NIFTY PREDICTION SUPPORT & RESISTENCE 4 SEP TO 8 SEP 2023

WEEKLY RESISTANCE FOR NIFTY: 19500, 19700, 19900

PIVOT POINT: 19400

WEEKLY SUPPORT FOR NIFTY:  19300, 19100, 18900

WEEKLY CHART FOR NIFTY

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Asian markets showed excitement in the morning, leading to a positive start to our markets on August 28, 2023, although not to the same extent. Prices gradually moved higher throughout the day, but as Nifty approached key intraday levels in the second half, some restraint was clearly visible. As a result, some of the gains were pared away, ending the day slightly in the green above 19300. On August 29, 2023, major market indices started the day on a positive note, but the overall market did not gain much traction as the benchmark Nifty index remained within a narrow intraday range of around 50 to 70 points. Finally, prices rose slightly by 0.19% to close just below 19350. On August 30, 2023, US stock markets performed well overnight and this positive trend was also seen in Asian markets in the morning. Our markets then started the day with a gap-up opening. However, there was no follow-up buying on the initial gains and Nifty stayed in a very tight range for most of the day. This was followed by profit booking in the penultimate hour, which expanded towards the end and wiped out the morning's gains. Nifty finally ended flat, slightly below the 19350 mark, without much change. On the month expiry day, August 31, 2023, Nifty started with a slightly positive trend. However, as the day progressed, prices gradually declined and any attempts at an intraday rally were met with selling pressure. There was some recovery from the bulls towards the end of the session, but ultimately prices closed with a decline of 0.48%, just above the 19250 level. Domestic equities drove impressive growth in India's GDP and core sector output in the first quarter . Upstream oil companies were in the spotlight as Brent crude rose to a one-month high on tighter U.S. inventories and Russia signaled it would curb oil exports. Nifty reversed the August 31 decline and closed higher on September 1. Nifty rose 0.94% or 181 points to 19435. Volumes on the NSE were higher than the recent average. Broad market indices rose less than the Nifty even as the advance-drop ratio remained stable at 1.69:1.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Nifty has started the September series on a bullish note, as the index has moved above the 21EMA for the first time in several days. This suggests the potential for a bullish reversal. Additionally, the index has broken out of a falling channel, further indicating increasing bullish sentiment. Looking at the higher end of the spectrum, there is now a resistance level at 19550 points. If the Nifty manages to breach this resistance, it could signal a continuation of the uptrend. On the lower end, there is strong support at 19350 points.

 TECHNICALLY SPEAKING

Technically, the Nifty has formed a double bottom formation on both the daily and intraday charts, indicating a strong possibility of a renewed uptrend rally from current levels. Additionally, a long bullish candle on the daily chart also supports a further uptrend from the current level. For bulls, 19350 would now act as an untouchable support zone. Above this value, the index could rise to 19600. However, below 19400, the uptrend would be vulnerable and the index could slip to 19300-19200. Nifty formed a near Engulfing bull pattern on Sept 01. On weekly charts it rose 0.88% following the inverted hammer pattern formed in the previous week. It could now head towards 19600 while 19225 could offer support.