Indian benchmark indices concluded the second successive session in negative territory on August 18th, amid volatility. The Nifty managed to finish just above the 19,300 mark. Global stock markets, including India, are currently grappling with a notable upswing in US bond yields. This surge has contributed to the devaluation of currencies in China and other emerging economies. Consequently, investors are opting to shift their investments from volatile equity assets to secure US dollar-denominated securities, seeking refuge in safe-haven options.
NIFTY: The index opened 64 points lower at 19,301 and made a high of 19,373 before closing at 19,310. Nifty has formed a Doji kind of candlestick pattern on the daily scale as the closing was near opening levels. Its immediate resistance level is now placed at 19,400 while immediate support is at 19,250.
BANK NIFTY: The index opened 167 points lower at 43,724 and closed at 43,851. Bank Nifty has formed a bearish candlestick pattern on the weekly scale, making lower highs and lower lows formation for the third straight week. Its immediate resistance level is now placed at 44,000 while support is at 43,700.
Stocks in Spotlight
▪ Indian Hume Pipe Company: Stock jumped 8% after the company received a letter of award from the Government of Odisha for the execution and maintenance of a rural piped water supply project worth Rs 639.16 crore.
▪ Adani Green Energy Ltd: Stock rose 6.5% after one of its associate companies received a crucial certificate to commence operation at its manufacturing plant.
▪ Confidence Petroleum Ltd: Stock was up 4% after the company commissioned 13 new auto LPG dispensing stations to cater to green fuel requirements of cars and auto rickshaws.
▪ European Stoxx 600 index was down 1% by early afternoon, with mining stocks falling 1.9% to lead losses as most sectors and major bourses slid into the red. Utilities bucked the trend to add 0.5%.
▪ Gold gained on Friday as the dollar and bond yields eased but remained on course for a third straight weekly dip as strong US economic data reinforced bets that the Federal Reserve will keep interest rates elevated.
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