Daily Markets Wrap - August 25, 2022 - HDFC Securities

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

Nifty fell on Aug 25, snapping a two day rise, on the monthly F&O expiry day, disregarding the mild gains in markets elsewhere. Nifty opened gap up and rose mildly in the morning. Post 1415 Hrs, a sell-off was seen in the Nifty leading it to close 0.47% or 82.5 points lower at 17522.5.

Among sectors, Realty and Consumer Durables were the main gainers while IT was the main loser. Broad market performed better than the Nifty as is evident from the positive close in Smallcap and Midcap indices and by the positive advance decline ratio.

Global stocks rose on Thursday after China announced a boost to infrastructure spending (a further 1 trillion yuan ($146 billion) of measures), Germany narrowly avoided a contraction in the second quarter (GDP up 0.1%) and as investors awaited the start of the much-anticipated Jackson Hole economic symposium of central bankers.

Nifty has formed a bearish engulfing top on daily charts and seems to have formed a lower high on short term basis. Unless the high of 17727 is breached, Nifty could witness declines/sell on rallies. A downward breach of 17345 could lead to acceleration in the fall.

Source : Equity Bulls

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