The Nifty index is currently taking a breather after a sharp upward surge, with technical analysts providing specific strategies for the current market position. According to Samco Securities, buying interest is emerging around 24,300, but the recovery lacks strong follow-through. The RSI at 52.21, below its average of 57.97, confirms moderating momentum without entering oversold territory. For traders, analysts recommend maintaining a sell-on-rise approach below 24,500, with fresh shorts considered on a sustained break below 24,300, targeting 24,190–24,050 with a stop-loss above 24,400. However, for long positions, traders should wait for a decisive reclaim of 24,500, which can trigger a move towards 24,600–24,700.
SEBI-registered research analyst Kunal Bothra has recommended Supreme Industries and ICICI Bank as top stock picks for Monday, August 17. According to reports from ET Now, Bothra has set a target price of ₹3,600 for Supreme Industries with a current price of ₹3,450, while ICICI Bank carries a target of ₹1,455 against its current price of ₹1,400. These recommendations come as markets prepare for a cautious opening session.
The Nifty index has reached a temporary halt following a robust upward surge, positioning itself at critical support and resistance zones. As reported by ETMarkets, analysts are divided in their approaches: some suggest capitalizing on price dips, while others lean towards profiting from price spikes. The index is now testing key support and resistance levels, with experts split between buying dips and selling rallies as traders look for the next decisive move. Notably, the Bank Nifty remains strong, indicating potential for additional growth. The Nifty is still holding above its key daily moving averages — the 20DMA at 24,323 and the 40DEMA at 24,227, providing technical support for the current consolidation phase.
The Indian stock market is expected to start on a slightly weaker note on Monday, as indicated by the GIFT Nifty. As reported by ET Now, the GIFT Nifty was trading 0.1 per cent, or 21.5 points, lower at 24,400 as of 8:23 am IST. The GIFT Nifty serves as a pre-market indicator for the Nifty 50 and often signals whether the benchmark index is likely to open higher, lower or flat based on global market cues. Gains in some Asian markets could provide support to domestic equities during the session.
Asian markets showed mixed performance ahead of the trading session. According to ET Now, Japan's Nikkei 225 traded flat at 68,718, while Hong Kong's Hang Seng declined 1.6 per cent to 25,520.50. However, China's Shanghai Composite rose 0.6 per cent to 3,951.20. South Korea's KOSPI was closed on the occasion of a public holiday commemorating Liberation Day. These mixed Asian cues are expected to influence the domestic market sentiment.
The Indian stock market closed lower in the previous session on August 14. As reported by ET Now, the 30-share BSE Sensex ended 70.71 points, or 0.09 per cent, lower at 78,009.25, while the NSE Nifty50 declined 29.85 points, or 0.12 per cent, to end at 24,366. Among the 30 Sensex constituents, Asian Paints shares dropped around 2 per cent to lead the losses. IndiGo, NTPC, Power Grid, SBI and HCLTech shares fell more than 1 per cent each during the session.
