Market Commentary for 18.08.2023:
The NIFTY index closed at 19310.15, showing a downward movement from its previous session. Throughout the trading day, the NIFTY reached a high of 19374 and a low of 19254. The market extended its losses and closed in the red, indicating that the NIFTY struggled to overcome even minor resistance levels. This suggests that bullish sentiment might not be strong enough to drive the NIFTY to higher levels.
Projected Levels for 21.08.2023:
As of the next trading session on 21.08.2023, the NIFTY is approaching a zone of strong support, which is situated between the levels of 19230 and 19260. These support levels could potentially halt further downward movement and attract buying interest from investors looking for value at these levels.
On the upside, there are resistance levels to watch at 19450 and 19529. These levels could pose challenges for the NIFTY's upward movement, requiring substantial buying interest to overcome them. A bullish confirmation signal might be generated if the NIFTY manages to breach and sustain itself above the level of 19623. This would indicate a more convincing shift in sentiment toward the bullish side.
As always, it's essential to consider multiple factors such as economic indicators, global events, and market trends when interpreting market movements and making trading decisions. The levels provided are based on technical analysis, but they should be used in conjunction with a broader understanding of the market landscape.
The NIFTY index closed at 19310.15, showing a downward movement from its previous session. Throughout the trading day, the NIFTY reached a high of 19374 and a low of 19254. The market extended its losses and closed in the red, indicating that the NIFTY struggled to overcome even minor resistance levels. This suggests that bullish sentiment might not be strong enough to drive the NIFTY to higher levels.
Projected Levels for 21.08.2023:
As of the next trading session on 21.08.2023, the NIFTY is approaching a zone of strong support, which is situated between the levels of 19230 and 19260. These support levels could potentially halt further downward movement and attract buying interest from investors looking for value at these levels.
On the upside, there are resistance levels to watch at 19450 and 19529. These levels could pose challenges for the NIFTY's upward movement, requiring substantial buying interest to overcome them. A bullish confirmation signal might be generated if the NIFTY manages to breach and sustain itself above the level of 19623. This would indicate a more convincing shift in sentiment toward the bullish side.
As always, it's essential to consider multiple factors such as economic indicators, global events, and market trends when interpreting market movements and making trading decisions. The levels provided are based on technical analysis, but they should be used in conjunction with a broader understanding of the market landscape.