On August 29, the benchmark indices ended higher for the second successive session, with the Nifty hovering around the 19,350 mark. The market movement remained quite limited as there was a lack of active investor engagement, influenced by the slow performance of Asian markets and lack of positive triggers. Furthermore, consistent FII outflows have led traders to adopt a vigilant stance.
NIFTY: The index opened 68 points higher at 19,374 and made a high of 19,377 before closing at 19,342. Nifty has formed a small negative candle on the daily chart, with a minor lower shadow. Its immediate resistance level is now placed at 19,500 while immediate support is at 19,200.
BANK NIFTY: The index opened 161 points higher at 44,655 and closed at 44,495. Bank Nifty has formed a bearish candlestick pattern on the daily time frame. Its immediate resistance level is now placed at 44,700 while support is at 44,000.
Stocks in Spotlight
▪ Gokaldas Exports Ltd: Stock was locked in at 20% upper circuit after it entered into a deal to acquire Dubai-based Atraco Group. The equity value of the deal being done through its subsidiaries is $55 million and will be funded by a mix of debt and internal accruals.
▪ Gensol Engineering Ltd: Stock was locked in at 5% upper circuit after the company bagged Solar EPC projects in Dubai.
▪ Gulf Oil Lubricants: Stock surged 4% following the company's 51% controlling stake in Tirex Transmission, a manufacturer of DC fast chargers for EVs.
▪ European Stoxx 600 index was up 0.6% by early afternoon, touching highs last seen on August 14. Mining stocks added 1.6% to lead gains as all sectors and major bourses traded in the positive territory.
▪ Gold prices gained on Tuesday as a recent rally in the US dollar and Treasury yields showed signs of fatigue ahead of crucial inflation and jobs data this week that could define the outlook for interest rates.
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