Nifty Stance: Neutral
Last week we had a bearish stance, and Nifty fell 114pts (0.47%). A major fall was averted as we defended the 24000 psychological level. This now means Nifty is unable to break out above 24700 and break down below 24000. You won't believe, we are trading at exactly the same level as we were on 15th April 2026, so the wider consolidation continues.
The first thing you can notice from this chart is the slope of the blue and green moving averages. They are negatively sloped, indicating bearishness, but on Friday both have converged and are now moving parallel to the X-axis, indicating a neutral stance.
We expect Nifty to continue defending the 24000 levels next week also, unless there is severe negative geopolitical news from the West Asia war.
Important Things to Watch for the Next Week
1. Data points to watch from a domestic perspective: Forex Reserves, M3 money supply, Industrial Production.
2. Data points to watch from a global perspective: US GDP, Crude Oil Inventories, Jobless claims.
3. IPO Listing: Horizon Industrial Parks, Lalithaa Jewellery Mart, Fascinate Textiles on 24th, Shankesh Jewellers & Sunshine Pictures on 25th, Gaja Alternative Asset Management, Dhanwel Hybrid Seeds, Mopshop Distribution on 26th August.
4. If Nifty goes up, the resistance levels to watch are 24335, 24425, and 24613. If Nifty falls, the support levels are 24192, 23925, and 23793.
DISCLAIMER
Investments in the securities market are subject to market risks, including the potential loss of principal. Past performance does not guarantee future results. Information provided is for educational purposes only and should not be considered financial advice. Investors should read all related documents carefully and consult a certified advisor before investing. Registration granted by SEBI and Enlistment with RAASB/BSE and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The investor is requested to take into consideration all the risk factors before actually trading in stocks or derivatives. The SEBI RIA license INA000021757 & RA license INH000025045 are for Balachandran RV
Last week we had a bearish stance, and Nifty fell 114pts (0.47%). A major fall was averted as we defended the 24000 psychological level. This now means Nifty is unable to break out above 24700 and break down below 24000. You won't believe, we are trading at exactly the same level as we were on 15th April 2026, so the wider consolidation continues.
The first thing you can notice from this chart is the slope of the blue and green moving averages. They are negatively sloped, indicating bearishness, but on Friday both have converged and are now moving parallel to the X-axis, indicating a neutral stance.
We expect Nifty to continue defending the 24000 levels next week also, unless there is severe negative geopolitical news from the West Asia war.
Important Things to Watch for the Next Week
1. Data points to watch from a domestic perspective: Forex Reserves, M3 money supply, Industrial Production.
2. Data points to watch from a global perspective: US GDP, Crude Oil Inventories, Jobless claims.
3. IPO Listing: Horizon Industrial Parks, Lalithaa Jewellery Mart, Fascinate Textiles on 24th, Shankesh Jewellers & Sunshine Pictures on 25th, Gaja Alternative Asset Management, Dhanwel Hybrid Seeds, Mopshop Distribution on 26th August.
4. If Nifty goes up, the resistance levels to watch are 24335, 24425, and 24613. If Nifty falls, the support levels are 24192, 23925, and 23793.
DISCLAIMER
Investments in the securities market are subject to market risks, including the potential loss of principal. Past performance does not guarantee future results. Information provided is for educational purposes only and should not be considered financial advice. Investors should read all related documents carefully and consult a certified advisor before investing. Registration granted by SEBI and Enlistment with RAASB/BSE and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The investor is requested to take into consideration all the risk factors before actually trading in stocks or derivatives. The SEBI RIA license INA000021757 & RA license INH000025045 are for Balachandran RV
@viswaram
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
@viswaram
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.