Market Commentary for 16.08.2023 and Nifty levels for 17.08.2023
Market Commentary for 16.08.2023:
The Nifty index displayed a mixed trading session on 16th August 2023. The day's closing at 19465 reflects a relatively stable performance. The market experienced a fluctuating trend with the highest point reaching 19483 and the lowest point dipping to 19317.
Of notable significance is the fact that the Nifty managed to close above its initial resistance level of 19452. This is a positive signal, as it suggests a potential shift in sentiment. The level of 19452, previously acting as resistance, has now transformed into a minor support level. This could indicate a strengthening of the market's foundation around this mark.
However, it's crucial to observe that the next resistance level stands at 19590. A breach above this level might indicate a further bullish momentum in the market. For a more confident confirmation of the bullish trend, market participants would be keeping a close eye on the level of 19625. Until this level is surpassed, the prevailing trend may still lean towards selling near resistance points during upward movements.
Nifty Levels for 17.08.2023:
Support 1 (Minor Support): 19452
Support 2: 19230
Resistance 1: 19590
Resistance 2: 19625 (Critical level for confirming a bullish trend)
Traders and investors would be monitoring the Nifty's behavior around these levels to gain insights into the market's next potential moves. The transformation of the previous resistance into a support level is an encouraging sign, but it's essential to be cautious until the key resistance levels are overcome.
The Nifty index displayed a mixed trading session on 16th August 2023. The day's closing at 19465 reflects a relatively stable performance. The market experienced a fluctuating trend with the highest point reaching 19483 and the lowest point dipping to 19317.
Of notable significance is the fact that the Nifty managed to close above its initial resistance level of 19452. This is a positive signal, as it suggests a potential shift in sentiment. The level of 19452, previously acting as resistance, has now transformed into a minor support level. This could indicate a strengthening of the market's foundation around this mark.
However, it's crucial to observe that the next resistance level stands at 19590. A breach above this level might indicate a further bullish momentum in the market. For a more confident confirmation of the bullish trend, market participants would be keeping a close eye on the level of 19625. Until this level is surpassed, the prevailing trend may still lean towards selling near resistance points during upward movements.
Nifty Levels for 17.08.2023:
Support 1 (Minor Support): 19452
Support 2: 19230
Resistance 1: 19590
Resistance 2: 19625 (Critical level for confirming a bullish trend)
Traders and investors would be monitoring the Nifty's behavior around these levels to gain insights into the market's next potential moves. The transformation of the previous resistance into a support level is an encouraging sign, but it's essential to be cautious until the key resistance levels are overcome.