Daily Markets Wrap - Aug 16, 2023 - HDFC Securities

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

Nifty ended minorly in the positive for the second consecutive session on Aug 16 after recovering sharply from the morning weakness. At close, Nifty was up 0.06% or 12.4 points at 19446.9. Volumes on the NSE continued to be on the lower side compared to recent average. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 1.06:1.

Asia-Pacific markets declined on Wednesday, amid worries over discouraging data on China, as well as over the future of the US economy. European stocks were muted after their slump on Tuesday as investors awaited further clues on the path of interest rates from the US Federal Reserve and announcement of a meaningful stimulus from Beijing.

Nifty formed a higher top and higher bottom formation compared to the previous session. Intra day falls keep attracting buy-on-dips action. Nifty needs to cross 19558 to beget higher confidence in the upmove. 19296 could be a support in the near term.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex