Trade Setup For Aug. 14: Support For Nifty At 24,500
With sentiment showing signs of improvement, the likelihood of the Nifty moving above the 24,700 resistance has increased.
(Source: Freepik)
The movement of the NSE Nifty 50 is indicating indecisiveness, according to Shrikant Chouhan, head equity research at Kotak Securities.
However, the positive thing is that it closed above the 10-day EMA, which could pull the market towards the 20-day SMA, which is at 24,800, Chouhan said. "Support is present at 24500, below which it could gradually decline to 24,400 or 24,350 levels."
With sentiment showing signs of improvement, the likelihood of the Nifty moving above the 24,700 resistance has increased, according to Rupak De, senior technical analyst at LKP Securities.
De highlighted that a decisive move above this level could trigger a rally towards 25,200 in the short term. "On the lower side, support is placed at 24,337, below which the dynamics would once again turn in favour of the bears," he added.
Market Recap
India's benchmark equity indices closed the day in the green, snapping their two-day losing streak on Wednesday.
The NSE Nifty 50 ended 131.95 points or 0.54% higher at 24,614.35 and the BSE Sensex ended 304.32 points or 0.38% up at 80,539.91. The NSE Nifty 50 rose as much as 0.72% during the day.
Currency Update
The Indian rupee traded in a tight range and slipped 6 paise to 87.69 against the US dollar in morning trade on Wednesday as depreciation pressures are still lingering amid persistent foreign fund outflows.
