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Indian Market Strategy for 8th Sept. | Sensex Up 272 Points; 19,650 Crucial Nifty Level

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  • 08 Sep 2023

Yesterday, the Nifty surged by 116 points, and the Sensex experienced a robust 385-point rally, affirming the bullish trend in the benchmark indices.

Notably, buying interest was observed in banking, finance, realty, and media stocks. Conversely, some pharma and selective FMCG stocks underwent intraday profit booking.

Today, Indian share markets are trading on a firm note with the Sensex trading higher by 272 points at the time of writing, while the Nifty is trading 67 points higher.

NTPC and Tata Motors are the top gainers from the Sensex, while Tech Mahindra and ITC are the top losers.

Check out this short video for detailed market update: Market Ready by Kotak Securities

Here’s a rundown of today’s expected market movements…

Nifty Technical Analysis:

From a technical standpoint, the index initially encountered resistance around the 19650/66000 level.

However, it displayed remarkable strength by surpassing this barrier, thus intensifying the positive momentum.

On the intraday chart, bullish candles adorned the daily chart, accompanied by higher bottom formations, all supporting a further uptrend from the current levels.

Trading Strategy for Nifty:

In the event that the index maintains its current trajectory and remains above 19650, the potential exists for a rally towards 19775-19800/66500-66600.

In an optimistic scenario, it may even retest the previous high, reaching levels of 19950-19990.

Conversely, should the index dip below 19600/65900, a correction could extend to the 19500 level.

For those looking to buy on dips, our recommended strategy is to consider purchasing Nifty if it corrects to the 19650-19600 range, with a prudent stop loss set at 19480.

For a detailed market analysis and strategy, check out the recent Stocks & Strategy webinar hosted by our Head of Research, Mr. Shrikant Chouhan. Click Here to watch the full video.

Bank Nifty Analysis:

Regarding Bank Nifty, the immediate resistance zone is anticipated at 45000 and 45100, while the earlier resistance zone of 44700-44750 is expected to act as a support.

We recommend a strategy of buying the index if it corrects to the 44750-44700 levels.

To learn effective trading strategies, check out our expert-led courses by clicking HERE.

As always, market conditions can shift unexpectedly, so staying informed and implementing proper risk management is essential while making trading decisions.

See you tomorrow!

Kotak Securities

Disclaimer: The information provided in this article is based on technical analysis and does not constitute financial advice. Traders should exercise their own judgement and consult with financial professionals before making any investment decisions.

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