Indian equity indices ended positively, with Nifty 50 at 25,052.35 on August 28. Nifty 50 opened on a flat note and then hit a new all-time high of 25129.60. In the second half of the session, profit booking emerged, though the Nifty 50 closed 35 points up. The Nifty has been rallying continuously for the last nine trading sessions on the daily charts.
The sectoral rotation caused the bullish move, helping Nifty 50 stay elevated. Nifty 50 has formed a doji candle, indicating consolidation. The uptrend can continue, and if it dips towards 24920 – 24850, where the key hourly moving averages are placed, it is likely to act as a crucial support zone. On the upside, 25200 – 25250 is the immediate hurdle zone.
Nifty 50 showed confusion at higher levels. The index closed flat with wicks on both the upper and lower sides, indicating a lot of indecisiveness. Two consecutive doji-like candles highlight this following the latest rally on the daily timeframe.
On 28 August 2024, the top gainers on the Nifty 50 were Wipro LTI, Mindtree, and Divis Laboratories; the top losers were Adani Enterprises, Asian Paints and Nestle. Indian equities began the session on a flat note. Still, the influence of the Pharmaceutical and IT sectors increased the index, hitting a new high of 25,130. However, profit-taking in the last session lowered the Index, settling at 25,052.35 with a profit of 34.60 points.
This post was last modified on Aug 28, 2024, 16:07 BST 16:07