Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
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Below the Quote on Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
Indian markets extended their winning streak for the third consecutive session on August 22, driven by broad-based buying across sectors, with the exception of IT and power. The BSE Sensex climbed 147.89 points or 0.18 percent to close at 81,053.19, while the Nifty gained 41.30 points or 0.17 percent to settle at 24,811.50.
As investors look ahead, all eyes are on key economic indicators from the US, including unemployment claims, existing home sales, and PMI data. These will be crucial in gauging the Federal Reserve's next steps, with Fed Chair Jerome Powell's upcoming speech at Jackson Hole expected to provide further insights into the timing of potential rate cuts.
Nifty opened with a gap up, consolidating throughout the day before closing with a gain of 41.30 points. On the daily chart, Nifty formed a bearish candle near the resistance level of 24,855 but managed to close above 24,800, suggesting that the bullish trend is likely to persist. If the index closes above the 24,900 level, it could potentially surge to a new all-time high above 25,000. On the downside, 24,600 acts as an immediate support level. The RSI is trending upward near the 60.46 level, further indicating bullish momentum in the market.
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