Intraday market outlook for 20August

On 20August,Nifty fut will face resistance at 4425 level, once this level is crossed and sustained then we cann see an upside movement in markets till 4448-4472 levels. In order to attain upside momentum Nifty has to sustain above 4472 level, and doing so it can show higher levels of 4510-4555. However If Nifty is unable to cross the resistance level of 4425-4448, then it can again revert back to lower levels. On lower side Nifty fut has support at 4370,breaching this level it can show 4345-4312-4280 levels. any close below 4280 can show more downside till 4250-4165 levels.
We recommend all traders to stay cautious in current markets as sharp movement is coming in markets, so all long/short positions must e properly hedged. One must not go long unless Nifty fut crosses 4498 level on upside, any upside till level must be used for exiting long positions, on the other side one must not creates fresh shorts unless Nifty fut sustains below 4345 level. Nifty range for the day will 4345-4448, breakover on either side will lead to sharp movement.

Nifty levels

Resistance- 4425-4448-4472-4498-4510

Support - 4370-4345-4312-4280-4250

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Intraday calls

• Rallis
• Nova Petro
• Alkali Metals
• Venus Remedies
• Sonata Software
• Bhushan Steel

For all trades,keep trailing your stoploss once the trade is above the buying price. Avoid spike buying.

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