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The Nifty 50 ended the week with an increase of 0.88%. The Nifty 50 index managed to break its 5 weeks losing streak. Auto, midcap, IT, and specialty chemical stocks remained in focus throughout the week. Shifting our focus to the broader economic picture, India's PMI (Purchasing Managers' Index) data for August 2023 reached a 3-month high, led by strong demand and production. Among the major indices, only Nifty IT and Nifty Pharma ended August 2023 on a positive note.
Scroll down to understand more of such market news and perspectives for the week gone by in easily understandable charts.
The Nifty Midcap 100 Index has been making record highs. The chart below shows the top 5 gainers and losers of the Nifty Midcap 100 Index in the last 1 year.
India’s Manufacturing PMI which has now been above 50 for 26th consecutive months hit a 3-Month high in August’23.
PERSISTENT gave a triple top breakout from the 5100-5300 zones on the daily chart. Short covering at 5300 Strike drove further rally.
HINDCOPPER broke its major resistance of 160 levels on the daily chart with spike in volumes and Long Buildup in Future Open Interest (OI) data.
TVSMOTOR gave an ascending triangle breakout on the daily chart. The price gave a follow up move post breakout and looks poised for a fresh rally.
Image Source: @StatistaCharts (Twitter)
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