Share market today: Jackson Hole, FII buying, Orient Tech IPO last day

Stock market today, August 23, 2024: Foreign Institutional Investors (FII) buy over Rs 1,300 crore, Orient Technologies IPO to close today and other key things to consider while trading on Friday

Stock market today: The Indian share market is expected to open subdued amid weakness in global stocks. At around 7:00 AM, GIFT Nifty futures were flat with negative at 24,835.5.

US markets, on Thursday, ended lower. The S&P 500 lost 0.89 per cent, while the Nasdaq Composite fell 1.67 per cent. The Dow Jones Industrial Average slipped 0.43 per cent. 

Likewise, Asia-Pacific markets also edged lower. At the last count, Nikkei was flat with negative bias, Kospi was down 0.33 per cent, and ASX 100 was down 0.34 per cent. Meanwhile, Hang Seng was down 0.68 per cent and Shanghai was unchanged. 

 

Market participants will keep track of comments from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium, and Bank of Japan (BOJ) Governor Kazuo Ueda's comment in the Parliament on rate hike done last month.

Here is a trading guide for August 23:

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

On the technical front, the benchmark index is now close to the bearish gap on the daily time frame, situated around 24850-24950, presenting a potential challenge for the bulls. On the lower end, there has been a gradual upshift in the support base; for now, 24700-24650 is likely to cushion any upcoming blips, while the sacrosanct support lies around the 24600-24500 zone.

Going forward, we maintain an optimistic approach in the market with broader participation. Also, the closure of Nifty Bank above 20 DEMA after a long haul could be seen as a positive development as it might help contribute to the ongoing trend for the benchmark. In the interim, it is advisable to maintain a focus on a stock-centric approach, implement proper risk management strategies, and consistently secure profits at opportune times.

Chandan Taparia, Senior VP, Equity Derivatives & Technicals, Broking & Distribution, MOFSL
 

Nifty witnessed a decent recovery in the last two weeks and the index is set to scale new lifetime highs. It formed a bullish candle on the weekly scale but a bearish candle on the daily scale as it closed lower than its opening zones. Now it has to continue to hold above 24700 zones to extend the move towards 25000 and 25100 zones whereas supports are placed at 24700 then 24550 zones.

We have seen a decline in volatility with the surge in Put Call Ratio which indicates that overall bullish bias could continue in the market. VIX has recently declined from 23 to 13 zones and lower volatility suggests an overall bullish stance in the market.

Rupak De, Senior Technical Analyst, LKP Securities
 

The index has been sustained above the critical near-term moving average. Sentiment may continue to favour the bulls as long as it remains above 24,650. On the other hand, the current rise might extend towards 25,000 in the near term.

FII, DII update: How much did FIIs, and DIIs buy or sold on August 22?

As per NSE data, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 1,371.79 crore. 

Likewise, the DII's were net buyers of equities worth Rs 2,971.8 crore.

IPO watch: Orient Technologies, QVC Exports, Ideal Technoplast Industries IPO to close today

Main Board IPO: 

Orient Technologies IPO's-- which will be listed on NSE and BSE soon-- subscription window will close today. The grey market price (GMP) today is Rs 70, suggesting a listing gain of 34 per cent. 

NSE SME IPOs: 

QVC Exports Limited's initial public offer (IPO) subscription window worth Rs 24.07 crore will close today. The IPO has been subscribed 20.04 times, on day 2, so far.

Ideal Technoplast Industries Limited's IPO will close for bidding today. The IPO is worth Rs 16.03 crore with a fresh issue of 13.25 lakh shares.

Here's how Indian markets fare on Thursday:

Domestic equity indices Sensex and Nifty advanced on Thursday, tracking global peers, after minutes of the US Federal Reserve's latest policy meeting signalled a rate cut as early as next month. The NSE Nifty 50 index rose 0.17 per cent at 24,811.5. The S&P BSE Sensex added 0.18 per cent to 81,053.19.