NIFTY IS READY FOR BREAKDOWN AND READY FOR RETESTING THE SUPPORT AREA
TECHNICAL NIFTY VIEW
AFTER BREAKOUT NOW NIFTY READY FOR RETESTING THE BREAKOUT ZONE WHICH IS NEARLY 18700 - 18400, WHICH IS ACTS AS SUPPORT FOR NIFTY.
NIFTY CMP 19260-50
NIFTY READY FOR BREAKDOWN, TODAY CLOSING IS IMPORTANT FOR NIFTY
WAIT FOR TODAY CLOSING AND IF BREAKDOWN HAPPENS THEN EYE FOR NEAR SUPPORT ZONE FOR REVERSAL.
On August 24, 2023, the Nifty 50 finished at 19,386.70, a decrease of 57.30 points (-0.29%). The index reached a high for the day of 19,544.95 while starting the day at 19,467.55.
FUNDAMENTAL AND NEWS IMPACT
There are a few things that might be causing the Nifty 50 to fall right now. A recent statement on monetary policy that was released by the Reserve Bank of India (RBI) is a good example of this kind of thing. Borrowing rates for consumers and businesses are expected to rise as a consequence of the RBI's 50 basis point repo rate hike. Slower economic growth would be bad for the stock market.
Ongoing geopolitical concern may also be having an impact on the Nifty 50. There is no sign of a resolution to the ongoing fighting in Ukraine. Investors are becoming cautious due to the volatility that this uncertainty is causing in the global markets.
The Nifty 50 is furthermore seeing some technical resistance. The index has been fluctuating within a small range for the last several weeks; it is probable that it could soon break below this range.
The Nifty 50's prognosis today remains unresolved overall. The announcement of the RBI's policy, the uncertainty surrounding world politics, and technical resistance are all working against the index. If there is good news on the state of the economy, the index might, however, also rise.
Here are some things to be aware of that might have an effect on the Nifty 50 today:
the announcement of US non-farm payroll figures.
the conclusion of the meeting of the European Central Bank.
updates on the conflict between Russia and Ukraine.
Do your own research and speak with a financial counselor if you want to make an investment in the stock market today.