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The market ended its two-day losing streak as risk sentiment improved despite ongoing economic concerns in China and a dovish Fed stance. Nifty closed higher on Aug. 21, helped by buying in metals, energy and IT stocks. At the close, Nifty was up 83 points to 19393. Volumes on the NSE fell sharply compared to the recent average. Foreign Portfolio Investors (FPIs) were watched as covering their short positions last Friday (18th August), taking the FPIs' long-short ratio to 42.04% from 39.46% on 17th August . Broad market indices rose more than the Nifty, despite the advance-drop ratio rising to 1.51:1. Technically, Nifty could continue the sharp recovery once it surpasses the 19537 level. On the other hand, if Nifty falls below the 19251 level, bears will become active.The index has formed a morning star candlestick pattern on the daily chart. This bullish reversal pattern formation around the 50-day exponential moving average (DEMA) at 19270 and the 50% Fibonacci retracement at 19323, drawn from the June 26th low of 18647 to the July 20th high of 19992 to give an impression of this I hope for bulls in the coming days. The 19275 level on the downside will serve as strong support for Nifty, while a close above today's high of 19450 may result in the creation of new long positions. On an intraday basis, Bank Nifty broke the key resistance level of 44000 to close at 44002, up 151 points. Short covering was seen at 43700 and 44000 strikes, leading to a sharp rise in the index today. Bank Nifty has been consolidating in the 43800 to 44200 range for the past five trading sessions. A decisive breakout on either side of the range may provide clues on the future direction of Bank Nifty.
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