Trade Setup For Aug. 18: Nifty Faces Resistance At 24,660
For short-term traders, 24,500 will act as a key support zone, says Amol Athawale of Kotak Securities.
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The overall sentiment of the NSE Nifty 50 is likely to favour bullish trades as long as the index holds above 24,337, according to Rupak De, senior technical analyst at LKP Securities.
"On the higher side, resistance is placed at 24,660 and 24,850, while a fall below 24,337 could trigger a resumption of the bearish trend," he said.
For short-term traders, 24,500 will act as a key support zone. As long as the market trades above this level, the bullish sentiment is likely to continue, according to Amol Athawale, vice president of technical research at Kotak Securities.
"On the higher side, 24,700 would be the immediate resistance zone for the bulls. However, successful breakout above 24,700 could push the market towards 24,900-25,000," he added.
He also emphasised that below 24,500, market sentiment could turn negative.
The Nifty remains poised near a pivotal support zone, with a key technical level anchored around the 24,000-24,043 range, according to CLSA.
Market Recap
India's benchmark equity indices closed flat on Aug. 14. The NSE Nifty 50 ended 11.9 points or 0.05% higher at 24,631.3 and the BSE Sensex ended 57.7 points or 0.07% up at 80,597.6.
Currency Update
Indian rupee pared initial gains and settled for the day on a negative note, lower by 10 paise at 87.57 against the US dollar on Thursday, as it came under pressure due to continued dollar demand from importers.
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