Stock Market News : On August 21, the Indian stock market saw modest gains in a session characterized by cautious trading. Investors were on edge as they awaited the release of the US PMI data and Fed Chair Jerome Powell’s upcoming speech at the Jackson Hole Symposium, which could provide insights into potential rate cuts.
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Stock Market News : Marginal Gains for Sensex and Nifty
The BSE Sensex closed 102.44 points higher, or 0.13%, at 80,905.30, while the Nifty gained 71.37 points, or 0.29%, to end at 24,770.20.
Top Gainers and Losers: Mixed Performance Across Sectors
- Top Gainers: Divi’s Labs, Titan Company, SBI Life Insurance, Cipla, and Grasim Industries emerged as the top gainers on the Nifty.
- Top Losers: Tech Mahindra, UltraTech Cement, Tata Steel, Power Grid Corp, and HDFC Bank were among the biggest losers.
Sectoral Highlights: Realty Slips, Defensive Sectors Lead Gains
- Realty Sector: The Realty index fell by 1.3%, making it the biggest loser among the sectors.
- Banking Sector: The Bank index dipped slightly by 0.2%.
- Gaining Sectors: FMCG, pharma, metal, telecom, and media sectors all posted gains ranging from 0.5% to 1%.
Midcap and Smallcap Performance: Smallcaps Outshine
The BSE midcap index rose by 0.4%, while the smallcap index outperformed the broader market with a gain of nearly 1%.
Technical Analysis: Nifty’s Late Surge and Future Projections
Jatin Gedia’s Analysis: According to Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, the Nifty opened flat and consolidated throughout the day, with a late surge helping it close higher. The index seems to be heading towards the 24,830 – 24,900 zone, with crucial support at 24,550 – 24,500 and resistance at 24,900 – 24,960.
Bank Nifty Analysis: Support Holds, Potential Rally Ahead
Bank Nifty Outlook: The Bank Nifty experienced an intraday dip but found buying interest at the crucial support zone of 50,350 – 50,300. As long as this support holds, a rally could push the index to levels between 51,000 and 51,500. A stop-loss at 50,300 is recommended for long positions.
Market Sentiment: Positive Momentum Continues with Caution
Nagaraj Shetti’s Insights: Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted that the market maintained its positive momentum with range-bound action, closing higher by 71 points. A positive candle on the daily chart indicates that the Nifty has surpassed previous resistance levels and could challenge the next resistance at 24,960 – 25,100 in the coming week. Immediate support is seen at 24,650.
FAQs
1. What caused the Indian stock market to end with marginal gains on August 21?
The market ended with marginal gains due to cautious trading as investors awaited key economic data from the US and Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium, which could provide insights into potential rate cuts.
2. Which indices saw gains on August 21, 2024?
The BSE Sensex gained 102.44 points (0.13%) to close at 80,905.30, and the Nifty rose by 71.37 points (0.29%) to close at 24,770.20.
3. Which stocks were the top gainers on the Nifty?
The top gainers on the Nifty were Divi’s Labs, Titan Company, SBI Life Insurance, Cipla, and Grasim Industries.
4. Which sectors performed the best on August 21, 2024?
The FMCG, pharma, metal, telecom, and media sectors performed the best, each posting gains between 0.5% and 1%.
5. Which sector was the biggest loser on August 21, 2024?
The Realty sector was the biggest loser, with its index falling by 1.3%.
6. How did midcap and smallcap stocks perform?
The BSE midcap index rose by 0.4%, while the smallcap index outperformed with nearly a 1% gain.
7. What is the short-term outlook for the Nifty according to analysts?
Analysts expect the Nifty to move towards the 24,830 – 24,900 zone, with crucial support at 24,550 – 24,500 and resistance at 24,900 – 24,960 in the short term.
8. What is the current outlook for the Bank Nifty?
The Bank Nifty is expected to rally towards 51,000 – 51,500 as long as it maintains support at the 50,350 – 50,300 level. A stop-loss of 50,300 is recommended for long positions.
9. What technical indicators suggest about Nifty’s movement?
A positive candle on the daily chart and the breaking of key resistance levels suggest that Nifty could move towards 24,960 – 25,100 in the coming week.
10. What are the immediate support and resistance levels for the Nifty?
The immediate support for Nifty is at 24,650, while resistance is expected around 24,960 – 25,100 in the near term.