 "Market Today: Global cues, Saraswati Saree listing in focus; GIFT Nifty up")
Stock market trading guide today, August 20: Domestic benchmark indices -- Sensex and Nifty -- are likely to begin the session higher, indicate GIFT Nifty futures.
At around 7:01 AM, GIFT Nifty futures were up 62.75 points at 24,658.5.
The trend follows a positive close on Wall Street overnight, where the Nasdaq Composite added 1.4 per cent, S&P500 0.9 per cent, and Dow Jones Industrial Average 0.6 per cent.
In Asia, Japan's Nikkei 225 gained 1.60 per cent, while the broad based Topix was up 0.95 per cent.
South Korea's Kospi was 0.77 per cent higher, and the small-cap Kosdaq rose 0.92 per cent.
Here is how analysts view today's (August 20) trading session:
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities:
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Nifty is currently placed at the hurdle of the upper area of the previous down gap of August 5 at 24685 levels. The short-term trend of Nifty continues to be positive. Having placed at the key overhead resistance around 24700, there is a possibility of some more consolidation or minor dip in the next one or two sessions, before showing another round of upside breakout. Immediate support is at 24400 levels.
Shrikant Chouhan, Head of Equity Research, Kotak Securities
We are of the view that the larger market texture is still on the positive side but a fresh uptrend rally is possible only after dismissal of 24650/80725 Above which the market could move up till 24725-24775/81000-81200. On the flip side below 24520/80330, the intraday selling pressure is likely to accelerate. Below the same, it could retest the level of 24450-24400/80000-79800.
Rupak De, Senior Technical Analyst, LKP Securities:
On the higher end, the Nifty might move higher, with resistances placed at 24,750-24,800.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
We believe that Nifty is in the process of filling the gap area. On the upside, 24650 – 24700 is the immediate hurdle zone while 24390 – 24350 is the immediate support zone. Overall, we expect a range bound movement in the Nifty within the range 24800 – 24200 from a short-term perspective.
While talking about Nifty Bank, Gedai said: The Nifty Bank has been weaker as compared to Nifty and has been lagging in the retracement process. The daily as well as the hourly momentum indicator has a positive crossover which indicates that this correction should be bought into. Thus, a positive upmove is due in the case of Nifty Bank as well and we are expecting levels of 51000 – 51500 from a short-term perspective. on the downside, 50240 – 50200 is the crucial support zone.
FII, DII update: How much did FIIs, DIIs bought and sold on August 19?
As per NSE data, on Monday, August 19, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 2,667.46 crore.
On the other hand, the DII's were net buyers of equities worth Rs 1,802.92 crore.
IPO listing today: Saraswati Saree Depot
Shares of Saraswati Saree Depot will list at the bourses today.
Ahead of the listing, the unlisted shares of Saraswati Saree Depot IPO, which closed for subscription on Wednesday, August 14, 2024, continue to command a strong premium in the grey market ahead of their listing, indicating solid listing gains for investors.
According to several websites that track grey market activities, the shares of Saraswati Saree Depot are commanding a grey market premium (GMP) of around Rs 46, translating to approximately a 29 per cent gain over the upper end of the IPO price.
A quick glance at Indian shares on Monday:
After the stellar performance on Friday, Nifty took a breather on Monday with range-bound action and closed the day higher by 31 points. After opening on a positive note, the market could not sustain the opening gains and slipped into minor weakness from the highs in the early part of the session. It shifted into a narrow range movement for the mid to later part and closed the day with choppy movement.