The past week was a trimmed one but still, plenty of actions took place in the Indian stock market. On August 20th, Nifty50 stabled at 16450.50 but today did a gap opening.
If we look at the benchmark weekly close, then one must be thinking that not much damage took place despite all the global uncertainties. I am sorry sir, but you are absolutely wrong. Â
Closely observing depicts the actual scenario of the stocks. Other than FMCG and the IT sector, mostly individual stocks reflect a brutal knock.
Looking into the weekly chart, Nifty now unveils a shooting star candle. Moreover, says our traders to maintain some silence if the lowest candle breaches on a closing basis.
Last week, Bank Nifty was on a negative note and concluded at 35062.95. Moreover, continues for the coming week.
Nifty Futures
Nifty50 has support at 16340 while resistance at 16580.
For now, we will trade within a range. If the level breaches and surpasses the support zone of 16340 then we may see downside levels between 16180—16140.
Furthermore, if Nifty closes beyond 16340 then we may anticipate a further downside rally in the next couple of days.
Fresh buying we will do above 16580 levels.
Bank Nifty Futures
On the contrary, a negative trend endures in bank Nifty for today. Moreover, likely to continue for the next couple of days.
Bank Nifty has a crucial support zone that lies in the range of 34800—34100.
Traders are advised to buy Bank Nifty around 34500 thereby maintaining a strict stop loss below 34000 on a closing basis.
Furthermore, If Bank Nifty settles below 34000 levels then only we will anticipate more downside fall in it.
Else, Bank Nifty has major resistance at 35620
More upside rally we will see on a close above 35620 levels only.
Nestle bumps and accomplishes our target
Balkrishna Industries…Seems Positive
Buy above 2300 with a stop loss below 2200.
Target looks 2450.