Global sentiment is bad as yesterday Moody's downgraded small banks in USA or put them in watch list as well as windfall tax levied by Italy on its financial institutions which is marginal.
Nifty Spot View: 09/08/2023
CMP: 19570.80
Moving AVG (EMA) 20 Hour & 40 Hour: 19564 & 19568
Moving AVG (EMA) 20 Day & 40 Day: 19549 & 19323
Support & Downside Range: 19529—19495—19445--19380
Resistance & Upside Range: 19634--19693—19790--19845
Short Term Trend Reversal Level: -- 19296
Trading View: In today's trading session key support to watch is 19529 spot levels as long as nifty remains above this levels its breath remains strong, break below 19529 nifty goes sideways and we may fall downside till minimum 19495 to 19445 and max 19380 spot levels, here 19380 spot is very crucial support on closing basis to watch out for all the F&O players, if you see close coming below 19380 spot levels for once exit your F&O position or reduce position of create hedging for time being till we does not get clarity, on upside 19634 acts as immediate rest break above we may move towards 19693 and above 19693 powerful upside move we may see.
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Nifty
It's been last couple of sessions, the Nifty is trading between the range of 19500-19700 amid stock specific movements. We feel it may consolidate further and breakout from the range would provide direction to the market.
Stocks in F&O Ban
Balrampur Chini, Chamble Fertilizer, Deltacorp, Hindustan Copper, Indiabulls housing finance and India Cement
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