POST-MARKET SUMMARY 21 August 2023
On August 21, the Nifty snapped its two-day losing streak amid broad-based buying across sectors, except for a few PSU Banks and Oil & Gas companies. Despite mixed cues from the global markets, trading began on a neutral-to-positive stance. As the day advanced, the Nifty climbed past the 19,400 mark, but profit-booking at higher levels led to a partial reduction in the gained intraday value.
NIFTY: The index opened flat at 19,320 and made a high of 19,425 before closing at 19,393. Nifty has formed a bullish candlestick pattern on the daily scale. Its immediate resistance level is now placed at 19,500 while immediate support is at 19,250.
BANK NIFTY: The index opened 101 points higher at 43,952 and closed at 44,002. Bank Nifty has formed a small-bodied bullish candlestick with a minor upper shadow on the daily chart. Its immediate resistance level is now placed at 44,400 while support is at 43,700.
Stocks in Spotlight
▪ KEC International Ltd: Stock jumped 4.5% after the company bagged orders worth Rs 1,007 crore across various businesses.
▪ Inox Green Energy Ltd: Stock gained nearly 4% after the company’s subsidiary received a Letter of Award from NLC India for the operation and maintenance of 51 MW wind turbine generators in Tamil Nadu.
▪ Tanla Platforms Ltd: Stock fell 5.8% after the company decided not to continue the agreement with Vodafone Idea. The company had entered into a term sheet with Vodafone Idea for the provision of platform and firewall services for international A2P services in November 2021, which was valid for 2 years.
Global News
▪ Asia-Pacific markets were mixed as China slashed its one-year loan prime rate (LPR) but kept its five-year rate unchanged on Monday. The one-year LPR was cut by 10 bps from 3.55% to 3.45%, while the five-year LPR remained at 4.2%.
▪ The dollar retreated slightly on Monday after five straight weeks of gains, with investors eyeing the Federal Reserve's Jackson Hole symposium for clues on future rate decisions after the current hiking cycle.
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