Make this your homepage
Business News
Home > Business News
Nifty ends higher for the third session
Nifty ends higher for the third session

New Delhi, Aug 23 : Nifty overcame early volatility to end higher for the third session on Wednesday. At close, Nifty was up 0.25 per cent or 47.6 points at 19,444, while the Sensex rose 213 points to settle at 65,433.30.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "Bulls kept the momentum going for the third straight session, as buoyancy across the global markets boosted sentiment. The rally was led by IT stocks, which had come under relentless selling in the recent sell-offs. While the change in mood has come as a major relief, the optimism may remain for a few more sessions before the market turns volatile amid concerns slowing global economy due to rate hikes and continuing foreign fund outflows. Currently, the market is trading near its important resistance level and the texture of the chart suggests there is a strong possibility of a quick intraday correction from the current levels. For day traders, 15,900 and 15,925 would act as immediate resistance levels. Below the same, the correction wave is likely to continue till 15750-15700. On the flip side, above 15925 breakout, the index could move up to 16000. Contra traders can take a long bet near 15700 with a strict support stop loss of 15660."

Capital goods and IT stocks were the top sectoral gainers with their BSE indices ending 574 pts and 567 points higher, respectively.

Add your Comment
Comments (0)

Special Articles

Sanjay Majumder Sanjay Majumder
Anirban Mitra Anirban Mitra