Gift Nifty tanks 378 points, signals gap-down opening: Nifty, Nifty Bank levels to watch
Indian headline indices are headed for another gap-down opening on Monday amid a slew of negative global and domestic cues, after a sharp fall in the previous trading session on Friday.
- Aug 5, 2024,
- Updated Aug 5, 2024 8:13 AM IST
Indian headline indices are headed for another gap-down opening on Monday after a sharp fall in the previous trading session on Friday. Nifty futures on the Nifty International Exchange or Gif Nifty traded 378 points, or 1.53 per cent, lower at 24,337, hinting at a negative beginning for the new week. Traders were hooked to the edges amid a slew of negative global and domestic cues.
Nifty Bank managed to stay above the 51,000 level, which is positive and can help the index to move towards 52,000 in the near future. A close below 51,000 may lead to further weakness, and in that case, it can fall towards 50,500 or 50,200 levels, said Amol Athawale, VP-Technical Research, Kotak securities.
Bank Nifty consolidated around the 40 day moving average. It has been underperforming and can continue to do so. The Nifty Bank has formed an Inside Bar pattern and thus making the extremes 52,550 – 50,440 crucial levels to watch out for over the next few trading sessions. A range breakout shall decide the further trend hereon, said Jatin Gedia, Technical Research Analyst at Sharekhan.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Indian headline indices are headed for another gap-down opening on Monday after a sharp fall in the previous trading session on Friday. Nifty futures on the Nifty International Exchange or Gif Nifty traded 378 points, or 1.53 per cent, lower at 24,337, hinting at a negative beginning for the new week. Traders were hooked to the edges amid a slew of negative global and domestic cues.
Nifty Bank managed to stay above the 51,000 level, which is positive and can help the index to move towards 52,000 in the near future. A close below 51,000 may lead to further weakness, and in that case, it can fall towards 50,500 or 50,200 levels, said Amol Athawale, VP-Technical Research, Kotak securities.
Bank Nifty consolidated around the 40 day moving average. It has been underperforming and can continue to do so. The Nifty Bank has formed an Inside Bar pattern and thus making the extremes 52,550 – 50,440 crucial levels to watch out for over the next few trading sessions. A range breakout shall decide the further trend hereon, said Jatin Gedia, Technical Research Analyst at Sharekhan.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.