31st August 23
Table of Content
Stock Market Live Updates: Sensex, Nifty trade in green at opening; JioFin shines gains, while Adani stocks drag
The early Thursday market session began with a positive note, however gave up on gains. Nifty started the day at 19,375.55, whereas Sensex started with a marginal gain of about 90 points, opening at 65,178.33.
Adani stocks drag after a report suggested that the family has invested millions of dollars in its own companies via “opaque” Mauritius funds.
NIFTY
• The Nifty began with a positive momentum on Wednesday, reaching a high of 19,452, but subsequent heavy selling resulted in a loss of gains with a negative candlestick pattern.
• The daily chart shows an inability to maintain above the 50-day simple moving average (19,407), resulting in profit booking at the higher levels.
• Broader perspective: The Nifty is consolidating between 19,500 (upper) and 19,250 (lower) range. The daily RSI mark at 46 level which indicates bearish trend.
• The Nifty index is expected to stay weak as long as it remains below the critical level of 19,500. This bearish view will be negated in the case of the Nifty sustaining above the 19,500 level. Until that happens, the market could easily be influenced by the “sell-on-rise” dynamic.
Additional Read: IPO Updates
Support and Resistance
• Nifty: Immediate resistance is situated at 19,415, followed by 19,460 levels. Conversely, downside support is located at 19,290, followed by 19,250.
• Bank Nifty: Intraday resistance is positioned at 44,450, followed by 44,650, while downside support is found at 44,000, followed by 44,800.
• Fin Nifty : Intraday resistance is positioned at 19,800, followed by 19850 while downside support is found at 19640, followed by 19560.
Additional Read: RBI Update on Home Loan
News that can impact the market today
- Foreign portfolio investors have pumped Rs 26,836 crore into the Indian debt market in 2023 so far on a net basis, marking the highest amount in the past six years.
- US GDP growth revised down to 2.1% annual rate in second quarter
- Sula Vineyards – PE firm Verlinvest Asia likely to sell 12.56% stake via block deal worth Rs 540cr
- JSW Group may acquire Ford Motor’s Chennai plant to manufacture EVs
- Indian Bank board approves raising up to ₹4,000 crore via #QIP in one or more tranches
- Ramkrishna Forgings bags Euro 8.25 million order in South America
- GR Infraprojects secured contract worth Rs 1,457 crore
- MTAR Tech receives Defence industrial license for the production of various mechanical and electrical subsystems
- NTPC approves Rs 15,530 cr investment for Lara Super Thermal Power Project
- BSE changes expiry date for its Banking Index to Monday from Friday effective October 16
- Titagarh Rail bags order of Rs 350 cr from Gujarat Metro Rail
- NBCC close to bagging Rs 8,000 crore order, says MD Pawan Gupta
Additional Read: Reliance AGM Key Highlights
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