Daily Market Recap-18 Aug 2023
Market Overview -
The Sensex was down by 202.36 Points, to 64948.66 declining 0.31% comparing last trading session. About 9 shares advance between 0-3 %, led by Auto Industry. 21 shares declined between 0-3 % dragged by Banking and IT industry.
Nifty follows the same trend declined by 55.10 points to19, 310.15, 0.28% comparing last trading session. About 14 shares advance led by Auto Industry majorly, 36 shares declined in Nifty, Dragged by Banking and IT majorly. India VIX down by 0.82% to12.14 comparing 12.24 last session, showing possible diminishing trend in volatility of the market in near future.
Indian Rupee slightly up by 0.04% against dollar previous close.
Key Highlights:-
1.?Sector Performance:
The market saw varying performances across different sectors. Trading Industry increased by 3.93 %, Transport Infrastructure increased by 3.24% and Automobile Passenger Car industry increased by 0.95%, Automobile LCVS/HVCS industry Increased by 0.70% followed by Consumer Food Industry increased by 0.66% in Nifty.
Bank Nifty declined by 40.30 points to 43,851.05, shed 0.09% from previous close. 7 shares declined including Kotak Bank, PNB, HDFC Bank, Federal Bank, IndusInd Bank, ICICI and Bandhan Bank between 0 - 3% and 3 Bank advanced including AU Small finance, BoB, Axis Bank, IDFC First and SBI Bank between 0-2%
2. Top Movers:
By Value - Adani Enterprise, Reliance, HDFC Bank, Adani Ports, ICICI Bank, SBI Bank among the most active stocks in term of value today.
Adani Enterprise increased by 3.94% to Rs.2577.40; Total trading value Rs.3783.60 Cr.
Reliance increased by 0.74% to Rs.2556.93; Total trading value Rs.2382.93 Cr.
HDFC Bank decreases by 0.41% to Rs.1590.75; Total trading value Rs.2038.81 Cr.
Adani Ports increases by 3.24% to Rs.835.90; Total Trading Value Rs.1880.97 Cr.
ICICI Back decreases by 0.11% to Rs.950.65; Total Trading Value Rs.1260.35 Cr.
SBI Increases by 0.14% to Rs.572.25; Total trading value Rs.1045.82 Cr.
By Volume - Adani Ports, Adani Enterprise, ICICI Bank, HDFC Bank, Reliance are the top 5 Volume shockers in Nifty
Adani Ports – 22502392 Cr.
Adani Enterprise – 14679923 Cr.
ICICI Back – 13257508 Cr.
HDFC Bank – 12816683 Cr.
RELIANCE – 9319989 Cr.
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Top Gainers for the day -
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Top Gainers in market on 18 August 2023
Top Loser for the day -
Top Loser in market on 18 August 2023
?Top News Actions -
?Market Sentiments -
"The mounting influence of weak global cues hindered the domestic market's ability to recoup, resulting in sustained selling pressure. The release of Fed minutes unveiled a divided stance among its members regarding the necessity of additional rate hikes, contrasting the previously anticipated rate pause. Concurrently, the Indian rupee experienced a decline due to the dollar index surpassing 103.5; however, likely intervention from the RBI offered a degree of support. Moreover, the escalation of US bond yields is expected to limit the influx of foreign investments into the Indian market, further impacting market dynamics."~?Vinod Nair, Head of Research at Geojit Financial Services
Outlook for Tomorrow
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty witnessed yet another weak day of trade. It closed in the negative down ~55 points. On the daily charts, we can observe that the Nifty has closed decisively below the 40-day moving average (19358) which is a sign of weakness. Because of the fall in the last couple of trading sessions, the Nifty has also closed in the negative for the fourth consecutive week and the weekly momentum indicator has also triggered a negative crossover which indicates that weakness is setting in on a higher time frame. The lower top lower-bottom formation is still intact and hence the downtrend is intact. On the downside we expect the Nifty to target levels of 19100.
Bank Nifty has continued with its losing streak and closed in the negative for the seventh consecutive trading session. It has reached the 20-week moving average (43800) and hence the fall may not be severe from current levels. The trend is still negative however, oversold and we can observe divergence on the hourly charts however it needs to be confirmed by the price. Until the Bank Nifty trades below 44000, we can expect the weakness to continue. On the downside, it can slip towards 43500.
Amol Athawale, Vice President - Technical Research, Kotak Securities
World equity markets, including India, are under the grip of a sharp rise in US bond yields which has led to currency depreciation in China and other emerging markets. This has prompted investors to park their funds in safe haven dollar securities by exiting risky equity assets. The consolidation phase in local markets could continue for some more time as worries over further interest rate hikes in the US and other key economies coupled with higher inflation and slowing growth in China would curb appetite for equity as an asset class in the near term. A sharp fall in tech-heavy NASDAQ triggered a sell-off in domestic IT stocks, while other sectors too came under selling pressure due to weak global cues.
Technically, on daily and intraday charts, the Nifty is holding a lower top formation and on weekly charts it has formed a small bearish candle, which is largely negative. However, on the lower side it is consistently taking support near the 50-day SMA or 19250/64750 (Simple Moving Average). A fresh sell off could be seen only after the dismissal of the 50 day SMA or 19250 level, below which the index could slip till 19200-19100. On the flip side, 19400 would act as a key resistance level for the bulls and above the same, the index could rise till 19450-19500. In the case of Bank Nifty, weak sentiment is likely to continue till the time the index is trading below 44100. Below which, it could slip till 43500 – 43200. On the flip side, above 44100 it could move up till 44400-44600.
Disclaimer: The information provided in this report is for informational purposes only and does not constitute financial advice. Learn Briller shall not be held responsible for any trading decisions based on the information herein. Always consult with a qualified financial advisor before making any investment decisions.
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Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
1 年Well said ?? ?? .