Nifty trade setup: The Nifty 50 index opened at a lower level on Friday with a decline of 52 points. The mild recovery attempt in mid-session failed, leading to further increase in selling pressure. This led to the market closed at a three -month low. The index fell 232 points to close at 24,363 on the last trading day of the week, which is the lowest level after April. This was the sixth weekly weekly loss. It recorded a total decline of 4.97%. This became the longest loss since March 2020.
How will the market move on the first business day of the new week i.e. Monday, August 11, which level will be important, will understand it from experts. But, before that we know what happened in the market on Friday.
Large stocks with fast and declining
Despite the weak atmosphere, NTPC, Titan and Dr. Reddy’s Laboratories were the top gainers of Nifty, while IndusInd Bank, Bharti Airtel and Adani Enterprises recorded the biggest decline. All the sectoral index closed in red mark, with Nifty Realty, Consumer Durables, Metals and Auto the most fell.
The broad market was also under pressure. Nifty midcap 100 1.64% and Nifty Smallcap 100 1.5% dropped. However, foreign and domestic institutional investors were net buyers in the cash market.
Expert’s perspective on Nifty
According to Nagraj Shetty of HDFC Securities, “The trend of the Nifty is weak. The next week will be worth seeing the 24,200-24,000 levels. Pulback around 24,500 can be a chance to sell.”
At the same time, LKP Securities’s metaphor Dey said, “The Nifty failed to stand above the EMA and closed below the significant support of 24,400. It is a sign of short-term weakness. There is a possibility of falling up to 24,150-24,200 further. The registration is on 24,475-24,500.”
Trend below 24,800 weakens
Nandish Shah of HDFC Securities said, “The Nifty lost the previous day’s recovery by breaking the low of 24,344 and decisively closed below the 100-day DEMA (24,590). Will be at 24,500-24,600. “
According to Nilesh Jain of Centrum Broking, “The Nifty has been falling continuously for six weeks and slipped below 100-DMA (24,500), which is now immediate interruption. There can be support on 200-DMA (24,050), but the trend will remain weak until he stays below 24,800 and there will be pressure on the pullback.”
Also read: Stocks to Watch: These 10 stocks will be in focus on Monday 11 August, big stir can be seen
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