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The benchmark indices ended a highly volatile session on Aug.
16 with a positive Nifty reading of around 19450. To finish, the Sensex was up
137 points to 65539 and the Nifty was up 30 points, to 19465. While volatility remained the ongoing theme,
markets rallied in late trade on buying in IT, property and energy stocks,
although metals came under pressure on fears that slowing demand in China could
hurt sentiment going forward. Despite the recovery, markets are likely to be
affected by choppy trends in the near term on concerns that higher inflation in
both the domestic and global economy could delay the end of the rate hike cycle
and slow growth further. Markets showed resilience in the face of weak global
signals, ending just in the green. After the initial downtrend, Nifty gradually
rose throughout the day, recouping all the loss to close at the 19465 level.
Meanwhile, a mixed trend on the sector front kept traders on their toes, with
real estate, autos and pharmaceuticals attracting buying interest while metals
and banks remained subdued. The broader indices also posted a similar trend as
the smallcap index managed to gain over half a percent while the midcap index
ended flat. Recent move shows struggle around 19450 at Nifty and weak global
clues could weigh on sentiment going forward. In the event of a recovery, the
19525-19625 zone would be difficult to breach. We therefore reiterate our view
to monitor positions and continue to focus on risk management.
Resistance: 19500, 19700, 19900
Support: 19400, 19200, 19000
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