Market may start positive today

23 Aug 2023 , 08:47 AM

On the NSE IX, the GIFT Nifty exhibited a gain of 44 points or 0.23%, reaching 19,358.50. This suggests a positive opening for Dalal Street on Wednesday.

Although Nifty concluded the day with a neutral performance, a small bearish candle with a minor upper shadow emerged on the daily chart. From a technical perspective, this market behavior signifies a period of range-bound movement at higher levels.

The BSE benchmark Sensex recorded a marginal uptick of 4 points, equivalent to 0.01%, concluding at 65,220. Meanwhile, the NSE Nifty saw a slight increase of 3 points or 0.01%, settling at 19,396 on Tuesday.

Asian shares maintained narrow ranges on Wednesday as investors remained in anticipation of results from tech giant Nvidia, which would determine if the high valuations in the tech sector can endure an increase in bond yields. Meanwhile, persistently bleak factory data from Japan continued to impact sentiment, leaving it somewhat fragile.