Nifty Strategy for August 29 | Sensex Up 61 Points, Jio Financial Services Top Gainer

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  • 29 Aug 2023

On Monday, the benchmark indices witnessed buying at lower levels, with the Nifty closing up by 35 points and the Sensex up by 110 points.

Pharma and realty indices gained around 1% each, while select FMCG and digital stocks saw intraday profit-booking.

Today, the Indian markets are trading on a positive note with the Sensex trading higher by 61 points at the time of writing, while the Nifty is trading 48 points higher.

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:

Technically, after a slow start, the index managed to overcome the intraday resistance of 19350. However, due to profit-booking at higher levels, it failed to fill the bearish gap left on August 25.

The market is currently within a trading range, and a close above 19370 is needed for further upside momentum.

For day traders, the positive sentiment is likely to persist as long as the index sustains above 19220. Above this level, a pullback rally towards 19400-19450 could be anticipated.

On the flip side, selling pressure may intensify if the index drops below 19220, potentially leading the market to slide further towards 19100-19000.

Trading Strategy for Nifty:

For the Nifty, cautious optimism is advised.

Traders should monitor the support level around 19220 and look for opportunities to participate in the potential pullback rally towards 19400-19450 levels, as long as the support level holds.

Bank Nifty Analysis:

The Bank Nifty exhibited strength, but its acceleration was hampered by the broader market weakness. Above 44500, the index could encounter resistance at 44750 and 45000 levels.

Conversely, if it falls below 44200, it might slide further towards 44000 or 43800 levels.

So, resistance around 44500 should be watched, and any potential downside should be managed with the support levels in mind.

To learn effective trading strategies, check out our 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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