Daily Markets Wrap - Aug 17, 2023 - HDFC Securities

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

Nifty ended lower on Aug 17 after a two day gain, pulled down by weak global cues. At close, Nifty was down 0.51% or 99.8 points at 19365.3. Volumes on the NSE were lower compared to recent average. Broad market indices ended minorly in the positive even as the advance decline ratio ended at 0.91:1.

Global stocks were mostly lower on Thursday after notes from a U.S. Federal Reserve meeting dented hopes interest rate hikes are finished. Fears over China's sluggish economic recovery did not help matters either.

The euro area recorded a trade surplus of 23 billion euros in June, against a deficit of 27.1 billion euros a year ago.

As per a study by Goldman Sachs, overseas investor holding in midcaps in India has increased by 175 basis points to 16% of their market capitalization this year, compared with a drop of 250 basis points over the last five years.

Nifty has gone sideways for the past three days taking support from 19317-19326 band. However it ended in the negative for the day. A downward breakout of 19300 seems more likely at this point though the follow through move may not be large. On rises, 19483 could offer resistance.

Source : Equity Bulls

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