August 13th becomes a memorable day for the Indian stock market. Moreover, Nifty made a fresh all-time high which stood at 16500. Whereas Sensex rises and hits the level of 55000.
Furthermore, the last week traded day was a dreamy day where we saw both Nifty and Sensex rising 1.8 and more than 2 percent respectively.
Earlier, Foreign Institutional Investors were continuously selling their positions but now changed their mind. Consequently, shifted and have twisted into net buyers. On the contrary, Domestic Institutional Investors are on buying side.
If we converse about the early afternoon session, Bank Nifty opened in red and trading near the opening tick.
Nifty Future
Nifty50 has support at 16430 whereas resistance at 16575
If the rally continues and breaks 16575 then the levels may bounce up and trade around 16625—16660
It is recommendable to make a fresh selling below 16430 levels
A clear positive momentum is visible thereby maintain a strong PCR which is 1.60
Intraday traders should control their sentiments and not rush towards aggressive selling.
Long-term investors should behave calmly and hold their positions. On the contrary, short-term investors should go for profit booking.
Bank Nifty
Furthermore, in the early afternoon session, Bank Nifty is trading in a very tight range.
Bank nifty has support at 36000 while resistance at 36400.
It seems that Bank Nifty is hiding a long build-up pattern but thereby moving sideways.
Be watchful traders. Trade within a limited range.