The market did not maintain the robust intraday uptrend and worn out all morning beneficial properties to shut under the 19,400 ranges on the Nifty50 on August 24, the weekly F&O expiry day. In truth, bears crammed your entire optimistic opening hole. This implies that bulls won’t get sufficient power except the Nifty50 closes and sustains above the 19,500 mark. Until then, the index could stay within the 19,250-19,600 vary in close to time period, consultants stated.

The Nifty50 dropped 57 factors to 19,387, and shaped the lengthy, bearish candlestick sample on the day by day charts. The BSE Sensex was down 181 factors at 65,252, whereas we have now seen the blended development in broader markets. The Nifty Midcap 100 index was up 0.24 p.c and Smallcap 100 index fell 0.35 p.c.

The Financial institution Nifty additionally closed off the day’s excessive, rising simply 17 factors to 44,496 after shedding over 400 factors from an intraday excessive. The Nifty IT gained power, up 188 factors at 31,112.

Shares that fared higher than the broader markets included GMR Airports Infrastructure, JK Paper, and Tata Energy Firm. GMR Airports Infrastructure ended at a multi-year excessive of Rs 64.90 on the NSE, up 9.4 p.c and shaped a strong bullish candlestick sample on the day by day charts, with a multi-fold leap in volumes. The inventory sustained the uptrend for the fourth straight session, buying and selling above all key transferring averages.

JK Paper returned to the excessive of Could, rising 4.4 p.c to Rs 380, and shaped an extended bullish candlestick sample on the day by day scale with robust volumes for one more session. The inventory has decisively damaged the downward sloping resistance trendline adjoining highs of December 21, 2022 and August 17, 2023.

Tata Energy Firm gained 1.7 p.c to Rs 249.75 on the NSE, the best closing stage since April 22, 2022. The inventory has shaped a bullish candlestick sample with lengthy higher shadow on the day by day timeframe, indicating profit-booking at larger ranges. It traded within the inexperienced throughout the week with robust volumes on all 4 days.

Here is what Shrikant Chouhan of Kotak Securities recommends buyers ought to do with these shares when the market resumes buying and selling immediately:

GMR Airports Infrastructure

On Thursday, the inventory opened with a optimistic word and held the optimistic momentum all through the day. On this quarter to this point, the inventory rallied practically 50 p.c. The short-term texture of the inventory is bullish however resulting from temporary-overbought situations, we might see some revenue reserving at larger ranges.

For the development following merchants now, Rs 61.50 could be the development decider stage. Above the identical, the inventory might transfer up until Rs 70-72. On the flip aspect, under Rs 61.50, merchants could favor to exit from the buying and selling lengthy positions.

JK Paper

Technically, on day by day charts, the inventory has shaped lengthy bullish candle and after a very long time, it succeeded to shut above 200-day SMA (easy transferring common) which is essentially optimistic.

As well as, on day by day charts, it has shaped larger backside formation that additionally helps uptrend. For the positional merchants, Rs 362 could be the sacrosanct help stage.

If it manages to commerce above the identical then we are able to count on uptrend continuation wave as much as Rs 400-410 within the medium time period.

Tata Energy Firm

On this week, the inventory rallied over 8 p.c. On day by day and weekly charts, the inventory has shaped breakout formation, which helps additional uptrend from the present ranges. Technically, the short-term texture of the inventory is optimistic aspect however resulting from short-term overbought scenario, we might see rangebound exercise within the close to future.

Therefore, shopping for on dips and promote on rallies could be the best technique for the short-term merchants. Rs 245 and Rs 240 could be the important thing help zone. So long as the inventory is buying and selling above the identical, the uptrend wave is prone to proceed. Above which, it might transfer as much as Rs 255-260.

On the opposite aspect, under Rs 240, uptrend could be weak.

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