Market outlook : The Indian benchmark index continued to increase for the sixth consecutive day on August 21, but the Nifty, who came at the upper levels, did not manage to stay at the level of 25,100. Investors are now eyeing the results of American unemployment claims, manufacturing PMI figures and Jackson Hole Simposium. At the end of the trading session, the Sensex rose by 142.87 points or 0.17 percent to 82,000.71 and the Nifty closed 33.20 points or 0.13 percent to close at 25,083.75. The fastest fastest shares in the Nifty include Dr. Reddy’s Laboratories, Cipla, Bajaj Finserv, ICICI Bank, SBI Life Insurance, while, Bajaj Auto, Coal India, Power Grid Corporation, Eternal and Tata Consumer Products stayed in today’s top loses.
How can market move ahead
LKP Securities Senior Technical Analyst Metapors Day Says that the Nifty continued to trade in a limited range of 25,050-25,150 throughout the day. Voltyness was also limited in the market. The sentiment of the market remains positive. The Nifty remains above all short term moving averages. The Daily RSI is in a fast crossover and is moving upwards. There is support at 24,800 at the bottom. As long as this level remains, the purchase strategy on the fall is likely to be effective. Resistance is visible at 25,250 and 25,500 at the top.
Srikanth Chauhan, Equity Research Head of Kotak Securities Says that today, the benchmark index was seen moving in a limited range. The Nifty closed up by 33 points, while the Sensex remained 143 points. Technically, after a gap-up open, the market remained limited throughout the day. On the Daily Chart, it has created a small candle, indicating the state of indifference between the stunning and the mandis.
Srikanth Chauhan believes that the market’s over all trend is positive. But for intraday traders, the best strategy will be the best strategy for declining purchase and boom. Below, 25,000/81700 and 24,950/81500 are important support. While resistance is visible at 25,150/82300 and 25,250/82500. However, the attitude can change when going below 24,950/81500. If the Nifty falls below this level, traders can get out of the long position.
Ajit Mishra of Railways Broking Says that the market remained slow in the day of weekly expiry. The market was almost completely flat closed amid mixed signals. After a dull start, the Nifty wandered throughout the day in a limited range and closed at 25,080. The performance of various sectors was mixed, pharma, realty and financial shares increased. While FMCG, energy and auto were profitable.
Investors are eyeing developments related to GST reforms. Apart from this, the market is also eyeing the signs coming from global signals, especially Jackson Hole symposium. After clarity on Globar policies, especially the IT sector can be seen more fast. Keeping these things in mind, the positive attitude on the market remains intact. But traders are advised to find opportunities for rotational bing in different sectors. Also, avoid placing very aggressive bets in mid and small cap, focusing on select quality shares.
Nagraj Shetty of HDFC Securities It is said that on Thursday, the ups and downs in the Nifty continued to rise and it closed with a 33-point lead. Today, the Nifty failed to cross the level of 25150 and remained in a limited range to the end. A small red candle was formed after crossing the wall of the trend line downward at 25050 levels on the daily chart. Technically, this action of the market indicates the lack of a decisive upside breakout capacity. This can be seen as a short term stagnation in the market between uptrend.
The overalls of the Nifty remains intact, but the possibility of short-term consolidation or minor weakness in the next 1-2 sessions may not be ruled out in the next 1-2 sessions before moving towards the next barrier of 25300. There is immediate support at the level of 25000 for the Nifty.
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