Nifty trade setup: The Nifty 50 on Wednesday ended the day at 24,631 with a gain of 131 points. The index continued to lead in most seasons after a strong start, but 24,700 is still working as an important resistance. Pharma, metal and auto shares were the major contributors to the edge. In this, Hero Motocorp was the top gainer. This shopping in auto stocks was seen before the festive season. Let us know how the move of Nifty and Bank Nifty will be on Thursday, August 14.
Analysts’ opinion on Nifty 50
Nagraj Shetty of HDFC Securities said that the short-term trend remains positive. If closing is found over 24,700, the index can rally towards 25,000. Immediate support is at 24,465.
LKP Securities’s metaphor Dey said that the Nifty’s multi-day closure on high, despite tariff concerns indicates improvement in the senses. Daily RSI has become positive after several days of uncertainty. This has increased the expectation of a breakout above 24,700. On topping it, the index can reach 25,200 in short-term, while support is at 24,337.
According to Om Mehra of Samco Securities, support is at 24,520 and 24,450. The next session may remain fluctuating. But if the index rests over the resistance zone, the ‘by-on-Deep’ strategy can be effective.
Nifty Bank performance
The Nifty Bank index rose 0.25% to closure at 55,181.45, moving between 55,340.05 and 55,026.95 a day. The index is currently in a thin range and the shrinking of the bolling bands indicates that prices may show fluctuations.
The support is within a radius of 54,950-55,000, where 100-SMA is located. However, the index is still pressed under 9-ma, 20-SMA and 50-SMA, showing all downward slopes. Momentum indicators are showing mild improvements. The RSI is above 40 and MACD is getting flat, which are initial signs of recovery.
The Nifty Bank is trying to create a base on the chart. Closing over 55,350–55,450 can lead to more possibility of faster. Currently, there are 55,050-54,950 immediate support, in case of weakness under it, 54,700 will be next support. Outlook is light positive until 100-SMA is dead.
Disclaimer: Here information provided is being given only for information. It is necessary to mention here that the investment market in the market is subject to risks. Always consult experts before investing money as an investor. There is never advice to anyone to invest money on behalf of Moneycontrol.