Trade Setup For Aug 21: Nifty Likely To Continue Winning Streak, Resistance At 25,100
As far as Bank Nifty is concerned, charts formed a small bear candle, signalling consolidation amid stock-specific action.
The NSE Nifty 50 may continue its winning streak in the coming session after extending gains for the fifth straight session on Wednesday, according to analysts.
"A strong bullish-bodied candlestick has been formed, indicating renewed strength in the index," Hardik Matalia, a derivative analyst at Choice Broking, said.
On the upside, resistance is seen at 25,100 levels, while on the downside, the benchmark equity index will find immediate support at 25,000, the analyst added.
The index "sustaining above Monday’s gap area (24631-24852) will keep the bias positive and will gradually open upside towards 25,250 levels in the coming sessions", Bajaj Broking Research said.
As far as Bank Nifty is concerned, charts formed a small bear candle, signalling consolidation amid stock-specific action. "Buying demand in the last few sessions has emerged from the 100-day EMA," Bajaj Broking said.
A key support area for Bank Nifty are 54,800 and 55,000 levels. A breach below 54,800 will open downside towards the 54,000 levels. On the higher side, resistance lies around the 56,000–56,300 range, the brokerage added.
Market Recap
The benchmark equity indices closed in the green for the fifth straight session on Wednesday.
The NSE Nifty 50 ended 69.9 points or 0.28% higher at 25,050.55 and the BSE Sensex closed 213.45 points or 0.26% up at 81,857.8. The Nifty recorded the longest winning streak since June 11, while the Sensex posted the best winning streak since April 23.
Currency Update
The Indian rupee closed 5 paise weaker at 87.1 a dollar on Wednesday.
