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Markets for the day
August 09, 2024
Nifty has not shown follow-up buying, but it is holding on to the previous lows. For the Index to move higher, it needs to surpass the 22400 level. As long as the Index stays below this level, there are two possibilities: sideways movement and a slightly negative trend. The support level below is 23,934. The RSI reading is still not below 30, indicating that the selling pressure may not be over yet.
On the other hand, Banknifty has been completely flat in the last two trading sessions. If broken, 50760 and 49660 are two crucial levels that will determine the direction. The RSI has confirmed oversold conditions, suggesting that there is little selling in the banking sector, provided external factors remain unchanged. Currently, BN offers buying and selling opportunities at supports and resistances, with the Index remaining sideways for four consecutive days.
StreetView: Stay conservative on trading volume and wait until a clear trend emerges.
Tip: Always adhere to stop losses for better risk management regardless of the outcome.
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