Market Action for the day

Market Action for the day

The market closed at more than six-month high on August 28, the first day of September series, as bulls remained in a strong position, backed by banking & financials and liquidity boost.

The BSE Sensex climbed 353.84 points to 39,467.31, while the Nifty50 rallied 88.30 points to 11,647.60, the highest level since February 26, 2020, and formed a bullish candle on the daily as well as weekly charts. The index gained 2.43 percent for the week.

According to pivot charts, the key support levels for the Nifty is placed at 11,596, followed by 11,544.4. If the index moves up, the key resistance levels to watch out for are 11,692.6 and 11,737.6.

The Bank Nifty smartly outperformed the Nifty50, rising 923.45 points or 3.91 percent to 24,523.80 majorly driven by PSU banks. The important pivot level, which will act as crucial support for the index, is placed at 23,878.06, followed by 23,232.33. On the upside, key resistance levels are placed at 24,890.66 and 25,257.53.

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