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The AGM held by Reliance was largely uneventful for the
market. The most important highlight was the succession plan. However, the
company's stock fell as there were no clear timelines for its IPOs in the
telecom and retail sectors. Currently, the market's attention is shifting to
the global scenario, which shows a certain degree of stability. Nevertheless,
ongoing uncertainties on a global level, particularly due to developments in
the US and China, continue to affect market sentiment. Nifty posted a two-day
decline and closed higher on August 28 on positive global signals. At the
close, Nifty was up 40 points to 19306.
From a technical
perspective, the Nifty Index has slipped below its 20-day and 50-day moving
averages (DMAs). This signals a near-term bearish bias. The key support levels
to monitor are 19175 and 18850. On the upside, the 19450-19575 area is turning
out to be a critical resistance zone, the break of which could pave the way for
some positive momentum. As for the Banknifty Index, it is currently striving to
maintain its 44000-44200 level. DMA around the 43800 mark. However, a significant
increase in strength would require capturing the supply zone of 44800-45000. A
drop below the 100-DMA could potentially lead to a retest of the 43200-DMA near
43000.
Resistance: 19350, 19450, 19550
Support: 19250, 19150, 19050
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