NIFTY OUTLOOK FOR 23 AUG 2023

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Nifty vacillated between gains and losses on August 22, closing almost unchanged despite supportive global markets. At the close, Nifty was 3  points to 19396. Volumes on the NSE continued to decline. Broad market indices gained 0.9-0.95%, beating the Nifty, although the advance drop ratio remained stable at 1.79:1. Global stocks extended their comeback rally on Tuesday. Asian stock markets snapped an eight-day losing streak on Tuesday, helped by a rebound in beaten-down Chinese shares. European stocks rose driven by a 1.8% jump in the tech sector on optimism surrounding the world's most valuable chipmaker Nvidia ahead of its quarterly results on Wednesday. Meanwhile in the US, benchmark 10-year yields climbed to 4.366% - their highest level since 2007 and up almost 40 bps month-to-date.The Nifty opened on the upside and enjoyed another trading day within a range. It finished slightly in the green with a gain of ~3 points. Looking at the daily charts, we can observe that the Nifty failed to break above the resistance trend line and successfully capped the rise. On the other hand, the 40-day moving average (19365) acts as the key support level and absorbs all selling pressure. Therefore, the Nifty is range bound and until the Nifty falls below the 19475-19425 zone we can expect the selling pressure to continue. We continue to maintain our negative outlook for the index. On the downside, we anticipate the Nifty targeting 19200 levels. The key support lies at 19350-19250, while the immediate hurdle lies at 19500-19550. Bank Nifty has attempted to stay above 44000 but experienced selling pressure throughout the day and closed just near the red. A pullback to major hourly moving averages in the 44000 - 44200 range provides strong resistance. Unless Bank Nifty manages to stay above the resistance zone, we can expect the selling pressure to continue. On the downside, the Nifty Bank Nifty can slip towards 43700 from a short-term perspective.

Resistance: 19450, 19550, 19650

Support: 19350, 19250, 19150