Nifty stuck between 23900-24000
The support has shifted to 23600 and 24000-24100 becomes resistance.
As of 03:35 IST, 27 Aug
The Nifty attempts to re-test the Trend line breakdown are of 24000-24100, market is likely to trade choppy between 23900-24000.
Below 23880, selling in the market may intensify to 23750-23600 levels.
While a corrective bounce above 24030, to 24100-24200 can’t be ruled out, but technical structure remains bearish the market, and may nullify only above 24300.
Option writing activity is balanced with new oi additions on the PUT side
By closing below 24000 Nifty has entered into the larger picture with downside potential to 23000-22500. Read below…
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 24000 may resume down trend to 22500-22000 level in the coming month.
23600 may act as 1st deterrence level post breakdown below 24000, on oversold readings and short-covering leading to re-testing of breakdown area near 24000.
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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