timeframe, indicating positive sentiment. Its immediate resistance level is now placed at 19,600 while immediate support is at 19,200.
BANK NIFTY: The index opened flat at 43,996 and closed at 44,436. Bank Nifty has formed a bullish candlestick pattern with long upper and lower shadows, which resembles the High Wave kind of candlestick pattern on the weekly chart. Its immediate resistance level is now placed at 44,800 while support is at 43,900.
Stocks in Spotlight
▪ BSE Ltd: Stock surged 6% after the company announced an increased buyback offer price of Rs 1,080, a significant 32% rise over the Rs 816 announced earlier.
▪ ONGC: Stock traded over 4% higher after Fitch Ratings affirmed a BBB rating (stable outlook) to the PSU.
▪ Navneet Education: Stock surged 4% after the company decided to make a slew of changes aimed at rationalizing the group structure and achieving better synergies.
Global News
▪ The dollar was on course to snap a six-week winning streak against other major currencies on Friday, as it headed into a pivotal monthly US jobs report that is likely to shape the path for Federal Reserve policy over the near term.
▪ Oil prices were set to snap a two-week losing streak as they rose for a fourth consecutive session on Friday due to tightening supplies and expectations that the OPEC+ group of oil producers would extend output cuts to the end of the year.
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