Market guide: Nifty may consolidate; Fed minutes, Orient Tech IPO eyed

Stock market guide for today, August 21: Here is all you need to know about Indian stock markets today, key IPO listing, Nifty tech levels and more

Stock market today, Wednesday, August 21: Domestic benchmark indices -- Sensex and Nifty -- are likely to begin the session flat with a negative bias, tracking global markets. At around 7:10 AM, GIFT Nifty futures were down 11 points at 24,696 level.

Meanwhile, market participants await the release of the minutes of the US Federal Reserve's last policy meeting. Besides, they also await keynote speech from the US Fed Chief Jerome Powell later in the week.

In Asia-Pacific, markets were trading lower Wednesday morning with Hang Seng down 1 per cent, Nikkei down 0.84 per cent, ASX200 0.4 per cent, and Kospi 0.2 per cent.

 

The weakness follows a dip in Wall Street as both the S&P 500 and Nasdaq Composite snapped their eight-day winning streaks. The S&P 500 fell by 0.2 per cent overnight, while the Nasdaq Composite dropped 0.33 per cent. The Dow Jones Industrial Average slipped by 0.15 per cent.

Here is how analysts view today's (August 21) trading session:

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

Short-term trend remains bullish for the Nifty and existing longs can be held with the stop loss of 24500 levels. On the higher side, 24851-24950 is likely to act as a resistance.

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

Looking ahead, Nifty is likely to encounter resistance around the subzone 24800-24850, after which another set of bearish gap is situated. On the downside, the pivotal zone 24600-24500 is anticipated to act as a support level for any short-term decline, followed by the 20-day EMA positioned around 24400.

We maintain a positive outlook and view potential market downturns towards the specified support levels as favourable for bullish sentiment.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty has reached the zone of 24650- 24830 where the 61.82 per cent and 78.6 per cent Fibonacci retracement levels are placed. So the upmove might face resistance hereon. On the downside, support is placed at 24500. Divergent signals between daily and hourly momentum indicators are likely to result in a rangebound price action. The range of consolidation is likely to be 24200 – 24800.

While talking about Nifty Bank, Gedai said: The Nifty Bank has broken out from a falling channel and is now contributing to the upmove extending towards 51500 – 51900 levels. A stop loss of 50300 should be maintained for the long positions.

FII, DII update: How much did FIIs, DIIs bought and sold on August 20?

As per NSE data, on Tuesday, August 20, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 1,457.96 crore.

On the other hand, the DII's were net buyers of equities worth Rs 2,252.10 crore.

IPO Market Update : Orient Technologies issue opens, Broach Lifecare Hospital listing today

Orient Technologies' Rs 214.76 crore IPO will open for subscription on Wednesday, August 21. The issue will close of August 23, 2024. Orient Technologies has fixed the issue's price band at Rs 195 to Rs 206 per share.  

Meanwhile, shares of Broach Lifecare Hospital Limited IPO will list on the BSE today in the SME category. Many websites that track grey market said Broach Lifecare Hospital IPO GMP or grey market premium was Rs 0, which meant shares were trading at their issue price of Rs 25 with no premium or discount in the grey market.

A quick glance at Indian shares on Tuesday:

Domestic benchmark indices on August 20, continued positive momentum. Nifty finished 126 points higher while the Sensex was up by 378 points. Among sectors, banking and financial stocks registered buying interest whereas intraday profit booking was seen in select FMCG and media stocks.