Stock Market Highlights 24 Aug 2022: Indices extend gain, end higher amid volatility, Nifty ends above 17,600 - How it happened!
(By Ravi kant Kumar)
Stock Market Highlights 24th August 2022: In another volatile session, the market ended with marginal gains amid weak global cues on Wednesday. The benchmarks juggled between gains and losses before closing the day with a gain of 0.9-0.15%.
The broader Nifty 50 closed near 17,600, while the Sensex ended above 59,000 as 30-share index saw a jump of more than 50 points. The broader Nifty50 gained 27.45 (0.16%) to end at 17,604.95 and the Sensex closed at 59,085.43, with a gain of 54.13 points (0.09%).
Reacting to today's closing, Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas, said after the first leg of the decline from 18000, the Nifty had taken support near the 20 DMA on August 23. Thereon the index is attempting a minor degree bounce, he said.
"The price action in the last couple of sessions shows an overlapping structure. Also, the index has now reached near the junction of the 40 hour exponential moving average & the hourly upper Bollinger Band. This setup suggests that the next leg down is around the corner. On the downside, 17350-17300 will be the initial target area, below which 17000 will be the overall short term target. On the other hand, 17650-17700 is the key barrier that is expected to keep the bounce in check," he added.
Meanwhile, small cap and mid cap stocks saw buying interest in the broader market as Nifty Midcap and smallcap indices ended higher by approximately 0.6% and 0.8% respectively.
On the sectoral front, Banking, Realty and Media indices were the top gainers, while IT and Pharma were top laggards.
Apollo Hospitals, IndusInd Bank and NTPC were the top gainers on the benchmarks while Tata Steel, BPCL, TCS and Titan dragged the market the most.
"Bulls and bears continued to battle it out in the domestic market as weak global cues persisted, keeping the market under pressure. The US economy contracted amid muted demand conditions with the service sector witnessing a sharp decline. Markets in Europe experienced a protracted sell-off as a result of investor's concern over the oil crisis and the uncertain growth outlook," said Vinod Nair, Head of Research at Geojit Financial Services, on today's session.
(By Ravi kant Kumar)
Stock Market Highlights 24th August 2022: In another volatile session, the market ended with marginal gains amid weak global cues on Wednesday. The benchmarks juggled between gains and losses before closing the day with a gain of 0.9-0.15%.
The broader Nifty 50 closed near 17,600, while the Sensex ended above 59,000 as 30-share index saw a jump of more than 50 points. The broader Nifty50 gained 27.45 (0.16%) to end at 17,604.95 and the Sensex closed at 59,085.43, with a gain of 54.13 points (0.09%).
Reacting to today's closing, Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas, said after the first leg of the decline from 18000, the Nifty had taken support near the 20 DMA on August 23. Thereon the index is attempting a minor degree bounce, he said.
"The price action in the last couple of sessions shows an overlapping structure. Also, the index has now reached near the junction of the 40 hour exponential moving average & the hourly upper Bollinger Band. This setup suggests that the next leg down is around the corner. On the downside, 17350-17300 will be the initial target area, below which 17000 will be the overall short term target. On the other hand, 17650-17700 is the key barrier that is expected to keep the bounce in check," he added.
Meanwhile, small cap and mid cap stocks saw buying interest in the broader market as Nifty Midcap and smallcap indices ended higher by approximately 0.6% and 0.8% respectively.
On the sectoral front, Banking, Realty and Media indices were the top gainers, while IT and Pharma were top laggards.
Apollo Hospitals, IndusInd Bank and NTPC were the top gainers on the benchmarks while Tata Steel, BPCL, TCS and Titan dragged the market the most.
"Bulls and bears continued to battle it out in the domestic market as weak global cues persisted, keeping the market under pressure. The US economy contracted amid muted demand conditions with the service sector witnessing a sharp decline. Markets in Europe experienced a protracted sell-off as a result of investor's concern over the oil crisis and the uncertain growth outlook," said Vinod Nair, Head of Research at Geojit Financial Services, on today's session.
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The benchmarks recovered after opening flat with the indices turning green. Nifty50 was seen trading above 17,600, while the Sensex jumped 100 points to trade above 59,100