(Based on Market Closing on Monday, August 20, 2024 )
In the last trading session, the Nifty closed at 24572.65, up 31.50 points or 0.13 percent. The positive trend will continue if the Nifty remains above the intraday support 24525.
In the last trading session, the Nifty opened on a positive bias at 24636.30 and tested the intraday high
of 24638.80. But the index failed to continue the momentum and it gradually fell and hit the intraday
low of 24522.90 before closing at 24572.65. The biggest sector gainers were the metal, PSU bank, media,
and IT, while the losers were auto, bank, and financial services. The market breadth was positive with
1858 stocks rising,731 falling, and 84 remaining unchanged. The top gainers in the Nifty index were
HINDALCO, BPCL, SHRIRAMFIN, and TATASTEEL, while the major losers included M&M, INDUSINDBK,
BAJAJ-AUTO and AXISBANK.
Neutral trend
Technically, the momentum indicators signal a neutral trend but the Nifty remains above the short-term
and long-term moving averages. The index formed a black candle on the daily chart but closed above the
previous day's close. This pattern indicates the possibility of continuing the uptrend. On the lower side,
the index has intraday support at the 24525 level. If the index remains above this level, the bullish trend
will continue in the coming days. The nearest intraday resistance is at 24600 levels.
Intraday Levels: Support - 24525, 24450, 24375 Resistance - 24600, 24675-24750 (15-Minute Charts)
Positional Trading: Short-term support - 24475 -23900 Resistance - 25100- 25600.
Bank Nifty:
In the preceding trading session, Bank Nifty closed at 50368.35 registering a loss of 148.55 points. From
a technical point of view, the momentum indicators suggest a downward trend but the index remains
above its short-term moving averages. However, the index formed a black candle on the daily chart and
closed below the previous day's close. This pattern indicates the possibility of a consolidation. On the
lower side, the index has intraday support at the 50300 level, while the support is at 50500. A further
downtrend can be expected today if the index moves below the 50300 level. For a pullback rally, the
index needs to move above 50500.
Intraday support levels
For intraday traders, the support levels are at 50500, 50100, and 49900, while resistance levels can be
identified at 50500,50700, and 50900 as indicated by the 15-minute charts.
Positional traders should monitor short-term support levels at 49600-48200, with resistance at 51000 -
52500.