Daily Markets Wrap - Aug 23, 2023 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty overcame early volatility to end higher for the third session on August 23. At close, Nifty was up 0.25% or 47.6 points at 19444. Volumes on the NSE was higher than the previous two days. Broad market indices rose more than the Nifty even as the advance decline ratio remained firm at 1.47:1.

Global markets were trading mixed Wednesday ahead of Federal Reserve Chair Jerome Powell's highly anticipated speech later in the week at Jackson Hole. Investors also awaited results from tech darling Nvidia later to see if the sector's lofty valuations still look justified. Survey data showed German and euro area business activity slumped in August.

Nifty formed a high wave type candle and made a higher high compared to the previous session. It could now stay in the 19320-19483 band for the near term and a breach on the upside could take the Nifty to 19558.