POST-MARKET SUMMARY 23rd August 2024
On August 23, Indian indices ended flat with a slight positive bias during rangebound trading, as investors remained cautious ahead of Fed Chair Powell’s comments at Jackson Hole tonight, which are expected to provide insights on the timing, size, and pace of interest rate cuts in the US.
Sector-wise, the auto index rose by 1%, while metal, realty, media, PSU Bank, and IT sectors declined between 0.5% and 2.5%.
NIFTY: The index opened 34 points higher at 24,845 and made a high of 24,858 before closing at 24,823. Nifty has formed a small bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,865 while immediate support is at 24,770.
BANK NIFTY: The index opened 55 points higher at 51,040 and closed at 50,933. Bank Nifty has formed a small bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 51,200 while support is at 50,780.
Stocks in Spotlight
▪ PCBL: Stock surged nearly 11% to hit a fresh record high after the company in its investor presentation emphasised significant growth opportunities
▪ Reliance Power: Stock fell 5% after SEBI banned promoter Anil Ambani from the securities market for five years.
▪ RailTel Corporation of India: Stock rose nearly 6% after the company secured a work order worth Rs 52.66 crore from the Uttar Pradesh Police Recruitment and Promotion Board.
Global News
▪ Asia-Pacific markets mostly fell on Friday as investors turned cautious ahead of the Jackson Hole gathering of global central bankers.
▪ Sterling climbed to a more than two-year high on the dollar on Friday, on recent signs of strength in the UK economy and dovish comments from Federal Reserve Chair Jerome Powell that sent the dollar sliding against several global currencies.
▪ Gold prices rose on Friday as investors reacted to Powell’s speech at the Jackson Hole summit, but were still set for a weekly loss.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.