WEEKLY RESISTANCE FOR
NIFTY: 19200, 19400, 19600
PIVOT POINT: 19000
WEEKLY SUPPORT FOR NIFTY: 18800,
18600, 18400
WEEKLY
CHART FOR NIFTY
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On August 21, 2023, the market put an end to its two-day
losing streak as improved risk sentiment prevailed, despite ongoing economic
concerns in China and a dovish stance from the Federal Reserve (Fed). Nifty
experienced an upward trend on this day, primarily driven by buying activity in
the metals, energy, and IT sectors. By the closing bell, Nifty had gained 83
points, reaching a value of 19393.However, on August 22, Nifty's performance
was characterized by fluctuations between gains and losses. Even though global
markets provided support, Nifty closed nearly unchanged, merely 3 points higher
at 19396. During this period, trading volumes on the NSE continued to
decline.The subsequent day, August 23, saw domestic stocks rebounding after a
weak start, led by a rally in bank stocks. The BSE benchmark Sensex
demonstrated a rise of 213 points, concluding the session at 65433.
Simultaneously, the Nifty also recorded a climb of 43 points, settling at
19439. A crucial upcoming factor affecting the Indian rupee is the anticipated
landing of the Chandrayaan-3 mission on the moon. This event is expected to
prompt additional Foreign Portfolio Investor (FPI) inflows. The successful
landing, scheduled around 6 p.m. on August 23, 2023, could further contribute
to positive momentum for the rupee. On 24 august conversely, the Nifty 50 index
experienced a decline of 57 points, closing at 19386, while the Sensex faced a
setback of 180 points, ending at 6525. On the other hand, the Bank Nifty index
managed a modest gain of 17 points, closing at 44496. On Friday 25 august
Benchmark indices ended lower on August 25 with Nifty around 19,250 amid
selling across the sectors.At close, the Sensex was down 365.83 points or 0.56
percent at 64,886.51, and the Nifty was down 120.90 points or 0.62 percent at
19,265.80. About 1446 shares advanced, 2079 shares declined, and 110 shares
unchanged.
NIFTY:
STRONG SUPPORT& STRONG RESISTANCE LEVEL
On Friday, Nifty breached the crucial support of the
short-term moving average, specifically the 50 EMA, signaling a negative
sentiment. Our focus now shifts to 19,100 as the upcoming support level.
Despite this, the sectoral landscape is expected to maintain a mixed trend,
providing trading opportunities on both bullish and bearish sides. It's advised
to strategize your trades accordingly.
TECHNICALLY SPEAKING
The Nifty began the day with a gap down opening, followed by a day of volatile price fluctuations. Ultimately, it concluded with a negative close, down approximately 120 points. Analyzing the daily charts, the selling pressure that was evident in the previous trading session persisted today as well. Notably, the index reached the 38.2% Fibonacci retracement level at 19,245, a significant level to monitor closely.Looking at the weekly charts, the Nifty has recorded five consecutive weeks of negative closure, underscoring a lack of buying interest. This trend is reinforced by the negative crossovers observed in the weekly, daily, and hourly momentum indicators, signaling a sell pattern. Consequently, both price and momentum indicators align to suggest a continuation of the ongoing descent.In summary, our negative perspective on the index remains intact with a target set at 19,100. Crucial support levels are established at 19,200 – 19,180, while an immediate hurdle is positioned at 19,360 – 19,400.Shifting to the Bank Nifty, the attempted pullback rally has faltered within the 44,900 – 45,000 range, encountering resistance characterized by the 50% Fibonacci retracement level. Discordant signals from the daily and hourly momentum indicators imply an impending consolidation phase. This consolidation is likely to span between 44,800 and 43,900.
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