NIFTY PREDICTION FOR TOMORROW 27 AUG 2021

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Markets remained range bound for yet another session and ended almost unchanged. After the flat start, the benchmark hovered in a narrow band till the end however movement due to the scheduled monthly derivatives expiry kept the participants busy. Among the key indices, the Nifty index ended on a flat note at 16637 levels. The broader markets outperformed wherein both Midcap and Smallcap ended marginally higher. On the sectoral front, a mixed trend was witnessed wherein metal and auto ended with losses whereas capital goods, consumer goods and realty ended with gains.

The rotational buying in select index majors across sectors is helping the index to maintain the positive bias and inch higher. However, the momentum is still missing due to the continuous underperformance of the banking index. Considering the scenario, we reiterate our view to restrict naked leveraged positions and prefer index majors over others. ex closed flat for the second consecutive day at 16637 and formed a Doji sort of candle pattern for the second consecutive session. The index has formed a strong hurdle zone around 16650 and until index wont cross above said level we may see capping to northward move and we may also see a profit booking towards the 16,700 zone, which is strong base on the downside where traders can initiate fresh long keeping stop out level below 16550 zone on a closing basis. If manage to break above 16750 we may see a quick move towards 17k mark.

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Resistance: 16650, 16750, 16850

Support: 16550, 16450, 16350