Nifty Strategy for Aug 24 | Sensex Trades Positive, PSU Banks Outperform

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  • 24 Aug 2023

The benchmark indices continued their range-bound movement on Wednesday, with the Nifty closing up by 48 points and the Sensex up by 213 points.

Among sectors, the PSU Bank index outperformed, rising over 1.70%, while the energy and FMCG indices saw intraday profit-booking at higher levels.

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

Today, Indian markets are trading on a positive note with the Sensex trading up by 138 points.

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

Nifty Technical Analysis:

Technically, the market found support near 19350 levels and bounced back sharply after the initial intraday selloff.

However, it faced resistance at the key level of 19500. Currently, the index is undergoing positive consolidation.

For day traders, 19400 will serve as a trend-deciding level. Above this level, the index could bounce up to 19480-19530, where it faces resistance from the highest point of the previous week and the 20-day SMA.

The uptrend might continue further, taking the index towards 19535.

On the other hand, if the index drops below 19400, it may retest 19350-19315 levels.

Trading Strategy for Nifty:

For the Nifty, traders should monitor the 19400 level as a trend-decider.

Look for long positions if the index breaks above this level, targeting 19480-19530 levels.

On the downside, consider short positions if it falls below this level, aiming for a retest of 19350-19315 levels.

Bank Nifty Analysis:

As long as the Bank Nifty remains above 44200, it has the potential to move towards 45000 levels, with minor resistance at 44750.

In the Bank Nifty, watch the 44200 level. Buy positions could be considered if the index sustains above this level, targeting 45000 levels with caution around 44750.

Nifty IT Index:

The Nifty IT index is lagging behind the broader market movements. If it crosses the 31300 level, it could turn bullish.

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Please keep in mind that market conditions can change rapidly, and it's essential to stay informed and implement proper risk management while making trading decisions.

Stay tuned for more market updates!

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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