POST-MARKET SUMMARY 25 August 2023
On August 25, the Nifty moved lower, marking an eight-week low as it closed at 19,266. The bearish sentiment was influenced by subdued global indicators, as investors held back in anticipation of the US Federal Reserve chief’s address during the annual Jackson Hole meeting scheduled for later in the day. Correspondingly, all sectors moved in tandem with the benchmark index, with realty, metal, and pharma segments emerging as the biggest decliners.
NIFTY: The index opened 89 points lower at 19,297 and made a high of 19,339 before closing at 19,265. Nifty has formed a bearish candlestick with minor upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 19,400 while immediate support is at 19,000.
BANK NIFTY: The index opened 220 points lower at 44,276 and closed at 44,231. Bank Nifty has formed a Doji pattern on the daily scale, as the closing was near opening levels, indicating indecisiveness among the bulls and the bears. Its immediate resistance level is now placed at 44,550 while support is at 44,000.
Stocks in Spotlight
▪ Coforge Ltd: Stock closed 2.5% lower after a host of funds picked up a 10.3% stake, worth Rs 2,976 crore in the mid-sized IT company.
▪ Engineers India Ltd: Stock fell over 2%, a day after the company’s board of directors approved the acquisition of a 4.37% equity stake in Numaligarh Refinery.
▪ Shoppers Stop Ltd: Stock tanked 12.7% after the retail major announced that Venugopal Nair had quit as the managing director.
Global News
▪ Pan-European Stoxx 600 inched 0.4% higher by early afternoon after a tepid open, with retail stocks adding 1.1% to lead gains as most sectors nudged into positive territory.
▪ Oil prices jumped more than 1% on Friday as the dollar firmed ahead of an eagerly awaited speech by the head of the US Federal Reserve for hints on the outlook for interest rates.
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