Market Commentary for 17.08.2023 and Nifty Levels for 18.08.2023
Market Commentary for 17.08.2023:
The market scenario on 17th August 2023 demonstrated a decline in the Nifty index, with a closing figure of 19365.25. The day's trading range was between a high of 19462 and a low of 19326, indicating a moderate level of volatility.
Notably, the Nifty faced challenges in sustaining levels above 19452 throughout the trading session. This suggests the presence of selling pressure at higher price levels, which could indicate a cautious sentiment among market participants.
Nifty Levels for 18.08.2023:
Support 1: 19230 (Strong Support Level)
Resistance 1: 19452 (Critical Resistance Level)
Resistance 2: 19590
Resistance 3: 19625 (Strong Resistance Level)
The upcoming session might continue to be influenced by the resistance level of 19452, which has proven to be a hurdle in sustaining upward movements. It's essential to monitor whether the Nifty manages to overcome this resistance level or if selling pressure persists.
While there is a strong support level at 19230, traders and investors would still need to be vigilant due to the recent market dynamics. A bullish confirmation would only be established if the Nifty closes above the strong resistance level of 19625 on a daily basis.
Overall, the market seems to be in a cautious mode, and the interaction of the Nifty with these key levels will likely play a crucial role in shaping the short-term trend.
The market scenario on 17th August 2023 demonstrated a decline in the Nifty index, with a closing figure of 19365.25. The day's trading range was between a high of 19462 and a low of 19326, indicating a moderate level of volatility.
Notably, the Nifty faced challenges in sustaining levels above 19452 throughout the trading session. This suggests the presence of selling pressure at higher price levels, which could indicate a cautious sentiment among market participants.
Nifty Levels for 18.08.2023:
Support 1: 19230 (Strong Support Level)
Resistance 1: 19452 (Critical Resistance Level)
Resistance 2: 19590
Resistance 3: 19625 (Strong Resistance Level)
The upcoming session might continue to be influenced by the resistance level of 19452, which has proven to be a hurdle in sustaining upward movements. It's essential to monitor whether the Nifty manages to overcome this resistance level or if selling pressure persists.
While there is a strong support level at 19230, traders and investors would still need to be vigilant due to the recent market dynamics. A bullish confirmation would only be established if the Nifty closes above the strong resistance level of 19625 on a daily basis.
Overall, the market seems to be in a cautious mode, and the interaction of the Nifty with these key levels will likely play a crucial role in shaping the short-term trend.