All major moving averages are currently flat, typically a sign of consolidation or range-bound movement in the Nifty 50, said Sudeep Shah of SBI Securities.
The rally in silver has followed the surge in gold prices, which topped $3,500 per ounce - a record high - on rising hopes of a rate cut by US Federal Reserve, and strong safe haven buying amid global uncertainties.
Stocks to Watch, 19 August: Stocks like BlueStone Jewellery, Aditya Infotech, Vedanta, Hindustan Zinc, Marine Electricals, All Time Plastics, Engineers India, GNG Electronics, Seamec, and Goldiam International will be in focus on August 19.
While listed companies, except Goldiam, will not be hit hard, unlisted players stand to suffer. The gems and jewellery sector also faces the threat of job losses.
A manufacturing facility closer to the US clients may mean Goldiam could save on shipping cost and processing, as well as avoid import tariffs on jewellery, aside of easier compliance to local regulations.
The new order represents a significant milestone for the company, pushing its total order book to over Rs 200 crores.
With in-house manufacturing capability, innovative designs, and established relationships with key retail clients in the US, Goldiam is expected to sustain the outperformance in the fast-growing LGD space
Experts suggest that the Nifty 50 is likely to find support at 24,100, and below this, the 24,000-23,900 zone will be crucial to watch. However, resistance is expected at 24,300 on the higher side. Here are some trading ideas for the near term.
GIL is aiming to become the largest lab-grown diamond jewellery brand in India and this remains a key re-rating trigger