Market Commentary

Daily Markets Wrap - Aug 28, 2023 - HDFC Securities

Posted On : 2023-08-28 19:45:59( TIMEZONE : IST )

Daily Markets Wrap - Aug 28, 2023 - HDFC Securities

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

Nifty snapped a two day fall and ended higher on Aug 28 aided by positive global cues. At close, Nifty was up 0.21% or 40.3 points at 19306.1. Volumes on the NSE were lower than the recent average. Broad market indices rose more than the Nifty even as the advance decline ratio stayed above 1:1.

World shares mostly rallied on Monday tracking gains on Friday in the US, after China announced measures to support its ailing markets, but Western markets remained cautious ahead of European and U.S. economic data expected later in the week due to determine central bankers' next steps. Beijing on Sunday announced it would halve the stamp duty on stock trading in the latest attempt to boost the struggling market and followed steps to support housing. China's securities regulator also approved the launch of 37 retail funds.

Nifty formed a doji on Aug 28 forming a sideways move which has little predictive value. The high low bar of the Nifty for Aug 28, has made a higher top, higher bottom compared to the previous day. Nifty could remain in the 19230-19472 band for the near term.

Source : Equity Bulls


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