POST-MARKET SUMMARY 24 August 2023

Markets traded volatile on the weekly expiry day and ended in the red. After the initial gap-up opening, Nifty extended gains in early trades but selling pressure in heavyweights pushed the index lower as the day progressed. The market opened strong on positive global cues and extended the gains in the initial hours but then slipped on widespread selling in the second half to end near the day's low.

NIFTY: The index opened 91 points higher at 19,535 and made a high of 19,584 before closing at 19,386. Nifty has formed a long bearish candlestick pattern resembling a Bearish Engulfing kind of formation on the daily timeframe (not a classical one), indicating the possibility of bear strength. Its immediate resistance level is now placed at 19,500 while immediate support is at 19,300.

BANK NIFTY:  The index opened 225 points higher at 44,704 and closed at 44,496. Bank Nifty has formed a bearish candlestick pattern with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 44,800 while support is at 44,200.

Indices closing for 24th August 2023
Major Market Indices data
FII/DII Data
Nifty Gainers & Losers

Stocks in Spotlight

▪  Coforge Ltd:  Stock surged over 9% after 1.54 crore shares, worth Rs 7,329.3 crore, changed hands in a block deal.

▪  Gujarat Ambuja Exports:  Stock jumped nearly 5% after the processed agro-goods producer received the approval to set up a greenfield corn wet milling plant in Gujarat's Himmatnagar from the state's pollution control board.

Centum Electronics:   Stock rallied nearly 8% after the successful landing of Chandrayaan-3 on the moon. Centum was a key industrial partner to ISRO for electronics on the prestigious moon mission and supplied critical modules and systems.

Global News

▪  Pan-European Stoxx 600 index was up 0.3% shortly before noon in London, having pared opening gains of 0.9%. Financial services added 0.9% while mining stocks fell 0.3%.

▪  Asia-Pacific markets rose on Thursday, with Hong Kong stocks leading regional gains. The Hang Seng index climbed 1.93% in its final hour, while mainland Chinese markets were also up, with the CSI 300 gaining 0.72% and closing at 3,723.43.


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