Home Uncategorized Back Today’s stock market predictions for the Nifty, Sensex, and Bank Nifty...

Back Today’s stock market predictions for the Nifty, Sensex, and Bank Nifty on August 17

92
0
stock market

Amidst weak global cues, there’s a possibility of a slow start for Indian equity indices on Thursday.

The Gift Nifty’s movements also indicate a negative start for the Indian benchmark index. Gift Nifty was trading around the 19,400 level as compared to the previous close of 19,466 for Nifty futures.

On Wednesday, Nifty ended the volatile session with a gain of 30 points at 19,465, witnessing an intraday recovery from the lows.

Support was seen around the 19,300 level, where buying emerged during the day. The index formed a small positive candle on the daily chart with minor upper and lower shadows.

“Technically, this pattern indicates a side-by-side bull candle pattern, though the pattern placement is not ideal. Hence, a minor bounce can be expected from here, but the sustainability of this bounce could be a big question for the market,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

The descending triangle chart pattern on the lower top and lower bottom side is intact. He mentioned that after the formation of a new lower bottom at 19257 on Monday, the possibility of another lower top for Nifty in the short term remains higher.

Also Read: A Look at the Surprising Sale of Sundar Pichai’s Chennai Home to a Kollywood Actor

Nifty
The short-term outlook for Nifty has weakened, as it ended below the crucial short-term moving average of the 21-day EMA in Wednesday’s session.

“The Relative Strength Index (RSI) shows a bearish crossover, adding to the pessimistic sentiment. Weakness will persist until it holds below the level of 19,521, where the 21 EMA is placed. On the downside, the initial support level is positioned at 19,250,” said Rupak De, Senior Technical Analyst at LKP Securities.

Bank Nifty
Bank Nifty remained under selling pressure and ended 145 points lower at 43,946.

“Bank Nifty index recently found support at an important level, the 100-day Moving Average (DMA), which is placed at 43,600. The ability to sustain above this level depends on experiencing a pullback rally in the index, based on the conclusion of 100 DMA. Immediate hurdle for the index is around 44,000. A breach above this level can be considered for further upside towards the levels of 44,300 or 44,500,” said Kunal Shah, Senior Technical and Derivative Analyst at LKP Securities.

LEAVE A REPLY

Please enter your comment!
Please enter your name here