Sensex and Nifty open lower amid global market caution; track key stock moves and Powell’s speech for trading strategies today.
India’s benchmark indices opened on a cautious note today, August 22, driven mixed signals from global markets ahead of a key speech by US Federal Reserve Chair Jerome Powell. The Sensex started the session at 81,882.87, down 0.16%, while the Nifty opened at 25,047.00, lower by 0.5%. The Nifty Bank began trade at 55,599, slipping 0.28%.
“Nifty looks set for a pause after six straight sessions of gains, with caution the theme as Fed minutes flagged near-term inflation risks and Trump’s proposed 50% tariffs loom on 27 August. While key supports lie at 24,763 and 24,621, resistance is placed at 25,250 and 25,670, suggesting scope for mild profit-booking. Ahead of Powell’s Jackson Hole speech on 22 August, traders may stay nimble 0- lightening up on strength – with selective opportunities seen in Cipla, Dr. Reddy’s, and HDFC Bank, while Angel One signals a breakdown,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Let’s take a look at the key factors to watch out for today’s trading session
Early leaders and laggards
In early trade, select heavyweight stocks pulled the market in opposite directions. On the gaining side, Tata Motors, BEL, Bharti Airtel and Titan were among the notable performers.
However, losses in Bajaj Finserv, Asian Paints, Maruti, ICICI Bank, and TCS weighed on the benchmarks. This push-and-pull across sectors kept overall market sentiment muted.
Asia-Pacific markets
Asian equities painted a mixed picture as investors awaited Powell’s remarks at the Jackson Hole symposium, which could provide clarity on the Fed’s future rate path. South Korea’s Kospi rose 1.22%, while the Kosdaq gained 0.94%. In Japan, the Nikkei 225 slipped 0.1%, but the Topix advanced 0.44%.
What the charts say
Technical indicators suggest that the Nifty may face a consolidation phase after Thursday’s surge.
“Yesterday’s upswings went soft after stretching to 25,153, and within touching distance of the objectives that we had set out with last week. Directional indicators are yet to indicate enough momentum to continue pushing higher though. But besides a bit of volatility expectations, the set up is not ready for a collapse either. For now, 25,033-24,977 may continue to be used as the downside marker,” said Anand James, Chief Market Strategist at Geojit Investments.
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