On Monday, despite encouraging global indications, the key Indian equity indices, the Sensex and Nifty, are set to open higher.
The Gift Nifty indicators also point to a promising beginning for the Indian benchmark index. In comparison to the previous close of 19,223.60 for the Nifty futures, the Gift Nifty was trading flat at approximately the 19,275 mark.
The Nifty index lost more than 0.5 percent on August 25 as a result of volatility, continuing its downward trend. The index closed 121 points down at 19,265.80 after finding support between 19,230 and 19,250.
On the weekly chart, Nifty created a tiny bearish candle with a substantial upper shadow.
“Technically, this pattern denotes the emergence of a candle pattern of the ‘inverted hammer’ variety. After a decent decrease, these patterns typically warn bulls to expect a recovery from the lows after confirmation.
He thinks that the short-term trend of the Nifty is negative and that additional weakness in the upcoming sessions is possible. In the near term, he continued, a sizeable upside bounce from the crucial lower support of the 19,000-mark cannot be ruled out.
Here are some predictions for Nifty and Bank Nifty today:
Nifty
The 55-day Exponential Moving Average (EMA) support level represents a substantial moving average decrease for the Nifty index.
As long as the index is below 19,450, where the 21-day Exponential Moving Average (EMA) is situated on the daily period, the attitude is anticipated to continue bearish.
might potentially move closer to the 19,000 level if the index clearly drops below 19,240.
Bank Nifty
A period of range-bound trading was seen by the Bank Nifty index as a result of an ongoing battle between bulls and bears. To close the Friday session at 44,231, the index dropped 265 points.
“A strong put writing pattern and a plainly apparent support level at 44,000 could function as a barrier to further declines. In contrast, resistance is visible at 45,000, where the call side has the highest open interest, indicating probable selling pressure. Trending moves can start if there is a clear break on either side of this range. Although this is the case, the current bias tends to favour the bullish side of the range.