| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 82,172.10 | 398.44 | +0.49% |
| Nifty 50 | 25,181.80 | 135.65 | +0.54% |
| Nifty Bank | 56,192.05 | 173.80 | +0.31% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| JSW Steel | 1,175.20 | 30.00 | +2.62% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Axis Bank | 1,167.40 | -13.20 | -1.12% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10356.20 | 219.70 | +2.17% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 26587.00 | 64.60 | +0.24% |
The Bank Nifty index is currently experiencing a struggle between the bulls and bears, resulting in a consolidation phase. There is a visible support level at 44800, and if the index breaks below this level, it could trigger further downside movements towards 44600.
On the upside, a resistance level is apparent at 45150. If the index successfully breaks above this resistance level, it may pave the way for a clearer upward move towards levels around 45400-45500.
The Indian equity market had a subdued start tracking the mixed global cues, wherein the benchmark index stayed in a slender range with some choppy moves. The index has snapped its two days of winning streak and concluded the choppy session in negative terrain, with a mere loss of 0.13 percent at 19571 level.
Technically, there has been no significant change in the technical structure of the benchmark index as it keeps hovering near the 20 SMA from the past couple of trading sessions with no assertive moves. The broader markets kept the trader’s fraternity busy while the indices remained tentative. On the technical front, the resistance of the bullish gap withholds the sturdy hurdle and till we do not surpass it in a decisive manner, we are likely to experience some selling pressure at higher levels. On the downside, 19500 - 19440 - 19380 are to be treated as immediate supports.
Going forward, we would advocate traders to stay fussy with stock selection and keep a close tab on the mentioned levels. Also, global and domestic data are in the pipeline for the week and one needs to stay abreast with the developments, which are most likely to dictate the near-term trend in the market.
The Nifty index displayed volatility but managed to close above the significant 21EMA moving average and maintained support above 19500. A positive trend is anticipated as long as the index holds above 19500, with resistance at 19700 and potential for a rally towards 20000.
Caution prevailed in the market ahead of the RBI's monetary policy announcement, while weak European and Asian cues saw the local benchmarks linger in negative territory for the majority of the trading session.
Listless trading could be seen till the MPC meeting outcome and global cues will continue to dictate trends in the local market. Technically, after a reversal formation, the market has been witnessing a range bound activity near the 20 day SMA (Simple Moving Average).
For bulls, a fresh uptrend rally is possible only after the dismissal of 19635, and above the same the index could move till 19700-19735. On the flip side, below 19525 the selling pressure is likely to accelerate and could retest the level of 19480-19450.
Nifty snapped a two-day gain and ended marginally in the negative on Aug 08. At close Nifty was down 0.13% or 26.5 points at 19570.9. Smallcap index ended in the positive even as the advance decline ratio remained firm at 0.97:1.
Global stocks mostly ticked lower on Tuesday as investors assessed the latest weak economic data out of China and looked ahead to a key inflation reading from the U.S. on Thursday. China's imports contracted by 12.4% in July, far more than forecasts for a 5% drop. Exports fell by 14.5%, compared with a fall of 12.5% tipped by economists. Italian banks came under pressure after the cabinet approved a 40% windfall tax on lenders. Moody's cut the credit ratings of several small and mid-sized U.S. lenders.
Nifty formed a bearish Engulfing pattern on Aug 08, however a fall below 19524 could result in faster down move. 19634-19678 could be the resistance band for the Nifty in the near term.
On the global front, investors are adopting a cautious approach even amidst declining bond yields as they await the release of crucial economic data. The significant drop in Chinese exports has also contributed to concerns within the global market.
FIIs remain in a selling mode in the domestic market, yet active buying from DIIs is mitigating downside risks. Among sectors, PSU banks and pharma stocks inched up, while mid- and small-cap stocks have continued to outperform the benchmark, showcasing their resilience.
Throughout the day, Nifty50 oscillated in a well-defined range and finally ended the session at 19,570.85 with a minor loss of 26.45 points. With hidden bullish divergence in RSI, the PSU Banking sector regained its momentum and ended up being a top performer of the day.
The aggressive move extended for the defensive pharma sector; while on the flip, Metal sector was the major laggard. The broader markets outperformed Nifty50 as mid and smallcap indices managed to end the day in the green.
On the daily chart, Nifty50 has made a bearish engulfing candlestick pattern and almost tested its 20DMA which indicates that the higher side is capped around 19,650 while for the time being downside is protected at 19,450.
The Nifty opened on a positive note however could not capitalize on the gains. It slipped during the day and closed in the negative. On the daily charts, we can observe that the Nifty has witnessed a counter-trend pullback in the past three trading sessions. It has faced resistance around the 20-day moving average (19645) and the 61.82% Fibonacci retracement level (19605) of the fall from 19795 – 19296. The rise of the past three trading sessions is overlapping and thus we are of the opinion that the Index is undergoing a complex correction and the pullback was an “X” wave pullback.
The hourly momentum indicator has a negative crossover which is a sell signal and with the daily momentum indicator already in the sell mode further supports our bearish outlook on the index. Overall, we still shall continue to maintain our negative stance on the Nifty, and we expect levels of 19100 from a short-term perspective.
Bank Nifty traded closed in the positive however it could not surpass the 40-hour moving average indicating selling pressure. It traded within the range of the penultimate trading session (44520 – 45120). Until the extreme of the range are not breached on either side, we can expect the consolidation to continue. The daily momentum indicator has a negative crossover which is a sell signal. Thus, this pullback should be used as a selling opportunity. On the downside, we expect 44000 from a short-term perspective.
Indian rupee ended lower at 82.84 per dollar versus previous close of 82.74.
The company reported profit of Rs 10.1 crore in the quarter ended June 2023 versus Rs 0.6 crore and revenue up 12.2% at Rs 218.2 crore versus Rs 194.4 crore, YoY.
Net profit at Rs 6.9 crore against loss of Rs 8.9 crore and revenue up 2.4% at Rs 388.1 crore versus Rs 378.9 crore, YoY.
Benchmark indices ended marginally lower in the volatile session on August 8.
At close, the Sensex was down 106.98 points or 0.16 percent at 65,846.50, and the Nifty was down 26.50 points or 0.14 percent at 19,570.80. About 1788 shares advanced, 1713 shares declined, and 141 shares unchanged.
Top losers on the Nifty included Adani Enterprises, Power Grid Corporation, Hindalco Industries, M&M and Divis Labs, while gainers were Hero MotoCorp, SBI Life Insurance, Cipla, Tech Mahindra and Wipro.
Except PSU Bank and pharma, all other sectoral indices ended in the red.
BSE midcap and smallcap indices ended with marginal gains.
