Nifty Analysis for 24th Aug

Nifty CMP- 11371.60

EOD Analysis

For the the last few trading sessions we have observed the gap up or gap down opening in Nifty and for the remaining hours of the respective trading session price traded in close range. 

As for tomorrow we anticipate the following price action –

Above is the daily chart of Nifty, illustrating the trend line that is being held for the last couple of months.

There is a high probability that index price may retest the above illustrated trend line in the coming days and may result in break of the same. Such scenario will indicate a bearish sentiment in market.As such its prudent for the investors to monitor the price action and position themselves according to the trend.

One can anticipate the significant price action on 24th of Aug (High Volatility Day)

Going forward 11320 shall act as Trend Deciding level for Nifty. And one shall closely observe the price action near the said range.

Nifty support and resistance levels for 24th Aug –

Resistance –11400/11478/11560

Support –11345/11265/11180

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Stocks to Watch for Tomorrow –

ASIANPAINT

AUROPHARMA

JINDALSTEL

SRF

Support and Resistance levels for any of the above two stocks will be updated here (Stock Zest) on or before 9:30 AM

NIFTY WEEKLY HARMONIC PATTERN

Nifty on weekly chart is likely to complete Bearish Bat pattern. One can look for selling opportunity near PRZ i.e., 11705 with feasible stop loss. 

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