Trade Setup For Aug. 13: Immediate Support For Nifty Placed At 24,450
During the current truncated week, Bajaj Broking Research expects the Nifty to consolidate in the range of 24,200-24,740.
The NSE Nifty 50 will remain volatile for a short term with no clear directional bias, according to Rupak De, senior technical analyst at LKP Securities.
The immediate support for Nifty is placed at 24,450 and a break below this level could drag the index towards 24,337 or lower, De said. "On the upside, the immediate resistance for the index is seen at 24,660–24,700, and a sustained move above this zone could push the index towards 24,850 or even 25,000 levels."
During the current truncated week, Bajaj Broking Research expects the Nifty to consolidate in the range of 24,200-24,740.
According to the broking firm, a move above 24,740 will extend pullback towards 25,000 levels. "Over the past six weeks, Nifty has declined by 5.5%, pushing the weekly stochastic oscillator into oversold territory—dropping below a reading of 3 last Friday," it added.
Market Recap
India's benchmark equity indices closed for in the red for the second straight day on Tuesday as shares of HDFC Bank Ltd, ICICI Bank Ltd and Bajaj Finance Ltd dragged.
The NSE Nifty 50 ended 97.6 points or 0.4% lower at 24,487.4 and the BSE Sensex ended 368.49 points or 0.46% down at 80,235.59. The NSE Nifty 50 declined as much as 0.49% during the day.
Currency Update
The Indian rupee consolidated in a narrow range to settle just 3 paise higher at 87.72 against the US dollar on Tuesday amid a negative trend in domestic equities.
