POST-MARKET SUMMARY 28 August 2023
Markets erased most of its intra-day gains to end marginally higher amid profit-booking in Reliance Industries counter ahead of the company's AGM. The equity indices broke a two-day losing streak and ended higher on August 28, with Nifty at 19,300 amid buying across sectors barring FMCG and IT. The market started on a positive note amid strong global cues and remained volatile during the day to close with marginal gains.
NIFTY: The index opened 33 points higher at 19,298 and made a high of 19,366 before closing at 19,306. Nifty has formed a Doji kind of candlestick pattern on the daily chart, indicating indecisiveness among bulls and bears about future market trend. Its immediate resistance level is now placed at 19,400 while immediate support is at 19,200.
BANK NIFTY: The index opened 22 points higher at 44,253 and closed at 44,494. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 44,700 while support is at 44,000.
Stocks in Spotlight
▪ Man Infraconstruction Ltd: Stock surged nearly 10% after the company bagged a redevelopment project in the western suburbs of Mumbai. The project has the potential to generate revenue of ~Rs 4,000 crore in the next five years.
▪ Patel Engineering Ltd: Stock was locked in at a 5% upper circuit as the company along with its joint venture received a letter of award for the Dibang multi-purpose project in Arunachal Pradesh.
▪ Manappuram Finance: Stock gained 3% after the company informed exchanges that the Kerala High Court has quashed the Enforcement Directorate's case against its MD and CEO VP Nandakumar.
Global News
▪ European shares traded higher, as investors weighed the prospect of higher interest rates from the US Federal Reserve and in anticipation of positive economic data later in the week.
▪ Gold prices steadied on Monday after US Federal Reserve Chair Jerome Powell’s remarks on the likelihood of more interest rate hikes in the future.
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.