Nifty Strategy for August 23 | Sensex Ends Flat, NTPC and M&M Top Gainers

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  • 23 Aug 2023

On Tuesday, the benchmark indices witnessed range-bound movement, with the Nifty closing up by 3 points and the Sensex closing up by 4 points.

Intraday profit booking was observed at higher levels in select PSU banking and pharma stocks.

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, the market is currently experiencing non-directional movement at higher levels.

It's consistently encountering resistance near 19,450 and finding support near 19,350-19,300 levels.

For a fresh bullish trend to emerge, the index needs to reject above 19,450, allowing it to rise towards 19,500-19,525.

Conversely, rejection of 19,300 could increase selling pressure, leading the market to slide further towards 19,250-19,100.

Based on the momentum oscillator, the market is showing signs of becoming trendless in the short term, which may result in sharp moves to both sides.

Trading Strategy for Nifty:

For the Nifty, traders should be cautious of the resistance near 19450 and support around 19350-19300 levels.

Consider long positions if the index rejects above the resistance level, with targets around 19500-19525 levels.

On the downside, watch for a potential slide if the support levels are breached.

Bank Nifty Analysis:

Support for the Bank Nifty lies at 43750-43650. As long as the index doesn't break the 43600 level, it has the potential to bounce back from lower levels anytime.

In the Bank Nifty, look for buying opportunities if it bounces back from the support levels of 43750-43650, keeping a close watch on the 43600 level.

Nifty IT Index:

The Nifty IT index may continue to spend more time between 30500 and 31300 levels.

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

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.

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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