Sunday, September 24

The Sensex has increased by 149 points, with the nifty moving above 19,600, and oil/gas and metals upping their prices.

04:09 PM IST on August 09, 2023.

A significant improvement in the Nifty index followed a bullish rally, with the number falling sharply below its previous levels.

The index is currently situated near a crucial resistance area at 19640, which corresponds to its 20-day moving average (20DMA). A significant divergence above the 19700 level, particularly on premise of closing, would not only signal the end of the previous downward trend but also potentially pave the way for further upward movement, with an expectation of reaching 20000.

Despite the RBI policy, the Bank Nifty index is still in a state of turmoil.

The market is likely to make a precise and decisive decision only after the policy announcement, as this could have unforeseen effects on the sentiment of the market. There is currently indicating support at 44500 and resistance at 45150. Any deviation from these levels could result in ongoing trendlines for the index.

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