RailTel Soars on Work Order, Nykaa Rallies After Block Deal, Bajaj Auto Gains EV Market Share

Written by - Fisdom Research

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August 23, 2024 3 minutes

Indian markets overview:

Indian indices closed slightly higher in a rangebound session on August 23, as investors stayed cautious ahead of Fed Chair Powell’s speech at Jackson Hole tonight, which is expected to provide insights on the timing, size, and pace of interest rate cuts in the US.
Sector-wise, the auto index gained 1 percent, while the metal, realty, media, PSU bank, and IT sectors declined by 0.5-2.5 percent.
The BSE Midcap index fell by 0.6 percent, while the smallcap index remained flat.

The benchmark index ended the week up just over 1%, forming a bullish candle near its all-time high. On the 25-minute chart, the index is trading near the upper band of a channel.
The RSI (14) has crossed 55, and the index closed above the 10 and 20-day moving averages, signaling renewed upward momentum. The MACD remains above the polarity, suggesting a potential reversal.
The short-term outlook is negative to sideways, with support at 24,600 and 24,500, and resistance at 24,800 and 24,900.

The Banking Index stayed above the tweezer bottom formation, closing just above 50,900 and gaining nearly 1% for the week.
On the weekly chart, it formed a small bullish candlestick near the falling trend line. The index has resumed its short-term uptrend, closing above the key DEMA, and also finished above the 10, 20, and 50-day moving averages after a one-month pullback.
The RSI (14) found support on the weekly rising trend line, remaining above 55, while the daily MACD shows a positive crossover. Resistance is at 51,000 and 51,300, with support at 50,500 and 50,200.

Shares of RailTel Corporation of India jumped nearly 6 percent after the company received a work order worth Rs 52.66 crore from the Uttar Pradesh Police Recruitment and Promotion Board.

Around 4.09 crore shares, representing a 1.43 percent stake in FSN E-Commerce, Nykaa’s parent company, were traded in a block deal on August 23, likely involving pre-IPO investor Harindarpal Singh Banga as the seller. Following the block deal, shares of the beauty and personal care platform surged nearly 8 percent.

Bajaj Auto shares jumped nearly 5 percent after the company gained market share in the two-wheeler EV segment, while newly listed Ola Electric experienced a decline.