Daily Markets Wrap - August 30, 2022 - HDFC Securities

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

Nifty reversed the losses of the previous day on Aug 30 and outperformed all other indices in the Asian region. Nifty opened with an up gap and kept rising through the day, closing at almost the intra day high. At close, Nifty was up 2.58% or 446.4 points at 17759.3. In the process it registered the highest daily percent gain in more than 3 months.

Volumes on the NSE were the highest in more than a week. Among sectors Realty, Power, Banks, Oil & Gas and Auto indices rose the most. Broader market underperformed; however the advance decline ratio was sharply positive at 2.96:1.

Global stocks rose on Tuesday as investors sought bargains following two days of declines as Chinese authorities pledged to stimulate the world's second-largest economy. China will step up measures to boost demand and stabilize employment and prices in the second half of the year to optimize economic outcomes, the country's finance ministry said on Tuesday, as policymakers strive to prop up faltering growth.

Nifty has nullified the bearish signals from the down gap created on the previous day and has filled that down gap. It has closed at the highest ever on monthly charts. It will now face resistance at 17965-17992 band while 17522-17623 band could offer support.

Source : Equity Bulls

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