Stock Market Today: What to Look Out for on Aug 20
The Indian benchmark index is off to a good start, according to Gift Nifty's trends. The Gift Nifty was trading at a premium of almost 65 points from the previous close of the Nifty futures, at 24,655 points.
image for illustrative purpose
Tuesday's strong opening for the benchmark Indian stock market indices, the Sensex and Nifty 50 is anticipated to reflect gains in international markets. The trends observed on Gift Nifty suggest that the Indian benchmark index is off to a good start. At 24,655, the Gift Nifty was trading at a premium of almost 65 points over the previous close of the Nifty futures. Due to profit booking at higher levels, the domestic equity market indices ended Monday's trading session flat.
The Nifty 50 closed at 24,572.65, down 31.50 points, or 0.13%, while the Sensex eased 12.16 points to close at 80,424.68. On the daily chart, the Nifty 50 created a tiny negative candle with a slightly lower shadow.
Experts maintain that the Nifty's short-term trend is positive. After settling at the critical overhead resistance level of 24,700, there may be one or two more sessions of consolidation or a slight decline before exhibiting yet another upward breakout wave.
NIFTY 50 PREDICTION
With range-bound trading on August 19, the Nifty 50 index took a break and ended the day up 31 points. With regard to the state of the market, experts anticipate that Nifty will find immediate support in the range of 24,470 to 24,400 in the upcoming session and resistance in the range of 24,650 to 24,730.
BANK NIFTY PREDICTION
The Bank Nifty index continued to fluctuate and finished Monday at 50,368, down 149 points, creating a bearish candlestick pattern on the daily timeframe.
