POST-MARKET SUMMARY 23 August 2023
On August 23, the Nifty continued its upward trajectory for the third consecutive session, experiencing fluctuations in trade throughout the day before ending 48 points higher at 19,444. The market started on a flat note and traded in a narrow range through the first half. However, a surge in buying activity during the latter half of the day enabled the index to conclude near its highest point. The day was marked by significant volatility, with the banking, power, and metal sectors driving a rebound in prices.
NIFTY: The index opened 43 points higher at 19,439 and made a high of 19,472 before closing at 19,444. Nifty has formed a doji candlestick on the daily chart, as the closing was near the opening level. Its immediate resistance level is now placed at 19,500 while immediate support is at 19,300.
BANK NIFTY: The index opened 71 points higher at 44,064 and closed at 44,479. Bank Nifty has formed a long bullish candlestick on the daily scale. Its immediate resistance level is now placed at 44,680 while support is at 44,000.
Stocks in Spotlight
▪ Himadri Specialty Chemical Ltd: Stock gained over 3% after the company’s resolution plan along with Dalmia Bharat Refractories for Birla Tyres was given a go-ahead by the committee of creditors (CoC).
▪ Shriram Properties Ltd: Stock surged over 7% after foreign firm Omega TC Sabre Holdings Pte Ltd sold a further 2.29% stake, or 39 lakh shares, in the real estate developer.
▪ BEML: Stock gained nearly 4% to hit a 52-week high after the company bagged an order worth Rs 101 crore.
Global News
▪ Asia-Pacific markets were mixed on Wednesday as investors assess private business activity surveys from Australia and Japan, as well as inflation figures from Singapore.
▪ Gold prices gained on Wednesday after a slight pullback in US dollar and Treasury yields underpinned bullion above a key $1,900 level as investors await clues from major central bankers on the interest rate trajectory.
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