StockEdge Morning Market analysis - 7th August
The Nifty lost 63 points over the day to close at 23992. The nifty opened higher but couldnt sustain and index closed near the low of the day. The index didnt break the previous day’s low. CNXIT and Real estate were the top gainers whereas the PSU’s were the worst hit.
Technically, the RSI and the MACD indicators have cooled off to neutral levels from being in the OB zone. The larger trend remains intact and we are just going through a price correction - credits to global developments. The 55 EMA still stands strong. 23900 remains an important support. In case we break this level we may have a deeper cut till 23400- 600 zone. This dip is a good opportunity to add strong stocks for long term. The 24370 - 400 area is the immediate resistance.
The international indices saw a pullback session yesterday. Bank Nifty broke the previous day’s low and closed near the same.
To conclude - Volatility may continue but the larger trend remains intact.
Nifty
Support 23900, 23800
Resistance 24180, 24290
Bank Nifty
Support 49690, 49500
Resistance 50000, 50300
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