The market rebounded and recouped last week’s losses with the Nifty gaining six-tenth of a percent on August 17 backed by auto, FMCG, IT, metals, and private banks stocks.
The Sensex closed at 38,050.78, up 173.44 points, and the Nifty climbed 68.70 points to 11,247.1. On the daily technical chart, the index has formed a Doji kind of indecisive formation, which can also be viewed as an Inside Bar due to trading inside the previous session’s trading range.
The bounce back after August 14 sharp downtick indicated that the market could see another bout of upside, amid volatility, in the coming session. But if the index breaks the previous week’s high decisively, then there could be a sharp rally.
Nifty – According to pivot charts, the key support level for the Nifty is placed at 11,172.03, followed by 11,096.97. If the index moves up, the key resistance levels to watch out for are 11,294.63 and 11,342.17.
Nifty Bank – The Bank Nifty closed at 21,700.80, up 21.40 points. The important pivot level, which will act as crucial support for the index, is placed at 21,432.87, followed by 21,164.93. On the upside, key resistance levels are placed at 21,939.07 and 22,177.34.
Stocks to watch for the day
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