Nifty gradually inching higher to 24500, resistance seen at 24300.
Nifty loses some opening gains to trade slightly below 24300 at 24280, sustaining above 24300 may take the market higher.
As of 10:00 IST, 24 Aug
The market made an attempt to cross 24300 but slipped below in opening trade, a next bounce may take market higher during the day as Hormuz remain rather calm. a corrective rally may extend to 24500 levels, while on the downside below 24200 we may se an attempt for 24000-23900.
The market may remain choppy unless 24300 is breached, which may take market higher to 24500 level. The market may remain stock specific and choppy.
01 The Larger Picture
At 24752 nifty has completed 61.8% retracement for the entire fall and now breaching below the trend-line support of 23900 may resume down trend to 22500-22000 level in the coming month.
The market may see a tug of war between bulls & bears and may act as trend deciding factor between psychological support of 24000 and closing swing low of 23767.
The market moves on factors beyonds charts, understanding Geo-political developments to macro risk scenarios are important to be relative in the market. it.
Tips disappears, Tradzo stands with you.
02 Key Macro Risks Ahead
- 1.US sanction based Tariffs on India & China near BRICS summit.
- 2.Crude & Refining capacity around the world translating inflation in downstream crude products, Ureas shortage leading food security concerns
- 3.Escalation of US-Iran war to entire West Asia
- 4.Escalation from Pakistan front as US proxy to sabotage BRICS agenda of new global monetary system bypassing the US Dollar.
- 5.US Debt & housing collapse due to unwinding of Yen carry trade.
- 6.AI Bubble burst - AI maybe becoming popular and very successful tools in the right hands but for majority its just new dopamine, with sky high valuations and no signs of profits.
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Tradzo Research
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