Nifty 50 Analysis for 14-08-2024: Support & Resistance Levels

8월 13일

On August 13, 2024, the Nifty 50 index experienced a volatile trading session, closing at 24,100, marking a decline amidst broader market weakness. The index opened at 24,320, reached a high of 24,400, and saw a low of 24,050 during the day, before ending the session with a loss.
The Indian stock market faced additional pressure due to a new report from Hindenburg Research, which leveled serious allegations against the SEBI Chief. This news created uncertainty in the market, leading to cautious trading and profit-booking, particularly in the financial and IT sectors. The impact was evident in the market's muted performance, with many investors staying on the sidelines awaiting further developments.
Technical Indicators for Nifty:
Max Pain: 24,200
PCR (Put-Call Ratio): 0.53 Bearish
IV (Implied Volatility): 16.90 as of the closing on 13-08-2024.
Support Levels
Nifty is likely to find support around 24,000.
Resistance Levels
The Nifty is expected to face immediate resistance around the 24,300 to 24,400 mark.
Top Gainers:
Adani Enterprises and Tata Motors emerging as the top gainers. Adani Enterprises closed at ₹2,417.50, marking a 2.5% increase, while Tata Motors ended the day at ₹621.80, up by 1.8%.
Top Losers:
HDFC Bank and Infosys were the top losers, reflecting the broader market's cautious stance. HDFC Bank's share price dropped by 3.2% to ₹1,615.20, and Infosys fell by 2.9% to ₹1,358.40, largely due to concerns about margin pressures and global economic uncertainties.
Open Interest (OI) Analysis and Technical Indicators:
The Open Interest data for Nifty 50 options on August 13 showed a significant buildup at the 24,000 strike price, indicating strong support at this level. Meanwhile, resistance was observed around 24,400, where considerable call writing occurred. Technical indicators for the Nifty 50 suggested a bearish trend, with the Relative Strength Index (RSI) hovering around 40, signaling potential weakness. The Moving Average Convergence Divergence (MACD) also pointed to a bearish crossover, further reinforcing the negative outlook.
Stay tuned for more updates on Nifty prediction to navigate the volatile market conditions effectively.
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