On August 9, the benchmark indices ended on a positive note amid a volatile session. Buying was seen across various sectors, except for realty and banking. The trading day began on a flat note amid mixed global cues. Although the market initially turned negative, but as the day unfolded, a surge of buying activity in the final hours not only erased the earlier losses but also pushed the market to close higher than the previous session.
NIFTY: The index opened flat at 19,578 and made a high of 19,645 before closing at 19,632. Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart, indicating buying interest at lower levels. Its immediate resistance level is now placed at 19,700 while immediate support is at 19,450.
BANK NIFTY: The index opened flat at 44,973 and closed at 44,880. Bank Nifty has formed a small bodied bearish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 45,150 while support is at 44,500.
Stocks in Spotlight
▪ Kalyan Jewellers Ltd: Stock traded nearly 3% higher to hit a 52-week high of Rs 189 after the southern gold-ornament maker reported a 33% YoY rise in net profit at Rs 144 crore for the June quarter.
▪ Ideaforge Technology Ltd: Stock plunged 6% after its quarterly net profit slumped 54% YoY to Rs 18.86 crore and revenue from operations slipped 2% to Rs 97 crore.
▪ Mishra Dhatu Nigam Ltd: Stock tanked 7% as market participants fretted over contraction in margins. Operating margin came in at 22.13% in the June quarter as against 28.73% last fiscal.
▪ European Stoxx 600 index was up 0.8% by early afternoon, with oil & gas stocks adding 2% to lead gains as almost all sectors traded higher except travel and leisure, which slid 0.2%.
▪ Stocks in China and Hong Kong fell on Wednesday as China’s consumer prices slipped into the negative territory in July, for the first time in 28 months.
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