The benchmark index Nifty and Sensex started weak. On Friday, August 22, due to profit booking by investors at the upper levels, the process of 6 days in the market came to an end. Auto, bank, metal and IT stocks are seeing the biggest decline. There is also a weak trend in the broad market. There is a decline in mid and smallcap.
Around 10 am, the Sensex fell by 550 points or 0.67 percent to around 81,455 and the Nifty fell 127.65 points or 0.51 percent to 24,956.10. There was no change in around 1246 shares, 1661 shares declined and 135 shares had no change.
Gi Vijaykumar K VK Vijaykumar Said that due to the danger of the proposed tariff of Trump, the speed of six days is facing resistance today. If 25 percent of tariffs apply in August (as is possibility now), then India’s growth can have a greater impact. The market has to take this risk in mind. Largecap stocks are currently looking comparatively stronger. This is a trend that is feeling both appropriate and durable.
Sectoral index is mixed in early trade. Pharma, media, energy and consumer durables are showing a slight edge. While FMCG and realty are looking flat. On the other hand, metal, bank, IT, oil and gas and auto are under pressure. The broader index is also under pressure. India VIX has increased 2.1 percent. This indicates some increase in market fluctuations. The midcap and smallcap index are also in red mark.
Keep an eye at these important levels
The overall trend of the Nifty looks positive. Higher Loz is indicating continuous shopping. Almost equal positions of both calls and put writers are showing the possibility of consolidation. But the move above 25,150 can lead the Nifty to 25,250, which may make call writers forced to short -covering. Support zones have now moved upwards, and 24,850–25,000 are now emerging as large demand zones. The strong position of the put writers on the lower strike further strengthens the perspective of rapid.
Tejdis are expected to dominate until the Nifty decisively goes down by 24,850. Currently, the “shopping on fall” strategy seems to be the best strategy. Traders should keep a close watch on the breakout above 25,150. There may be a new boom in the market in going over it.
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