GIFT Nifty Indicates Positive Opening; Brent Crude Drops Below $80/Barrel

By: MarketSmith India
 
BENGALURU, India - Aug. 19, 2024 - PRLog -- Global Stock Markets: Dow 30, -0.2%; S&P500, -0.2%; NASDAQ, -0.2%; Nikkei, -0.1%; Kospi, -0.3%; Shanghai, +0.5%.

In a holiday-shortened week, Nifty started on a flat note, closing 0.1% higher on Monday. It found support at the 50-DMA. On Tuesday, it trended lower and formed a bearish candle. In the subsequent session, Nifty attempted to move lower but again found support at its 50-DMA. Markets were closed on Thursday due to a public holiday. On Friday, the index gapped up, managed to sustain gains, and closed 1.6% higher, recovering all the losses for the week. Currently, it is trading above its 21-DMA. On the sectoral front, it was a mixed bag. Nifty PSU Bank and Media were the top losers, down 7.3% and 2%, respectively. On the other hand, Nifty IT and Auto gained 4.7% and 1%, respectively.

In June, Nifty crossed its previous high (23,339) and made an all-time high. Hence, we upgraded the market status to a Confirmed Uptrend. Midcap and Smallcap indices are also trading near their new highs. Overall, the market breadth has improved. Leading stocks across many sectors are making good progress. The current distribution day count (https://marketsmithindia.com/mstool/learning.jsp#/msiLear...) is one, as one expired last week. We may downgrade the status to an Uptrend Under Pressure if the distribution day count increases and Nifty breaches its key support level.

Key News:

-Crude oil dips below $80 per barrel.

-Gold hits an all-time high near $2,500 per ounce.

-Windfall tax on crude cut to Rs 2,100 from Rs 4,600 per tonne.

-Cabinet approved Metro Rail Projects worth Rs 32,000 crore.

Ambuja Cements completes acquisition of Penna Cement.

To continue reading, Subscribe here (https://marketsmithindia.com/mstool/landing.jsp#/signup)

What do you think? Please email (mailto:marketsmithindia@williamoneilindia.com?Subject=GIFT%20Nifty%20Indicates%20Positive%20Opening;%20Brent%20Crude%20Drops%20Below%20$80/Barrel) us any questions or comments.

Contact
Marketsmith India
***@williamoneilindia.com
End
Source:MarketSmith India
Email:***@williamoneilindia.com Email Verified
Tags:Growth Stocks
Industry:Stocks
Location:Bengaluru - Karnataka - India
Subject:Reports
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
William O'Neil India News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share