POST-MARKET SUMMARY 16 August 2023
Benchmark indices displayed a familiar pattern of resilience on August 16, rebounding from earlier losses to conclude the day with gains. This upward movement was fuelled by buying activities spanning various sectors, except for metal and banking. Nonetheless, despite this rebound, we expect volatility to persist in the immediate future amid elevated inflation levels within both domestic as well as global economies.
NIFTY: The index opened 65 points lower at 19,369 and made a high of 19,482 before closing at 19,465. Nifty has formed a bullish candlestick pattern with minor upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 19,600 while immediate support is at 19,300.
BANK NIFTY: The index opened 364 points lower at 43,726 and closed at 43,946. Bank Nifty has formed a bullish candlestick pattern with minor upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 44,100 while support is at 43,700.
Stocks in Spotlight
▪ Pennar Industries Ltd: Stock surged 6% to touch a 52-week high after the company bagged orders worth Rs 702 crore.
▪ Tejas Networks Ltd: Stock gained 3.65% after the company executed the master contract with TCS towards supply, support, and annual maintenance services of Radio Access Network equipment for BSNL’s Pan-India 4G/5G network for approximately 100,000 sites.
▪ InterGlobe Aviation Ltd: Stock slumped 3.5% after a block deal involving 5.1% equity in the company. Around two crore shares in the company changed hands through a deal worth Rs 4,837 crore.
Global News
▪ European Stoxx 600 index bounced either side of the flatline Wednesday morning. Sectors were spread across positive and negative territory, with retail stocks leading gains with a 1% uptick and travel and leisure seeing a 0.6% downturn.
▪ Gold clawed higher on Wednesday on a weaker dollar and bond yields, recovering some ground after retreating below the key $1,900 level in the last session following robust US economic data.
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