Daily Markets Wrap - August 24, 2022 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty ended in the positive for the second consecutive session on Aug 24 after a see-saw session. This was despite weakness in the European markets and in some Asian markets due to the latest hawkish noises from the Federal Reserve amid mounting signs of a global economic slowdown (in China due to drought driven power shortage and poor service sector Aug data from US).

At close, Nifty was up 0.16% or 27.5 points at 17604.9. Among sectors, Realty and Telecom gained the most. Midcap and Smallcap indices outperformed the Nifty rising 0.73-0.80% even as the advance decline ratio was positive at 1.80:1.

Nifty remained in a very small range through the day and could not breach the high of the previous day. Once that level i.e. 17626 is breached, more upsides could be in store in this upmove that is so far seeming to be a corrective one.

Source : Equity Bulls

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