Nifty Strategy for 2nd August | Sensex Down Over 200 Points, Tata Steel Top Loser
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- Updated 04 Oct 2023
On Tuesday, the benchmark indices showed limited activity, with the Nifty closing 20 points lower and the Sensex down by 68 points.
The IT and Digital sectors rallied by over 1%, while the Realty index fell by over 1.5%.
Looking at the daily chart, a small bearish candle has formed, indicating uncertainty between the bulls and bears.
Check out this short video for detailed market update: Market Ready by Kotak Securities
Today, Indian share markets are trading on a negative note.
At the time of writing, the BSE Sensex is trading lower by 260 points. Meanwhile, the NSE Nifty is trading down by 78 points.
Among stocks, ONGC and Coal India are the top gainers from the Sensex, while Tata Steel and Hindalco are the top losers.
Here’s a rundown of today’s expected market movements…
Nifty Technical Analysis:
Our analysis suggests that the market may retest the levels of 19600-19560 if it falls below 19700.
A new uptrend rally can only occur if 19800 is dismissed. If this happens, the index might rally up to 19840-19875.
Trading Strategy for Nifty:
For the Nifty, watch the key support level of 19700.
Consider short positions if the index falls below this level with targets around 19600-19560 levels.
On the upside, long positions can be considered if the index dismisses the resistance at 19800 with targets near 19840-19875 levels.
Bank Nifty Analysis:
The Bank Nifty is expected to remain in a tight trading range today between 45350 and 45750.
Be cautious with a narrow trading range expected. Look for opportunities within the range of 45350 to 45750.
Nifty IT Index:
The Nifty IT index performed well, closing above 30200. If it rises above 30350, it may attract short covering up to 30550 or 30700 levels.
For the Nifty IT index, consider long positions if it rises above 30350 with targets around 30550-30700 levels.
To learn effective trading strategies, check out our courses by clicking HERE.
All in all, caution is advised for day traders, and monitoring the key support and resistance levels is crucial for making trading decisions. Stay alert for potential movements in the IT sector. 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.
