Market outlook for the week 24-28August

For the week starting from 24August, Nifty fut will face resistance at 4595-4618 level, once it manages to cross and sustain above these levls then we can see Nifty inching higher upto 4665-4680-4755. In order to give higher levels than these, Nifty must sustain above 4772 level and close above this. Any closing above 4772 can be start of new uptrend with fresh buying coming into the markets. However contrary to this upside, if Nifty fut reverts back from the resistance levels then it has support at 4480level, breaching this level Nifty can slide down to 4410-4370-4330 level. Any close below 4330 level, can open doors for sharp downside till 4265-4190-4145 levels. Being a F&O expiry week, the volatility will be very high, and we may see sharp moves on both sides.




We recommend all traders/investors to keep watch on levels around 4630 for all their long positions, as this level can act as trend reversal level, if not crossed and sustain above this. reverting back from these levels and breaking 4480 can show sharp downside, so all positions must be properly hedged. If Nifty fut is unable to sustain above the resistance levels, then 5-10% correction can be seen in markets. So, all traders are adviced to trade accordingly and must not leverage positions in current market as market may show ambiguous moves in this week. We might see some major movements in markets in second week of September.

Nifty levels for the week

Resistance- 4595-4618-4665-4680-4755-4840

Support- 4480-4410-4370-4330-4265-4145

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Stocks for the week

• KPIT
• Assam Company
• Mind tree
• Balrampur Chini
• Indian hotels
• Nova Petro
• Berger Paints
• GVK Power

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Intraday calls for 24August

• CESC abv332 tgt-335-338.6-343.9
• McLeod Russel abv175 tgt-180-186-191+
• Jain irrigation abv720 tgt-727-735-748+
• Sanghvi movers abv152 tgt-154.5-157-160
• Also watch Glodyne tech,Harrison Malyalam,Ansal infra,Jayshree tea.

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

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