Trade Setup For Aug. 11: Nifty Support Moves To 24,200 Levels Amid Tariff Jitters

The NSE Nifty 50's support has moved to 24,200 levels following Friday's decline, as jitters from US President Donald Trump's tariff policies seem to be deterring the stock bulls.

"The short-term trend remains weak, with potential downside towards 24,150–24,200. On the higher side, resistance is seen at 24,475–24,500," Bajaj Broking Research said in a note.

Rupak De, senior technical analyst at LKP Securities, also sees 24,475–24,500 as key resistance levels.

Amol Athawale, vice president of technical research at Kotak Securities, said that the short-term market texture is weak but oversold.

"For traders, as long as the market is trading below 24,500, the weak sentiment is likely to continue. On the downside, the correction wave is likely to continue till 24,200-24,000. On the upside, a pullback rally is possible if the market sustains above 24,500," the analyst said.

He added that if Nifty 50 remains above this level, it could bounce back to 24,650-24,700 levels. Further upside may also continue, potentially lifting the index up to 24,800-24,835, Athawale said.

"For Bank Nifty, the short-term texture is weak, but a fresh sell-off is possible only if it falls below 54,700," Athawale said. "In that case, it could slip to 54,000-53,700. On the flip side, if it rises above 55,300, it could move up to 55,700-56,000," he added.

The Indian equity benchmarks settled in the red on Friday, closing with losses after a day of gains. The NSE Nifty 50 declined as much as 1.05% during the day. The market clocked its the longest weekly losing streak in over five years.

The NSE Nifty 50 ended 232 points, or 0.95% lower at 24,363 and the 30-stock BSE Sensex ended 765 points, or 0.95% lower at 79,857.

The Indian rupee closed four paise stronger at 87.66 against the US dollar on Friday, compared to the previous close at 87.70. The local currency had opened 14 paise stronger at 87.56, but pared much of the gains by the time the trading closed.