Market Roundup : Nifty has crossed and closed above key short term resistance levels Says Mr. Siddhartha Khemka, Motilal Oswal Financial Services
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Daily market commentary By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities filled its previous day gap, witnessing strong rally ahead of festivity. Nifty opened positive and made strong northbound movement throughout the session to close near day’s high with gains of 446 points (+2.6%) at 17,759. Broader market too ended in green with Nifty Midcap 100 up 2% and Nifty Smallcap 100 up 1.3%. All sectorial indices ended in positive territory with Banking, Financial Services, and Realty being top performer up more than 3% each.
Global markets saw a rebound after a sharp fall yesterday. However, fears around interest rate hikes and energy crisis in Europe kept the gains capped. Chinese authorities pledged to setup stimulus measures to boost demand in the second half of the year also supported sentiments.
Massive short covering as well as value buying at lower levels helped indices recoup all the losses post the Jackson Hole event. Nifty made smart gains on the last trading session of August to close at record monthly closing of 17759 as against the previous monthly closing high of 17671 in Oct’21. With this, Nifty managed to increase 3.5% in Aug’22 despite a record rise of 8.7% in July’22. This shows the inherent strength in the domestic markets amidst weak global cues. Strong outperformance by Mid and Smallcaps continued with gains of 6%/5% in Aug’22.
Nifty has crossed and closed above key short term resistance levels. If it manages to sustain the positivity going forward, we could see momentum towards 18,000-18,200 zones while support levels have moved higher to 17500-17450. Markets will remain closed on Wednesday on account of Ganesh Chaturthi. Investors would look for cues from India Q1FY23 due on Wednesday and manufacturing PMI data on Thursday.
Above views are of the author and not of the website kindly read disclaimer
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