Day trading guide for August 29, 2023: Intraday supports, resistances for Nifty50 stocks

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Stock to buy today: Federal Bank (₹144.05)

The short-term outlook is bullish for Federal Bank. The stock has begun the week on a strong note by rising over 2 per cent on Monday confirms resumption of the broader uptrend in place since April 2020. Strong support is now in the ₹140-138 region.

Asia stocks gain on US equities rise, eyes on economic data

Asian stock markets saw an increase as a result of the upward movement in US equities. Traders are in anticipation of a series of economic data that will be released in the coming days, as these figures are expected to provide insights into the potential direction of global central bank policies.

At the start of the trading session, stock prices in Japan, South Korea, and Australia all registered slight gains. Additionally, the futures for Hong Kong equities indicated a positive trend. In the US, the futures market showed stabilization, a response to the S&P 500 achieving its first consecutive back-to-back gains for the month of August.

Wall Street closes higher ahead of crucial inflation and jobs data

Wall Street ended higher on Monday, with gains in 3M and Goldman Sachs ahead of key inflation and jobs data this week that will offer more clues on the Federal Reserve’s interest rate path.

All three major stock indexes rose as investors digested last Friday’s comments from Fed Chair Jerome Powell that the U.S. central bank may need to raise interest rates further to ensure inflation is contained.

Focus now shifts to a report on the personal consumption expenditures price index, the Fed’s preferred inflation gauge, to be released on Thursday, and non-farm payrolls data due on Friday.

The S&P 500 climbed 0.63% to end the session at 4,433.31 points.The Nasdaq gained 0.84% to 13,705.13 points, while Dow Jones Industrial Average rose 0.62% to 34,559.98 points. – Reuters