Share market today: Gap-up seen on Fed Sept rate cut hope;Jackson Hole eyed

Share market today: Sensex and Nifty are likely to edge higher amid positive global cues. Check out Nifty levels and key triggers for trade

Stock market today: The Indian share market is expected to open in the positive territory. At around 7:04 AM, GIFT Nifty futures were up 88.3 points at 24,884.

US markets, on Wednesday, finished higher after a summary of the Federal Reserve’s policy meeting last month reinforced hope for lower rates in the near term. The S&P 500 gained 0.42 per cent, while the Nasdaq Composite advanced 0.57 per cent. The Dow Jones Industrial Average rose 0.14 per cent.

Likewise, Asia-Pacific markets also edged higher on Thursday, as investors await flash business activity data from Australia, Japan, and India throughout the trading day.

 

At the last count, Nikkei was up 0.86 percent, Kospi rose 0.13 per cent ASX 100 was up 0.29 per cent. Meanwhile, Hang Seng was unchanged and Shanghai was flat with a negative bias.

Nandish Shah - Deputy Vice President, Retail Research, HDFC Securities

The short term trend of Nifty continues to be positive with range bound action. The market is now set to challenge another opening down gap resistance of August 2 around 24960. Hence, one may expect Nifty to move towards 24960 and 25100 levels in the next one week. Immediate support is placed at 24650 levels.

Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One Ltd

From a technical standpoint, Nifty is steadily approaching the critical resistance of the bearish gap situated around 24850-24950, which would be crucial to monitor given the current momentum. On the flip side, a gradual upshift in the support base is evident, with 24650-24600 likely to provide a cushion for any potential setbacks, while the sacrosanct support lies around the pivotal zone of 24500.

The undertone seems buoyant, with action across the broader market; hence, maintaining exclusivity is advisable for outperformance. Meanwhile, a close tab is required on the Nifty Bank index, as its participation would play a crucial role in setting up momentum in the market.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Negative divergence is developing on the momentum indicator so the uptrend could be slow and might encounter intraday pullbacks. In terms of levels, 24550 – 24500 shall act as a crucial support zone, and on the upside 24900 – 24960 shall act as an immediate hurdle from short-term perspective.

While talking about Nifty Bank, Gedai said: It witnessed an intraday dip on Wednesday towards the crucial support zone 50350 - 50300 and witnessed buying interest. So, until this zone is not breached a rally could take it to levels of 51000 – 51500 in the short term. A stop loss of 50300 should be maintained for the long positions.

FII, DII update: How much did FIIs, and DIIs buy and sell on August 21?

As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 799.74 crore. 

On the other hand, the DII's were net buyers of equities worth Rs 3,097.45 crore.

BSE SME IPOs to open today: Rapid Mutlimodal Logistics, Resourceful Automobile in focus

Rapid Mutlimodal Logistics' initial public offer (IPO) is worth Rs 8.49 crore and consists of a fresh issue of 1,011,200 equity shares with a face value of Rs 10. The issue will conclude on Tuesday, August 27.

Resourceful Automobile's IPO will open for bidding today and will close on Monday, August 26.  The IPO is worth Rs 11.99 crore with a fresh issue of 10.25 lakh shares.

Here's how Indian markets fare on Wednesday:

Domestic benchmark indices on August 21 ended with small gains led by consumer stocks, while a drop in financials weighed on benchmark indexes. The NSE Nifty 50 index rose 0.29 per cent to 24,770.2, and the S&P BSE Sensex added 0.13 per cent to 80,905.3.