Nifty Outlook for 8 August 2023

Ruchit Jain Ruchit Jain

Last Updated: 9th August 2023 - 04:53 pm

Listen icon

Nifty continued a gradual recovery from last weeks’ low and it added almost half a percent today to end just below 19600. However, the banking stocks relatively underperformed and rather the banking index consolidated in a range to end on a flat note.

Nifty Today:

Last week, Nifty registered a low around the 40-day EMA around 19300, and the index has witnessed a pullback of about 300 points from there. However, the midcap stocks are still witnessing a buying interest and thus, the midcap index too is outperforming and is again close to new highs post some pullback move in the last week. The buying interest in the broader markets indicates that the uptrend still remains intact. However, we would like to see some bullish data and the index to surpass some important hurdles before concluding that the corrective phase is over. FII’s have recently formed some short positions in the index futures segment and they hold more short positions which is not a good sign. On the other hand, the falling trendline resistance on the hourly chart and the retracement resistance is placed in the range of 19650-19730 which needs to be surpassed soon. A move above this range will confirm a continuation of the uptrend and till then, the odds are still open for some choppiness in the short term.

      Midcaps continue its rally, approaching new highs again

Nifty Outlook - 7 August 2023

Hence, traders are advised to look for stock specific opportunities in the market as stocks are outperforming which provides a good trading opportunity there. The immediate support for Nifty is placed around 19500-19450 range.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

 

Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels

Support 1

19540

44740

                    19910

Support 2

19480

44630

                    19860

Resistance 1

19670

45100

                    20130

Resistance 2

19730

45200

                    20180

FREE Trading & Demat Account
+91
''
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 11th Oct 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?