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Live: Nifty braces for muted start to September series; Auto sales today| Q1 GDP at 4-quarter high

The Nifty50 attempted to move towards 19,400 in the initial hour of trade but took a U-turn and traded lower for a major part of the session amid volatility on the expiry day for August derivative contracts. The index has managed to take a support at 19,250 on closing basis for fifth time in current month, hence a break below 19,250-19,200 area can drag the index towards 19,100-19,000 levels, whereas on the higher side, it may continue to face resistance at 19,400-19,500 levels, according to experts. This morning, global cues are once again mixed with key indices on Wall Street ending mixed. The Nasdaq has clocked its worst month for 2023 while Asian markets are edging higher after positive Chinese economic data. The GIFT Nifty is hinting at a lower start for the Indian markets. Meanwhile Q1 GDP growth came in at 7.8%, a four-quarter high driven by the services sector. Autos will be in focus as August sales figures will start trickling in today. Also in focus will be stocks like Five Star Business Finance, Medplus, Genus Power among others. Catch Nandita Khemka in conversation with Nilesh Jain, Head AVP- Derivative and Technical Research, Centrum Broking and Siddhartha Khemka, Head of Retail Research, Broking & Distribution, MOFSL.

first published: Sep 1, 2023 08:48 am