On August 11, Nifty again opened in green but botched to grip on to the momentum, which thereby closes flat. From the past three to four sessions, the Indian Stock Market is opening on a positive note, then move up but random profit booking is taking the Index near its support levels.
Furthermore, if we look into yesterday’s final count on Dalal Street, then the Sensex concluded with a dip of 28 points and stood at 54,525. On the contrary, Nifty50 ended with a rise of 2 points and came at 16,282.
Bank Nifty opened in green but concluded in red down by 227.70 points and stood at 35806.40.
Moving to the sectoral front, a clear buying pressure was visible on metals, energy, power, and oil & gas stocks. On the contrary, healthcare, banks, finance, and consumer stocks were on the selling side.
India VIX was up by 0.10 percent which took the levels from 12.70 to 12.71.
Nifty futures
Again a range-bound trading session in Nifty and Bank Nifty.
Bank Nifty is in selling pressure while Nifty took to support and bounced back from lower levels.
Nifty futures has support at 16180 and resistance at 16400.
Decisive break and close below 16180 will take it to 16050—15900 and that level will be the good buying opportunity in it.
Or else the rally remains to continue. More and more upside rally we will see on a close above 16400 levels only.
On the other hand, Bank Nifty has support at 35650 and resistance at 36050—-36400.
Decisive break and sustain above 36050 will take it to 36250—36400.
More and more upside rallies we will see on a close above 36400 levels.
Or else it could test its support level of 35650 again.
Who will save Bank Nifty below 35650 levels???
Be cautious and trade safely for the day.
Trendy - Bharat Forge
Any sharp decline till 775—770 will be the best voting opportunity in it.
Maintain stop loss below 745 on a closing basis.
Target looks 805— 820+++ in the next 4—5 trading session.