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After a weak open, domestic stocks rose on Wednesday, led by
a rally in bank stocks. The BSE benchmark Sensex rose 213 points to close at
65433, while the Nifty climbed 43 points, to end the session at 19439. An
upcoming key trigger for the rupee is the landing of the Chandrayaan-3 missions
on the moon, which is expected to lead to further FPI inflows. The expected
successful landing, scheduled for around 6 p.m. on Aug. 23, 2023, could further
add to the rupee's positive momentum.
The Nifty continues to trade in the broader 19350 and 19475 range. On the daily time frame, the Nifty Index oscillated between the limits
set by the 21-day EMA (Exponential Moving Average) at 19475 and the 50-day EMA
at 19285. Looking ahead, the Nifty is likely to maintain this range bound move
as long as it stays within these set thresholds. A clear break above 19500
could potentially trigger a rally towards higher levels
Resistance: 19500, 19600, 19700
Support: 19400, 19300, 19200
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